Retail stores will need to work on the new ‘normal’, that is set to emerge post the current corona virus crisis. For a start, they must reinvigorate the in- store omnichannel integration. The store’s publicity will now need to be more seamlessly attached to its digital marketing output. Personalization touch points will need to be keyed in with the latter. The store’s role has to alter. The talent recruitment drives of the future need to take care of honing an omnichannel staff. The store cost structure too will need a reset. Contactless self- service features will need to be added in to enable omnichannel transactions. The workforce needs to be provided proper training to navigate past the next normal. Workforce composition needs a rethink. The workforce must also be provided with some sort of flexibility. This will improve the omnichannel performance.

Source:https://www.mckinsey.com/industries/retail/our-insights/reimagining-stores-for-retails-next-normal

Uploaded Date:28 April 2020

The debilitating impact of the COVID- 19 pandemic on businesses worldwide, is now well- acknowledged. Consumer sentiment is the first to be hit. It is expected to get worse with time. A lot of the fallouts on their sentiments, will be because of the dip in consumer income in the first place. This is expected to befall every major economy. All this, will in turn affect consumer spending, also set to dip at record low levels. On the whole, consumers from India, Indonesia, the UAE and in Saudi Arabia tend to be most optimistic in the current scenario. Japan, Italy, Belgium and France are expected to be on the other side of the scale. Category spending will see much change. Some industries will need a dose of business innovation in order to remain relevant. This could be those in entertainment, real estate, travel and in apparel. Others such as groceries, food and household services should flourish. Time spent in front of digital devices has already increased. As a result, brands must ramp up their digital marketing footprint. New behaviours could emerge in the long run. Several businesses could now struggle to survive.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-global-view-of-how-consumer-behavior-is-changing-amid-covid-19

Uploaded Date:28 April 2020

The word modern marketing can arouse several notions. Commonly, it could be equated with digital marketing. But to get the most accurate picture, it has to be understood as something that can harness the full potential of a product, brand or company to scale the heights. It needs both updated capabilities, as well as enablers. One of the key enablers involves the agency and talent management systems followed. Another is about the data and technology used. The organization design and culture is another. Then we also have the agile working methods. Among capabilities, it is strategy and insights that truly stand out. It also includes creativity and content. Product and pricing is another. Then there is customer experience and personalization. Quantifying the returns on marketing is equally important, as are the media and channels used for the purpose.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/modern-marketing-what-it-is-what-it-isnt-and-how-to-do-it

Uploaded Date:11 March 2020

The sales teams in their aggressive attempts to scale the numbers, often miss out on the bigger picture of that the company is trying to portray. This leaves an unfortunate misalignment between the corporate strategy of the brand and the said sales team. In order to rectify this gap, one has to start off by asking the right questions, that will fill the knowledge gaps. Likewise, the management training experience too will need to be customized, as per the feedback received on the entire team. These exercises must also work on building the team confidence. Consulting companies that are successful, are now looking at such an approach. Focus Vision is the perfect example for the same. These principles are however, not binding. Rogers Communication for instance has been successful, in spite of adopting an opposite approach.

Source:https://hbr.org/2020/01/is-your-sales-team-aligned-with-your-brand?utm_medium=social&utm_source=facebook&utm_campaign=hbr

Uploaded Date:28 January 2020