Playbook for the New Normal
It takes a while to adjust the lens to a new world. For the greater part of 2020, all of us in the industry including business professionals, thought leaders, the media and others have continued to talk about the “New Normal” as some distant phenomenon, way in the future.
Well, that “New Normal” is here.
While there has been a lot of focus on the post-COVID-19 business strategy, right from how should the supply chain be redesigned to how should Sales operate to what kind of brand positioning and revitalization is required, it is important to first define:
What are the business metrics that will be important in the new normal for the Consumer Products industry?
Our View of the Consumer The 5 Pillars of Data-driven Organizations Supply Chain Analytics Suppliers Manufacturing eCommerce Analytics Sales & GTM Analytics Distributor/ Stockists/ Corporate Insights Marketing Merchandising Analytics Technology Foundation Big Data Analytics |
Products Value Chain Organizations Distributor/ Stockists/ CFA Warehouse Modern Retail .com Consumer Marketing & Merchandising Analytics Insights | Applied AI | Business Accelerators
Course5 Recommends Shopper Insights need to be recalibrated to include the growing impact of D2C channels Dial up Social & Digital Insights to monitor increased engagement on multiple social platforms to form a true Customer 360 view
1: Corporate Insights Powers Business Strategy
Pillar
Channel-wise conversion e ciency Digital influence on Path-to-Purchase Digital channel e cacy Category-wise purchases & audience omnichannel engagement level Segment-wise purchases & audience omnichannel engagement level Digital brand health index Social responsibility perception index Digital Customer Experience index Micro-segment wise engagement levels Metrics That Will Matter
Pillar 2: Marketing Analytics For Data-driven Marketing
Personalization
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Media Spend Optimization
Integrated Marketing Measurement needs
peaks
troughs
ects
Digital
and
to consider temporary
and
while factoring true attribution e
initiatives need to deliver consumer engagements that deliver assurance, empathy towards health and safety, and build consumer confidence while delivering positive CX
Metrics That Will Matter Analytics Channel-wise optimal spend and spend e ectiveness Channel-wise true conversion lift Digital media spend usage e ciency Overvalued channels Return on ad spend by segment Clicks and conversions Customer brand confidence index Content Engagement Rate
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eCommerce Analytics Driving Customer-centricity D2C initiatives including consumer preference-based personalization powered by customer analytics is going to be critical in the long run as consumers move to eComm and D2C channels Track promotion e ectiveness on D2C properties as well as marketplaces to get maximum return on spend coupled with omnichannel consumer engagement A sharp focus on mitigating risks to product supply, product availability and on-time delivery will be critical in rebuilding customer confidence in brands Supplier sustenance analyses and identification of systemic issues at supplier end leading to repetitive product cuts need to be proactively addressed
Pillar 3:
Metrics That Will Matter Analytics Customer Retention Rate Repeat Customer Rate Customer experience index Return on Ad Spend Channel-wise optimal spend distribution Out-of-Stock rate On Time In Full delivery Fill rate and service level Supplier availability risk Revenue loss to competition due to product non-availability
Pillar 4: Supply Chain Analytics Strengthening the core
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on Demand Forecasting
Supply
D2C channels
supply
chain visibility initiatives
warehouse analytics
Dedicated focus
&
Planning for
along with improving forecast accuracy for traditional channels modeling for factors such as out-of-stock and
unavailability will have to be factored in Supply
coupled with
and intelligent automation delivered to operational decision-makers at the moment of truth with the ability to look ahead instead of looking behind will drive unparalleled e ciencies
Metrics That Will Matter Analytics SKU-level demand shock variability forecasting Service level and fill rate deviation Supply availability index Supply quality Inventory holding costs Order lead time On Time In Full Picking and packing accuracy Product return rate Out-of-stock rate Order cuts
Pillar 5: Sales & GTM Analytics
Driving Customer-centricity
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Salesforce e ectiveness initiatives can drive intelligent virtual engagements with retailers by equipping sales teams with real-time insights on retailer deficit, projections, and engagement levels
Deeper catchment analyses by retailer to define assortments with a focus on healthier substitutes and strategic promotion through e ectiveness measurement can drive higher value
Metrics That Will Matter
Product Assortment e cacy Promotion e ectiveness by retailer, by SKUs, by region PJP compliance percentage through virtual channels Retailer order variances Service engagement level by retailer
Analytics
Sunder Balakrishnan AVP,
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&