For 120 years, Hershey has been focused on product and category innovation. As of late the company has been testing new 3-D printing technology and expanding their reach in the snacking category through the introduction of new products such as Brookside fruit and nut bars and with the acquisition of KRAVE Jerky.
"Today's retail environment is constantly being disrupted by changing consumer demographics, new technologies, socio-political factors and the effects of globalization," says Bob Goodpaster, Vice President, Chief Global Knowledge Officer, The Hershey Company. "As marketers, we have to take a macro and holistic view of these trends in order to see the opportunities that lie ahead. Being able to simultaneously leverage disparate data from multiple sources can play a central role in generating insights and marketing opportunities."
Goodpaster's 5 Tips for Modern Marketing
1. Achieve relevance through precision. "In today's competitive world, small segments of consumers matter and can be the difference in achieving our growth objectives. Technology enables us to identify and reach them with customized brand experiences that were never before possible," says Goodpaster.
2. Leverage and harmonize new data sources. "Think beyond digital and social data to macro-economic, weather and total store data to better understand, anticipate and meet your consumers' needs. Today's competitive landscape goes well beyond the retail aisle where your brands live. Bring your IT group in as an equal partner from the beginning--they know how to structure and harmonize disparate data to drive more powerful analysis."
3. Act and optimize. "The pace of change will never be slower than it is right now. Move to an "act and optimize" mindset vs. the traditional "test and learn" approach. In today's world, the lost opportunity cost is often greater than making a mistake. Technology enables you to "fail fast and fail cheap."
4. Hire 'smart' over 'credentialed.' "Hire the smartest, most motivated people you can find -regardless of academic degree. Fast-thinking people, versed in technology, who can ask great questions and make unconventional connections, will take your organizational capabilities to new heights."
5. Use your capabilities across the entire business. "You have now developed capabilities to leverage expanded data sources with incredible precision by some of the smartest most versatile people in the organization! Use this new "knowledge" mindset in other areas of your company, including supply chain, human resources, information technology, sales and strategy development," says Goodpaster.