Follow the money
Jan 2018Follow the money - finding growth in uncomfortable places
The key to growth is to recognise that there has been a pivotal shift in the way consumers behave and companies have to fundamentally change if they are to meet the demands of the new marketplace.
Growth is simple but it isn’t easy and has slowed for many companies. The big ideas that once drove strategy are now behind the curve and incumbents find themselves a step behind their new lightweight competitors. Today, the critical ideas in the marketplace are aggregations of smaller insights reflecting the shifts in demand that have taken place, integrated through the smart use of data.
In short, companies have to be prepared to get uncomfortable. They have to follow the money. And this is where Kantar Consulting comes in.
There is no shortage of opportunities but the fastest growth will only come for companies prepared to move out of the comfort zone and embrace the issues of:
- evolving markets
- changing consumers
- shifting values
- developing technology.
Today's marketplace is changing faster and more fundamentally than ever before. It is difficult, but it is also wide open. The problem is not a lack of opportunity for growth but a reliance by many companies on business models built for an age gone by. Size doesn't matter - know-how does - and companies have to relearn the concept of growth and the changing nature of scale, value and influence.
Companies must look to:
- aggregate small niches into big brands
- deliver the best, most immersive customer experience
- adapt to the new consumer decision journey.
We live in an era of exponential and unexpected change and companies can choose either to retreat to safety or go forward towards growth. Growth is not found in the comfort zone of safety anymore. It is found in uncomfortable places that require enterprise, boldness and imagination.
What is required is one view of demand, that goes from strategy to activation, and connects marketing to sales. Winning companies will embrace agility, build on data and break down silos. Smart use of data is the key to optimisation and learning; only by being data-centric can companies by human-centric. Failure is a failure to adapt - never more so than today - and change begins with the simplest of ideas: follow the money.
Kantar Consulting puts that idea into practice and helps clients switch on growth.