Keeping Up With the Rapidly Changing Retail and Consumer Goods Industries

Estimated 3 min. read

The consumer goods and retail industry has been undergoing a massive digital transformation these last few years. Both industries have faced rapidly evolving technology, economic instability, changing consumer behaviors, and consumer demographic shifts. Add on the effects of COVID-19, and the retail and consumer goods industries have accelerated by a decade. Redefining your business model is not an easy task to deal with. Left unaddressed, these changes can destabilize and render traditional consumer goods business models. Businesses must innovate and adapt to succeed in today’s digitally accelerated world.

Dominant Consumer Goods Business Models

Deloitte University Press recently studied 97 Consumer Goods companies to analyze and find what business model delivers exceptional performance. Based on the report, Deloitte found outstanding winners in the ecosystem who focused on three dominant business models: Operational Excellence, Brand Leadership, and Customer Solutions. Each business model focuses differently on key strategies, operations, and KPIs (See Figure 1 via Deloitte). Exceptional winners clearly understand how they create and deliver value, a clear business strategy, and deliver exceptional customer solutions. They have figured out what they’re really good at and have configured their model accordingly.

Figure 1

There are four themes that set Exceptional Winners apart from their peers:

    • They focus on what they do best by constructing a coherent business and operating model— Deloitte calls this the Business Model Coherence Premium.
    • They drive value from one of three business model types—Operational Excellence, Product/Brand Leadership, or Customer Solutions.
    • They develop a set of essential and specific capabilities that work together as part of a self-reinforcing business model.
    • They drive greater maturity into the distinctive capabilities than their peers.

Digital Transformation With Salesforce

Innovating your business model to remain competitive in today’s market is required to stay in business. Redefining your model involves finding solutions to help your company digitally transform to unite your teams around the customer with customized solutions. Companies are starting to ask the right questions like, “Can we change processes in a way that will result in more productivity, better decision-making, and a more profitable customer experience with personalization”? Another question is, “How much faster can we do the tasks we are currently doing with the help of automation”?

Enter Salesforce. Moving your business processes onto the #1 CRM platform allows you to better connect with your internal staff, partners, customers, and potential customers from anywhere in the world. With a 360-degree view of your crucial data, you are in total control to have more connectivity and accessibility, increased collaboration, and improved efficiency.

Salesforce created Consumer Goods Cloud to help the industry digitally transform their business to accel in today’s world. A move to Salesforce Consumer Goods Cloud gives you an intelligent and strong solution to help you manage key accounts, deliver intelligent growth, optimize field execution, TPM management, and accelerate time to value across your entire organization. Learn more about how Consumer Goods Cloud is helping the industry digitally transform.

About Corrao Group

Since 2002, we have been helping B2B organizations of all sizes optimize their business processes with Salesforce and their third-party applications. As everyday Salesforce power users, Corrao Group understands how flexible the Salesforce platform is to support every business department. We’ve worked with nearly 1,050+ customers, implementing, customizing, and optimizing over 2,150+ Salesforce projects. If you are interested in learning more about how Corrao Group can help your company, read our reviews on G2!

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Sources

Deloitte University Press
Salesforce

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