BW 34 Leveraging Talent in Declining Market | BrainWorks
11/04/2021

Leverage Talent to Compete in Declining Markets

What do you do when you’re in a company that is in a declining market, with stringent government regulations on advertising and promotions?

For many companies the answer was to diversify into new products, overseas markets, or to quietly fade away. One, though, took a very different approach. They built up all aspects of their Data Analytics to modernize and upgrade their social platforms. This has already accounted for significant growth and promises more to come.

First of all, what had been purely a web-based strategy was expanded to make the company‘s website for online sales responsive for different types of devices, making it simpler and quicker for customers to use during work breaks. They also added a higher-end look and feel with lifestyle images of people using the products, a discussion forum with product-related content, and a new loyalty program to reward regular customers. The result was a high-end site that delivers a premium customer experience.

The modernization of the online platforms required 17 workstreams including personalized marketing, website redesigns, and consumer profiling. Five business units will address the unique preferences of eight distinct consumer segments and their purchasing patterns as well as shutting down existing websites that did not fit the new strategy and migration of customers to new, optimized sites.

Results showed up almost immediately. All KPI’s are positive month over month, and there has been a drastic change, with significant consumer migration.

What made execution of this new strategy possible was a coordinated effort by executives starting at the C-level including a powerful team including the CIO, CAO, CTO, CMO, and others. The company recruited a rare combination of talent in Analytics/Data Science/Insights, technology and business and marketing acumen.

The demands of today’s fast-changing markets require  unprecedented levels of expertise, teamwork, and strategic thinking as well as executives with extreme growth mindsets. One of the key things this company did was to eschew conventional wisdom and easy solutions that others in their industry took and that resulted in incremental progress. Rather, Data Analytics executives looked beyond these to transform how the company does business, resulting in what promises to be breakthrough results, leveraging talent, and cutting-edge methodologies to drive revenue.

Ideally, companies have the time, expertise, or reach to recruit this kind of talent, but given the demand in the markets, this can be a substantive challenge.  Finding world-class talent, takes an experienced recruiting firm. A firm that has recruiters who are themselves experts in finding top specialized talent that can differentiate the average from the extraordinary, and present the client with only the candidates most suited to their needs.

 

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