Against a backdrop of evolving consumer demands and disruptive technology, this report by PA Consulting shows how consumer goods companies and retailers must develop innovative ways to engage with their customers.
For some, the goal is to develop and sustain market-leading positions, while for others, an effort to retain relevance in a rapidly changing world is the driver.
Key points to consider:
- Understand your customers' needs and expectations in forensic detail; use the data available to reflect the nuances of individual segments, and better still, individual customers.
- Effectively participating in and implementing digital platforms and direct-to-consumer initiatives requires advanced data literacy and insight capabilities.
- The companies that succeed are those that design and implement in-market initiatives in an agile way. Securing the future will require a willingness to discard some current ways of working.
- Choose your position on the innovation spectrum carefully; thoughtful leaders consider what innovation means for their company and their customers, as well as the type and scale of innovation they should adopt.
- Be realistic about the internal context for change. Carefully consider the capabilities needed, the cost of changing and acquiring them and the barriers that will need to be overcome.