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Entering the Next Phase of Digital Transformation

N ot so long ago, marketing consumer products felt like a genteel game of lawn tennis: Established competitors invested in creative with long lead times, using proven models of TV and big-box retail, alongside trusted agency partners. Today, it’s more like a sprawling contest of mixed martial arts, with new competitors playing by different rules; an unprecedented complexity of channels, content and partners; and a step change in speed and ways of working that has punches flying at incumbent consumer products companies.

Fueling the blur of combat is a radical shift in brand growth models. Within the span of most executives’ careers, advances in technology have reshaped how consumers engage with brands. In the US and UK, more than 60% of consumers now discover products online, and 85% of millennials trust reviews from a faceless stranger more than traditional advertising. The same technology advances have dramatically altered the competitive landscape. CMOs can no longer forecast forward their current profit pools only by looking to fill in geographies and nearby product market segments. That process risks ignoring the industry’s disruptive trends, as profit pools shift quickly from products to services to experiences and communities, and as mass products evolve into new segments with accelerating personalization. Growth strategy today requires consumer products companies to look “present forward” and “future back”—to create a faster horse while envisioning the car—in order to define new growth platforms beyond their current products, business model and capabilities.

Upgrade Content Creation Capabilities

Fueling the blur of combat is a radical shift in brand growth models. Within the span of most executives’ careers, advances in technology have reshaped how consumers engage with brands. In the US and UK, more than 60% of consumers now discover products online, and 85% of millennials trust reviews from a faceless stranger more than traditional advertising. The same technology advances have dramatically altered the competitive landscape. However, the transformation still required across the industry is significant, involving far-reaching changes to consumer products companies’ growth models and the largest buckets of their discretionary spending. And it’s urgent, as consumers and new competitors are moving faster than incumbents can react.

“I cannot give you the formula for success, but I can give you the formula for failure. It is: Try to please everybody.”
DAVID OSWALD

What’s the right path forward? Reinventing the brand growth model requires more than a reallocation of marketing budget to digital. CMOs need a reassessment of growth platforms and future brand portfolios, a new understanding of the consumer journey, a supporting strategy on data and technology.

The consumer journey has fundamentally changed, and so has the role of the brand manager. Once guardians of the brief to agencies, today they must lead hands-on content generation, data management.

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Comments (43)

  1. geinoutime.com
    June 6, 2024

    geinoutime.com
    그 노인이 서른 살만 어렸다면 아마도… 이쯤되면 한번 해볼 생각이다.

  2. geinoutime.com
    June 9, 2024

    geinoutime.com
    Liu Wenshan은 “당신의 사랑에 감사드립니다. 실크 사업을하고 있습니까? “라고 겸손하게 말했습니다.

  3. 슬롯
    June 12, 2024

    geinoutime.com
    Zhou Tanzhi는 눈물을 닦았습니다. “선생님…학생들은 따라잡을 수 없습니다.”

  4. Susant
    June 23, 2024

    Great article! I appreciate the clear and insightful perspective you’ve shared. It’s fascinating to see how this topic is developing. For those interested in diving deeper, I found an excellent resource that expands on these ideas: check it out here. Looking forward to hearing others’ thoughts and continuing the discussion!

  5. Sarat
    July 2, 2024

    This was a fascinating read! The author’s perspective brought new dimensions to the topic. I wonder how others view this issue. What are your thoughts?

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