Boston Consulting Group's 50th anniversary includes a survey on what troubles leaders the most. (Can't find the source document, just the press release - so using the eMarketer blurb.) And for a 'consumer insights' professional it is good to see "Leveraging Customer Data" and "Digital Channels" in the top five, right behind "Open Innovation" and "Large-scale Transformation" and above "Distinctive Business Models."
There is nothing prescriptive about those items. In the context of strategy development, they are broad constructs that shape or focus thinking - they are goals, not defined objectives or outcomes - those have to be company specific.
The eMarketer article highlights the challenges by industry and there are some differences.
- Consumer and Retail companies are most interested in growth in their current markets whereas Industrial firms are looking for new markets.
- Consumer and Retail firms also rank Leveraging Customer Data the highest.
- Digital Channels shows a wide swing (Technology is highest, Energy and Environment is very low). C&R is above average.
In my mind, such a plan would have three parallel objectives:
- Drive Growth: re-purpose marketing dollars to more productive programs.
- Build Brand/Category Leadership: Increase penetration, share of wallet and loyalty among key segments for key categories.
- Create Operational Savings: free resources from non-productive or sub-optimized activities (and not just marketing.)
So, this post is going to be the start of a series around the questions that need answers as firms make the shift. It may even provide some ways to answer them along the way.
Stay tuned....and hope it helps.