Developing a demand-driven business growth strategy
Electrolux, a global leader in household and professional appliances, set out to leapfrog competitors through a demand-driving business growth strategy. They viewed the emergence of digitally-enabled shoppers, the growth in new retail formats and the surge in consumer buying power in emerging markets as a unique opportunity to gain a competitive advantage.
Electrolux leaders partnered with Prophet to drive demand among targeted consumers through offer innovation, improvements to the shopping experience, new digital marketing tools and post-purchase experience upgrades. Working across business sectors and geographies, growth teams started clarifying the growth agenda and uncovering insights into the key drivers of consumer demand for offers and experiences. Global and sector teams developed multi-year, step-by-step roadmaps for innovation, digital marketing, consumer shopping experiences, post-purchase experiences and internal talent development. Individual sectors are now implementing several of these programs, piloting initiatives in new capability areas and rolling out focused new product launch programs.
The transformation includes building internal capabilities as well as launching programs in-market. Prophet worked with Electrolux’s CMO, CEO and sector business leaders to deliver a unique growth leadership development program for the top 350 brand, experience and product innovators across the company. They have become ambassadors for the transformation of Electrolux to a consumer-driven company.
In the quarter after activation, the company delivered its ninth consecutive period of organic growth. The organization has produced a step change in the number of products and experience innovations that exceed new, aggressive standards for meeting consumers’ needs; resulting in North America sales growth of 1.1%, and margin increases of 4.3%.
How do you develop a
demand-driven business growth strategy?