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Sunday, November 22, 2020

Customer Management Must Change

Yes, consider the impact of uncertainty for longer periods as linked to a risk model.

Growth in Uncertainty: As Consumers Change, Customer Management Must Evolve as Well

By Richard Essigs, Ernst & Young LLP - 09/24/2020

Even before the COVID-19 pandemic, consumer products companies had a strong incentive to get closer to retailers and their end customers — and now that product demand, channel preferences and customer dynamics have rapidly swung in new directions, that need has only grown more vital. Evolving into a more agile and resilient organization requires your customer management to also evolve.

In my prior post, I discussed how the pandemic has impacted shopper attitudes, preferences and behaviors in ways that consumer products companies likely haven’t seen. While shoppers continue to say they want to return to what they perceive as normal, the reality of COVID-19 has made them reluctant to re-engage with their normal activities. Leading consumer products companies are working with retailers to validate behaviors that have fundamentally changed. In doing so, it is clear that customer management must be viewed through a lens that incorporates today’s dynamic retail environment. ... '

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