What Gets in the Way of Great Strategy?
Cybercrime poses a threat to organizations of all sizes, but the financial market faces an especially grave danger. Banks and other financial organizations must provide the best services possible in order to remain competitive, while also being accessible and reachable by everyone. We are witnessing an explosion in products and services available through technology today.
By 2030 – less than a decade away – the global economy will likely be facing an immense transformation. Companies and investors are already feeling the effects of change, but our research predicts an unprecedented level of volatility in coming decades. To understand why, we examine three major forces that will shape 2020s: demographics, automation and inequality. These trends have already begun to combine to create unprecedented disruption.
The New Rules for Marketing Your Brand
Consumer products marketing has undergone a profound shift over the last five to 10 years, from an environment dominated by large global brands and established TV/big-box retail models, to one increasingly complex with many more brands, channels, and marketing tools available. Technology has disrupted this industry in three ways. Firstly, it has altered how customers engage with brands; now over 60% of shoppers in both the UK and US discover brands online.
CMOs should consider five areas when planning their growth strategy: what platforms will drive it in 5 to 10 years, taking into account all of the disruption impacting these industries today? Simply taking today’s profit pools and forecasting them forward won’t suffice; CMOs need to look further ahead for answers.
“There are no secrets to success. It is the result of preparation, hard work, and learning failure.” – OLIVER SANDERO
Second, what brand portfolio or business portfolio should I utilize to address these growth platforms? Brand portfolio strategy is becoming increasingly critical. Thirdly, once I understand my platforms and brands, how can I implement modern marketing to engage with the customer? We are seeing an unprecedented surge in profitable growth from clients that we’re helping rethink their marketing models – but it won’t be an easy process. Areas four and five are essential enablers. What’s the data and technology strategy, along with a roadmap to implement that? Leaders are taking ownership of their own data, regularly refreshing it to inform business decisions – and prioritizing technology that supports that.