Thought Leadership - Sharing insights

December 12, 2018

Embracing change

Change for growthHow can a traditional CPG create growth? By embracing change and delivering compelling propositions for shoppers.

Where does this start? With your team. As business needs evolve, your team will need to adopt new behaviours to support a business that is transitioning for growth.

When we consider team development, we can identify seven steps to personal growth, which come to the fore when a business is in transition. They are:

  • Take the right risks
  • Play to your distinctive strengths
  • Embrace all operational constraints
  • Battle entitlement
  • Step back to grow
  • Learn from failure
  • Relax and let the strategy emerge.

So why are these seven steps important?

Our industry is changing beyond all recognition. You only have to look at the results announced on 10th December to see the impact on-line has had on High Street footfall. Numbers have been declining significantly through 2018 and spending on the High Street has been impacted. Online has been the success this year again. An omnichannel approach has become a key component of any physical store strategy.

Shoppers:

Shoppers too are evolving. They want personalisation and convenience on their terms. It is no longer good enough to only offer a great promotion in-store because the chances are shoppers won’t walk into your store.

The decline in the department store and the number of people visiting a shopping arcade is proportionate to this changing shopping behaviour.

Shoppers are willing to go into the store as long as the store is offering something that is tangible, exciting and viable. Don’t confuse viability with the price competitiveness. Today’s offer must match the shopper’s aspirations and perceived purchase performance. With over 20,000 jobs in retail being lost this year in the UK, it is important that we understand the impact this will have on our lives and what we need to do to manage this change.

So why are these seven steps important?

CPGs should review how they behave and adopt behaviours to reflect the changes in their environment. They need to be disruptive and agile, challenging accepted norms and creating innovative and compelling propositions. It is therefore right that individuals within these organisations will need to change too.

The seven steps identified above provide a framework for individuals to develop and grow, as part of their current role. The business will need to support the team, whilst individuals become familiar with the new ethos. Providing coaching, mentoring or training will be a key component as will supporting processes and practices.

How does the future look?

Over the coming years, we are in for an incredibly positive experience but only if we, as individuals, can think and act like well-seasoned disruptors. So embrace change and use your experience and skills. Delivering growth is the new job title.

The future is all about focusing on the shopper experience, agile operations, quick risk-averse decision-making, and explosive growth. By focusing on growth today, tomorrow will take care of itself.

It’s time to embrace change.

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