Think BIG and SMALL

Agile like a startup. Scalable like a multinational. BTS identifies mindset shifts from 6 critical areas that FMCGs must have to think big and act small.

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FMCG Leadership Scorecard: the new architecture of modern consumer goods firms

Successful leaders are the key to a successful strategy

In 2019 the consumer goods industry was working to generate demand while consumer trends were shifting. Then in 2020 firms were relying heavily on their supply chain just to fulfill demand. As we move into 2021, we know it is important for companies to leverage their scale and global presence but also act nimble, be agile, and think like a startup so they can take advantage of those fast moving trends.

Whether you're big or small, companies with leaders that embrace the mindsets of thinking big and small will be ready to meet any challenge.

For years big consumer goods firms have tried to be more like startups, while startups have encountered hurdles in scaling.

BTS has identified the mindsets around 6 critical areas that FMCGs need to master to be successful in 2021 and beyond.

Act like a Venture Capitalist.

Acquisitions

Act like a Venture Capitalist.

Core mindset: Develop a portfolio approach. Focus on opportunities that allow your company to test and expand your offerings while growing share in existing markets.

CPG leadership needs to possess keen awareness of early market signals. Like a VC firm investing in early-stage startups that haven’t proven their ROI, FMCGs need to think big even if they don’t complete the M&A. Deal sourcing and scouting can be a competitive advantage.

From cost center to strategic capability.

Supply Chain

From cost center to strategic capability.

Core mindset: Don’t let efficiency be the enemy of flexibility.

Maneuver your supply chain to optimize for resiliency over efficiency. Adaptable systems will find opportunities in a rapidly changing environment and long-term capabilities to meet demand where needed is a strategic advantage. Large FMCG firms have the scale, optionality, and negotiating leverage in their supply chain to prioritize flexibility.

Play the orchestra.

Product Management

Play the orchestra.

Core mindset: Modern PMs must speak the language of every function, from technical knowledge for engineering problem solving, to strategic vision for supporting business goals.

Small FMCG firms don’t have the resources for dedicated functions or departments forcing one person to wear a lot of different hats. What seems like a constraint is actually a virtue to help create connection points between consumer insights, production, sales, and their other functional areas. A modern FMCG PM must be a data scientist, industrial designer, operations manager, and sales leader all at the same time.

Design experiments to test ideas fast and cheap.

Disciplined Experimentation

Design experiments to test ideas fast and cheap.

Core mindset: Lean and MVP development principles enable an ability to react to market demands.

Startups in the tech space have been using lean and minimum viable product principles for years to test the market for their ideas. FMCGs must employ a test fast - learn fast - pivot fast mindset to stay close to customer and consumer trends and react to market demands.

Obsess over your Customer AND Consumer Experience.

CX

Obsess over your Customer AND Consumer Experience.

Core mindset: Small firms focus earlier on their retail partners. Big firms reconnect with their end consumers.

Large FMCGs are excellent at being thought leaders to their retail partners and small FMCGs are excellent at staying in touch and understanding their end users. It will take both of these proficiencies to be successful in 2021. Large firms need to reacquaint themselves with their consumers while small firms need to focus on how retailers make decisions to position themselves best.

Find. Understand. Use. Value.

Data Literacy

Find. Understand. Use. Value.

Core mindset: Digital and data literacy helps to balance data decisioning with data insights.

We often find that small FMCGs are data poor but insight rich, while large firms tend to be data rich but insight poor. Being digitally and data literate is key to asking the tough questions cross department, understanding our own biases in data evaluation, and going deep to understand where the data is originating and how it is being presented. Small firms need to double down on data acquisition and large firms need to do more with the data they already have.

The results we deliver

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Talk with an expert to learn more about how BTS can help.

 
 

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