Post by account_disabled on Dec 20, 2023 3:31:49 GMT -6
Vice President and Global Head of Consumer Products and Distribution John Hauser Scholar Perspective, Professor of Marketing, MIT Sloan School of Management Artyom Tymoshenko, PhD Year, MIT Sloan School of Management Executive Perspective Executive Perspective Executive Vice President and Global Head of Consumer Products and Distribution The consumer products industry is undergoing a seismic shift to adapt to a competitive marketplace where tech-savvy consumers have greater control over how they purchase products and interact with brands. multiple choice. Companies can no longer rely solely on retailers for sales or to mediate end consumer feedback.
Instead, brands must put consumers at the heart of their business and take a direct-to-consumer approach throughout the lifecycle of the consumer relationship. This approach Job Function Email List may include personalized marketing and digital engagement, real-world brand experience stores, online sales channels and consumer involvement in the co-creation of new products. Adapting to emerging channels can help companies reaffirm brand loyalty and gain a competitive advantage. By 2020, e-commerce is expected to account for 1% of total sales.
In order to reach consumers directly,Companies expect to spend $1 billion on digital advertising in the U.S. this year. Strategy requires a solid technical foundation to collect and leverage consumer data and a willingness to rethink the organization's priorities, investments, and skills. Processes such as supply chains must be redesigned to meet consumer demand across any channel. Companies in regulated areas such as alcoholic beverages must plan how to deliver customized experiences within a compliance framework, while companies setting up their own sales must consider how to avoid channel conflicts with retailers. This transformation requires significant effort and commitment, but consumer goods companies that delay adopting a strategy risk losing not only to new market entrants, but also to traditional competitors willing to make.
Instead, brands must put consumers at the heart of their business and take a direct-to-consumer approach throughout the lifecycle of the consumer relationship. This approach Job Function Email List may include personalized marketing and digital engagement, real-world brand experience stores, online sales channels and consumer involvement in the co-creation of new products. Adapting to emerging channels can help companies reaffirm brand loyalty and gain a competitive advantage. By 2020, e-commerce is expected to account for 1% of total sales.
In order to reach consumers directly,Companies expect to spend $1 billion on digital advertising in the U.S. this year. Strategy requires a solid technical foundation to collect and leverage consumer data and a willingness to rethink the organization's priorities, investments, and skills. Processes such as supply chains must be redesigned to meet consumer demand across any channel. Companies in regulated areas such as alcoholic beverages must plan how to deliver customized experiences within a compliance framework, while companies setting up their own sales must consider how to avoid channel conflicts with retailers. This transformation requires significant effort and commitment, but consumer goods companies that delay adopting a strategy risk losing not only to new market entrants, but also to traditional competitors willing to make.