In what will be seen to be one of the most fundamental and far-reaching developments affecting how we conduct the NAM Job, Brexit is sending a signal that the savvy consumer has added politics and trust to what defines being a stakeholder in today’s markets, bringing with it the realisation that politics is too important to be delegated to the politicians.
...and we are all savvy consumers under the skin...
Business is still about reward for risk, fair share dealings, and above all, a need to build and maintain a consumer's trust that the contents will always exceed the description on the tin...
In this inevitable period of uncertainty, we need to revert to basic principles that in some cases can seem like cliches:
In these unprecedented times, we the suppliers, retailers and consumers need to work together, using trust as our most valuable resource, keeping to the spirit rather than just the letter of the law or regulation, always aiming to deliver more than it says on the tin, recognising that opportunity lies available now for those that attempt to move forward using basic principles of acceptable reward for risk in business, while others await a return to normal…
Above all, using a slogan that worked well in other times, NAMs need to keep calm and carry on….
...and we are all savvy consumers under the skin...
Business is still about reward for risk, fair share dealings, and above all, a need to build and maintain a consumer's trust that the contents will always exceed the description on the tin...
In this inevitable period of uncertainty, we need to revert to basic principles that in some cases can seem like cliches:
- If the numbers don't add up, they probably don't
- If I don't understand my business idea, what can I expect from a distracted buyer?
- If I cannot make the product for less than the consumer is prepared to pay, why bother?
- Continuous Satisfaction of consumer need has to be a fundamental driver, with trust an integral part of the equation...
- A fall in the value of the pound, meaning that exports will be cheaper, i.e. If your company is UK owned, there will be a positive impact, an advantage vs. imported competitors
- However, brands that rely on imported ingredients will incur higher costs
- Given the inevitable period of uncertainty, many major investment decisions will be put on hold, at least while the numbers are re-run...
- Companies that set up in the UK to ensure 'easy' access to the EU will probably place relocation at the top of the agenda, although it is likely that a new UK government line-up will introduce lower corporation taxes by way of being an offer that few can refuse...
- Above all, running the numbers will become a way of life i.e. The ability to calculate real cost and demonstrate value to the buyer will become increasingly important amidst the uncertainty...
- A NAM's ability to calculate and factor in the risk associated will all business decisions will become a way of life... (even the ability to label ourselves, our company and the customer as risk-averse, risk-neutral or risk-seeking, and acting accordingly, will help...)
In these unprecedented times, we the suppliers, retailers and consumers need to work together, using trust as our most valuable resource, keeping to the spirit rather than just the letter of the law or regulation, always aiming to deliver more than it says on the tin, recognising that opportunity lies available now for those that attempt to move forward using basic principles of acceptable reward for risk in business, while others await a return to normal…
Above all, using a slogan that worked well in other times, NAMs need to keep calm and carry on….
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