Is technology fast becoming the real game changer for FMCG leaders?
On Thursday 13th October, Berwick Partners were delighted to welcome Anthony Fletcher, CEO of Graze.com, as guest host for our Consumer Leadership Roundtable Dinner.
The discussion centred on the use of technology and data at Graze and how both have been critical to the success and continuous development of the business. Anthony is hugely passionate about his company and getting the customer proposition right through using the bespoke tools they have developed. It was fascinating to get first-hand insight into a business that has reinvigorated the healthy snacking category and has rewritten the rule book on how a brand can engage with their customer base.
· Connecting to the customer: gaining instant feedback to your products and services. Graze receives 15,000 customer ratings/per hour.
· Data analysis: the customer data allows the business to respond quickly to customer tastes and habits – delivering faster and more relevant product development. It also offers an ability to respond to different cultural tastes, as demonstrated by the launch in the US where Graze were able to adapt their initial range quickly to satisfy American taste buds.
· Better customer segmentation: allowing different business models to ensure customers are reached at every touch point. Graze now operates subscription, E- Commerce, Retail and B2B channels. It’s all quite simply about giving the customer what they want, when they want it and where they want it.
· Brand awareness: technology allows brand equity to build at a much faster rate and in more diverse and creative ways.
· Technology is fully integrated: success is linked to ensuring that the technology platform and data gathered reach across the organisation – in innovation, procurement, supply chain and finance.
· Speed to market: It is important to encourage new ideas without creating a ‘blame culture’ if new products fail. The right technology can cultivate an innovative environment through reducing the risk and cost of new product development via instant customer feedback.
The dinner was very well received and it appears that there are opportunities to be gained from tailoring the use of technology and data across various consumer business models, and the evening allowed consumer leaders to share their knowledge and experiences.
Alka Gandhi is a Principal Consultant in the Consumer Practice at Berwick Partners.