Unlocking growth at Target through effective Joint Business Planning (JBP)

Given Target’s newly defined growth strategies, it’s especially important to explore and adjust joint business planning (JBP) strategies that can elevate your partnership with Target.

As we all know, JBP today goes far beyond just aligning on goals—it's about creating a collaborative framework that fosters sustainable growth for both brands and retailers. Effective JBP can provide the deeper knowledge needed to unearth win-win solutions and strategic intersections pointing to significant, new opportunities. MPG has long provided an important strategic assist to drive Target and other retail business – whether we're directly representing a supplier’s business or not. Sr. Vice President Caroline Helling has spent much of her career driving business growth at Target, both as a senior buyer for many years at Target and as a Target National Account Manager for a leading CPG corporation. She uses her strong understanding of Target’s strategies to help manufacturers develop partnerships to create win-win business initiatives. Her deep knowledge of Target’s growth pillars, systems, and culture provides suppliers with the tools to be successful in driving profitable business growth to bring their retail vision to reality. Below, she shares with us some key insights specific to Target and examples of effective JBP in action.

Strengthening Collaboration

The core of successful joint business planning lies in collaboration. With Target’s forward focus on innovation, enhanced efficiencies, and supply chain speed, it’s crucial to focus on plans that address these priorities head-on. Buyers are keenly focused on delivering both top- and bottom-line growth. Suppliers must come prepared to negotiate JBP by intimately knowing Target’s company and department goals, their pain points, and most importantly, their guests. By deeply understanding these factors, you can position your brand as a valuable partner. We’ve found that having had front-line operational experience on both the manufacturer and retailer sides of the industry provides the critical insights needed to dig deeper to uncover opportunity. For clients who decide to leverage our team for strategic assistance in their JBP planning, we are able to provide a different perspective and offer new ideas for consideration. Having an outsider’s point of view and an external lens to current business challenges, we can reference a vast amount of historical experiences when strategizing with clients on their approach.

Adding Value Through Innovation

As we’ve said before, Target is looking to partner with suppliers who have the capability and desire to bring them big innovation that resonates with their guests. They want to be the guest’s #1 choice when it comes to finding the latest and greatest, most meaningful new products and brands that are on or ahead of leading trends. Target wants to amplify launches provided innovation is incremental to the category and supported by a 360 campaign. Think about: How is my JBP addressing innovation, newness, value – with affordability – in a truly meaningful way? Does my JBP innovation strategy include offerings that not only meet current consumer demands but also anticipate future trends? Am I ensuring that new items have unique value propositions and fill gaps in Target’s Owned Brand assortment? Is my plan aligned with Target’s mission of providing “affordable joy”?

Remember, the most effective innovation comes from a deep understanding of Target guest needs. When you present your ideas, ensure they’re backed by data—especially from direct-to-consumer channel success, which can serve as compelling proof points when pitching. Share unique insights and solutions. Show how your innovations can lead to increased basket size or customer loyalty, aligning with Target’s objectives for growth. Have a plan for building your brand’s “community and followship” – aligning your marketing strategy with the right tactics to build awareness while also driving trial, conversion, and (ultimately) repeat purchases.

Maximizing Media Potential

This month, Roundel Media Studio advertisers now have priority access to Target Product Ads inventory. Advertisers using a bid management platform for their Roundel Media Studio account will also benefit from this change. With this update, we’re stepping up as strategic advisors to help many of our clients understand their options. Our extensive experience with Roundel Media Studio equips us to manage Target Product Ads effectively, driving business growth and achieving your goals. We stay closely connected with the Roundel team to keep abreast of updates, rollouts, and new opportunities. Leveraging best-in-class technology and AI solutions, we’re already driving strong approaches that maximize brand spend and sales while providing enhanced reporting and share of voice management.

Operational Efficiencies Matter

Another key (and often-overlooked) JBP component should focus on operational efficiencies. Target is investing heavily in supply chain enhancements to reduce costs and improve speed to shelf. By aligning your logistical capabilities with these initiatives, you can present a compelling case for how your brand can help streamline Target’s operations. Are there meaningful performance metrics or a newly instituted, shared approach to inventory planning that can be part of the business plan, for example? Don’t overlook the opportunity to bring team partners from supply chain/replenishment/operations from both organizations to the JBP discussion.

The Power of Joint Performance Scorecards

To maintain momentum and accountability in your joint business planning, consider developing joint performance scorecards with Target. Scorecards should highlight key performance indicators (KPIs) that reflect both your brand’s objectives and Target’s goals. This structured approach will ensure you’re aligned on what success looks like and can adapt your strategies in real-time. Progress against results should be consistently updated and reviewed allowing stakeholders to make adjustment based on mutually agreed-upon goals and timing (monthly/quarterly/semi-annually).