Three of our team members (Rhonda, Mande and James) attended IRI’s 2016 Growth Summit. They heard the latest thinking from CPG and retail leaders on keeping a pulse on real-time consumer behavior, generating new consumer insights, planning campaigns, targeting the right consumers and measuring/optimizing the outcomes. While they learned a ton, these are their six key takeaways:
1. Diversity in America has reached a tipping point, and multicultural growth is changing all of us. No one can avoid interacting with someone who is different.
Say goodbye to ketchup and hello to hot sauce as the top-selling condiment.
2. On the need to innovate: “What if Amazon’s CEO announced that later this year Amazon will begin offering your company’s services…what would you do?” – George Blankenship
What an amazing way to prompt how we think about innovation!
3. Targeting has moved from mass to segments — the future is individualized. That means everybody is singled out and targeted differently based on the data that brands have on them.
Cue the theme tune for Minority Report.
4. Internet usage used to be measured in visits and sessions. Now it’s measured in moments — the average Internet usage is now just 30 seconds to 1 minute at a time.
The world we’re inhabiting gets more ADD by the minute.
5. In the next five years, CMOs will become CMTs (chief marketing technologists). They’ll spend more on IT than chief technology officers will.
Marketing nerd alert!
6. Replace the word “if” with the word “when”: When we accomplish this. When we make that change. When we do better.
While Michael Strahan may not be known for his CPG or retailer experience, he was super inspiring as he talked about his philosophy in life.