New strategies for growth are essential in a marketplace where growth is harder to find and more competitive than ever.
The key to growth is to recognize that there has been a pivotal shift in the way consumers behave. Companies have to fundamentally change if they are to meet the demands of the new marketplace and they have to be prepared to get uncomfortable. Winning companies will embrace openness: breaking down silos to successfully network and open up (rather than vertically integrating), emphasizing external partnerships and collaboration to drive mutually beneficial growth and embracing digital innovation to create new paths to purchase embedded in the digital environments in which consumers already spend time. In sum, it means being increasingly, systematically open.
Growth is attainable, but to secure it, companies must get comfortable doing business in new and different ways.