CONSUMER MARKETING INNOVATIONS
Innovating for a customer- centric portfolio of the future
, professor at Hult International Business School and head of innovations at Tata Consumer, looks at how brands are using digitisation to drive growth
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In a 2020 McKinsey survey of more than 200 organisations across industries, over 90% of executives said they expected the fallout from Covid-19 to fundamentally change the way they did business over the next five years, with almost as many asserting that the crisis would
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have a lasting impact on customers’ needs. McKinsey concluded that prioritising innovation was the key to unlocking post-crisis growth. Many of these dynamics are ingredients for disruption from which new business models emerge. Humans are generally risk-averse and tend to stick with what they know. But big shocks to the system necessitate change. That creates gaps in which innovation can thrive. Today, businesses have to find the balance between cutting costs and boosting productivity with new measures to drive innovation-led, longer-term growth. Playing it safe may be the wrong decision to make right now. Looking further down the line, as we are moving towards a new dawn, we do foresee
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