5 Final Thoughts From CGF Global Summit

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via Consumer Goods Forum

Amazon, Google and Harvard University representatives provided their thoughts on disruption on the final day of the Consumer Goods Forum Global Summit. While the speakers varied in experience, these general thoughts guided their feelings toward disruption.

Measure the Consumer

Amazon’s Sunny Jain warned not to be competitor obsessed, because you fall into others’ thinking. Instead, focus on the customer, and you’ll naturally shift when they do. Also, never ask what they want. Customers can’t tell you what they want, but they can react.

Key Takeaway: First measure reactions. Then, use that data to redefine your strategy.

Session Source — Innovating on Behalf of Customers

Disrupt and Get Hopeful Patience

Another insight from Jain – if you’re releasing disruptive innovation, customers will be patient with it. He uses Amazon’s newest ventures, including Amazon Echo, as a prime example.

Key Takeaway: It’s better to get out there fast and then modify. Don’t wait until the product launch is perfect, because a launch never will be.

Session Source — Innovating on Behalf of Customers

Release Content Frequently

Google provided a strong case study for frequent content marketing. Beauty influencers typically produce nine times as many online videos as beauty brands. Upon utilizing these influencers on YouTube, Unilever saw more success.

Key Takeaway: User-generated content like influencer posts and reviews, can be a key part of your marketing approach.

Session Source — Driving growth with Tomorrow’s Consumers: The Role of Purpose-driven Brands

Speed Is Essential

Another Google insight was that 53% of users drop off if your site takes more than three seconds to load.

Key Takeaway: Whether it be website load time or speed of home delivery, the consumer is unforgiving when it comes to slow buying experiences.

Session Source — Driving growth with Tomorrow’s Consumers: The Role of Purpose-driven Brands

Marketplaces Are the Future

Harvard University’s Daniel O’Connor predicts 25% of the retail and consumer products space will operate within 25-50 large platforms such as Amazon, Walmart, or Rakuten.

Key Takeaway: Consider the path to build your own platform or join an existing one.

Session Source — The Next Age of Retail

Visit IBM Retail to see more news, insights and solutions around retail and consumer products.

This is the fourth of IBM Consumer’s articles inspired by the Consumer Goods Forum Global Summit. Follow us at @IBMindustries or search hashtag at #IBMconsumer for more insights.

Full session information can be viewed through the Consumer Goods Forum.

Content Director

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