Insights
You Said, We Did.
Learn more about how we're using customer feedback to deliver exceptional services and build strong partnerships with customers
25 Apr 2023
3 min
Managing volatility in the dairy market
Through our Voice of Customer programme, we’ve been listening to our customers to understand their needs and identify areas for improvement. In our “You Said, We Did” publication, we share what we've been doing differently based on our customers’ feedback.
In the April 2023 edition of “You Said, We Did”, we highlight the great work that our team in Mexico have been doing to help our customers manage the volatility in the dairy market.
What our customers were saying
A customer in Mexico told us that they wanted support to mitigate the effects of price fluctuations and supply volatility in the dairy market through a cross-functional business partnership. They felt that their current method of ordering NZMP ingredients primarily through spot buying didn't provide the certainty that they wanted and they were unsure of the best solution to meet their needs.
How we acted on customers’ feedback
Our account management team connected the customer’s pricing team with our own price risk management experts, resulting in a collaborative effort to identify the best price risk management (PRM) solution for the customer's specific needs.
Throughout this process, our price risk management team worked closely with the customer, they walked them through each of our PRM solutions and recommended the most suitable solution for them and their goals. This cross-functional collaboration and close customer partnership allowed us to gain a deeper understanding of our customer's requirements, which enabled us to suggest a PRM solution that is appriopriate for their needs and situation.
Success results
As a result of this successful collaboration, our customer was not only able to make an informed decision but was also able to lock in their supply with us. We know that maintaining strong connections and working collaboratively with our customers is important. As a result, we have incorporated this process into our Ways of Working, to strengthen our relationship with our customers and improve our ability to provide tailored solutions that meet their needs. In response to this, our customer also has greater confidence in their forecasting, allowing them to focus on more strategic priorities for their business.
Now that our focus can shift away from contract negotiations with the customer, our NZMP account team can focus on supporting them with added value opportunities, such as innovation to grow their range as well as distribution solutions.
The time with our customers can now have a more strategic approach, beyond price negotiations, understanding what else we can do for our customers and how to add more value.
Ivanna Lugo, Account Manager, Fonterra Mexico
NZMP’s Risk and Commercial Solutions
The three most popular PRM solutions that our customers use to secure supply are PriceLock, PriceIndex and PriceCollar.
If you think NZMP's Risk and Commercial Solutions can help your business or if you would like to find out more, click here and select "Product Enquiry" → "Business Solutions" to contact our Risk and Commercial team.
Voice of Customer
Our Voice of Customer programme is all about listening to what our customers have to say, and turning those insights into customer experience improvements. To find out more about our Voice of Customer Programme, click here.
