Insights from CAGNY 2018: Moving toward long-term vision
Russell Reynolds Associates gleaned an array of insights and observations from the 2018 Consumer Analyst Group of New York (CAGNY) Conference. At the crux of each and every conversation was the consumer. Leading CPG companies revealed their intention to prioritize social impact and to become increasingly mission-driven - two key topics driving the transforming consumer journey. Accompanying their emphasis on the customer's voice, companies described their strategic priorities, calling attention to the increasing importance of sustainability, health and wellness, and digital within the context of product innovation.
Developing and hiring leading talent remians critical as the consumer landscape continues to rapidly evolve. As CPG companies attempt to assert their dominance in emerging markets, prioritize M&A, increase operational effciency, and discover new ways to deliver to the consumer, skilled experts serve as key differentiators. In 2018, an integrated, long-term strategy is one that articulates the socieal impact of the business alongside broader objectives for growth.
CEO Priorities from 2018 CAGNY Conference
Define and articulate your organization's purpose, and use it as a filter for all strategic, long-term decisions. Test these decisions over time.
Create an agile and innovative organizational structure that capitalizes on opportunities to further connect with the consumer. Use internal incubators, uncommon partners and new ecosystems to drive this.
Invest in AI capabilities to ensure data and analytics drive and support decision making. Increase transparency by making this data accessible across the organization.
Vocalize your commitment to and measurement of inclusion priorities with respect to internal talent and to external consumers.
With a strong focus on sustainability and social impact, emphasize transparent and energy-efficient supply chain operations. Publicize your commitment to social impact - both internally and externally.
Hire diverse talent who can effectively bring new perspectives to the table and who reflect your consumers.
Provide products that fit naturally into the health and wellness concerns of your consumers. Make acquisitions of companies that enhance your portfolio and divest those that do not.