We’ve all seen Halloween costumes and sweat suits that claim “one size fits all,” but we’d be kidding ourselves to believe that statement is actually true. Perhaps it’s easier to label it that way; perhaps it just simplifies things. However, in reality, one size can’t possibly fit the needs of every individual.
This is no different in the CPG and retail industry, where the shopper of today has developed spending habits that depart greatly from those we recognized a few years ago. It’s no wonder that the “one size fits all” CPG and retail business plan no longer fits the new spenders.
Instead, CPG and retail companies must work across several types of tools and technologies in order to custom tailor their business model to accommodate the shopper’s needs.
During our Summit 2011 track session, “Consumer Driven Assortment for Category Incrementality,” Bryan Holcomb of Sara Lee and I will discuss this recent shift in customized business plans and marketing strategies for CPG and retail companies. We’ll cover new methodology that once again empowers companies by providing insight into the minds of today’s shopper.
Paul Owens, SymphonyIRI