Strap in…The industry playbook for marketing has been completely rewritten, and future planning isn’t for the faint of heart.
No longer are customers tied down to specific channels. In fact, they prefer to be anywhere and everywhere, all at once. Is it feasible, however, for consumer goods companies to meet these ever-growing demands? Delivering on these expectations requires not only upgrading and evolving tech capabilities, but also simultaneously building internal proficiencies — tirelessly coaching through growing pains to develop new muscles.
It’s not as simple as picking a path. There’s a crossroads every CPG company must face, and while the roadblocks are personal, many brands are tackling the same overarching themes: siloed organizations that keep innovation from penetrating the various segments of business; lack of technology or clean data — or the analytics understanding needed to impact change; pushback from some stakeholders who are wary of putting faith in new media opportunities; and much more.
“Many CPG companies are stymied because they do not know how (or think it will be too hard) to make the leap toward much greater transparency on the true impact of promotions. The reality is that getting quick results is feasible. … The value at stake in the next normal — and the growth challenge facing CPG companies — are too big to wait any longer.” — Marco Catena, Simon Land, Pieter Reynders, and Martino Zizioli, McKinsey & Company
Solving for the Unknown
Much of the future is unclear, but CPGs can better prepare by asking themselves a series of questions:
- Is there transparency, accountability, and clear communication between marketing, sales, and tech leaders?
- Does the organization’s sales and marketing investment plan identify the specific roles of each of these teams?
- How has the company defined its KPIs and do they encompass a comprehensive view of the organization at large?
- Has the brand engaged with new media opportunities to asses their value?
Brands like Kraft Heinz, Campbell Soup Company, and Unilever have found success by asking these questions and following a structured sales and marketing playbook. What does their playbook look like compared to yours?
Explore our Sales & Marketing Report for exclusive research and insight into how today’s consumer goods leaders are investing and measuring success in preparation for a limitless future.