The shifting market strategy of CPRD companies

Whether you work for a retail or product company, you are working with today’s consumer, and that poses its own set of challenges. Consumers have higher expectations than ever before.

Consumers want – or rather, expect – you to know them. They demand a personalized experience and that your product or store is tailored specifically for their interests and preferences. Sure, they welcome initiatives to improve the customer experience online or in stores and appreciate the difference, but they really want companies to know who they are and to craft innovative products and enhanced experiences precisely for them.

The importance of creating a relationship with customers is well known, and consumers are willing to invest in these relationships. However, companies in the CPRD sector need to understand that, unlike before, they demand more than good products and value. They need to be certain they will get the right experience or some kind of reward.

Take loyalty schemes as an example. They have the potential to show customers more than just appreciation. By addressing a need, they make the consumer feel understood, and that their investment in the relationship with the company is justified.

These new challenges demand a shift in market strategy for product companies. Leading enterprises have learned to focus less on selling products directly and invest more in getting to know their customers. Moving closer to them and developing a personal relationship is now their main strategy.

Executing change in response to evolving consumer preferences needs to be quick – which is a pace many companies are not equipped to handle. Knowing the social preferences of a product’s target audience takes time, effort, and intelligence. But these are the expectations in the market. Creating a relationship with the consumer that makes a difference even with today’s technology is difficult to pull off – perhaps even borderline unrealistic. But leading companies are pulling it off. Realigning strategies, clever use of technology, and a strong willingness to adapt are the prerequisites for coping with increased consumer demands.

Through SAP, Capgemini has been able to touch every part of the consumer-products and retail businesses. Our investment in S/4HANA and Intelligent Enterprise technology has resulted in a great number of tools we can use to help companies deliver not only a better customer experience but also a personalized one that meets the rising expectations of consumers. With a clean digital core connected to differentiating solutions on the edge, consumer-based companies can create a platform that responds to change at great speed and provide the pixie dust to capture a consumer’s imagination and start a fruitful relationship – all with manageable TCO.

But the first step must be a change in approach. Only then is a company ready to tackle these new challenges.

Author details John Waymire is an Executive Vice President with the Consumer Products, Retail, and Distribution sector and is responsible for the solutions Capgemini brings to market on SAP technologies. He has been with Capgemini for 17 years and has delivered client work on six continents.