The current global recovery and return to growth are the perfect time for consumer brands to thrive. People will be hungry for new products, services, and experiences. However, consumer companies now face challenges that will continue to evolve. Among others, those challenges include digital disruptions of sales channels, changing media landscape consumption, shift to content-driven marketing communication, pressure on providing the best possible customer experience, and handling complex logistics ecosystems.
In a time where consumers will have shorter attention spans, products and services need to be developed with a clearly defined USP, and brands will have to communicate systematically and precisely since multiple communication channels and content noise is set to increase exponentially. All these elements put pressure on how companies execute marketing related processes but also attract needed competencies to cope with the challenges. A higher pace of product development, quick market entry, harnessing of new technology possibilities, focus on performing products and ongoing innovation will be key for growth in consumer-focused industries.
Nevertheless, these challenges bring some clear opportunities for companies, especially if they operate locally. Depending on their products and business models, companies can harness the possibilities offered by technology, evolving logistics capabilities, direct-to-consumer communications, and data to quickly become global players. There were several multibillion-dollar success stories where newcomers took advantage of the possibilities presented by new technologies and strategic marketing. Consumers are rewarding companies that provide a great experience while selling their products or services. They become loyal and spend more, respectively increasing CLV. One remarkable example is Peloton, who has leveraged on its vertical presence and usage of technology to build loyalty and a consumer community with an NPS of 86.