THE IDEA: Last week an old friend of mine grabbed my arm and shared “The game has changed, and I am not sure I am up for this anymore.” My friend is accomplished, respected, loved by his peers, very purpose driven, and someone I admire. He is the kind of leader we want to mentor our next generation. But he was feeling a moment of deep uncertainty, ambiguity and the dynamic shifts happening in all our lives. The game has changed, and we must evolve and refine our craft, being open to the coaching of our leadership. This correlates with our customers, teammates, and the new rules of work. Here is what hit me at the NACDS ANNUAL conference.
COURAGEOUS DISCUSSIONS.
Edelman’s Trust Barometer states we are living in a time of great uncertainty. The attributes and mindset of fearless organizations include building trust, transparency, collaboration, empowerment, and asking the right questions.
Fear isn’t the problem; but it does limit you. Can you master that inner voice? Human nature doesn’t change, and we avoid “pain” at all costs. The top retail executives don’t want silence; they want transformative thinkers who challenge the boundaries and drive change. They want skilled people who uncover hidden threats and share what they are not seeing. They want “Idea” companies. We must be smarter, sharing what’s relevant through creativity and our humanity.
There are too many secret meetings, or meetings after a meeting. A partnership grounded in silence is a dangerous partnership, vulnerable to a fall.
PURPOSE DRIVEN RELATIONSHIPS.
Your customers are looking for suppliers who act as pioneers and fearlessly introduce new thinking, acting with urgency when needed. Those that show up differently do not think “product first.” They listen to understand, not to respond.
Since 3-in-4 consumers don’t care if a brand disappears, we must be decisively clear on purpose. The largest blind spots suppliers experience with retailers is strategic misalignment. It is essential to invest time with new buyers, helping them understand the changing outside world, and hidden risks that are not plainly in sight.
The most purpose-oriented partnerships bring all their key departments together, creating cohesion. Think about adding a pillar to your strategy that includes creating purpose and alignment with your top partners.
STORYTELLING.
Harvard’s Dr. Howard Gardner discovered, “Stories are the single most powerful weapon in a leader’s arsenal.” We are our stories. We don’t need 100 reasons to buy: just the right story. No matter how great a product is, it will fail if it’s sold with the wrong brand story.
Maurice White, lead singer and founder of Earth, Wind & Fire once said, “Never let a lyric get in the way of a groove.”
Susan Scott reminds us that 8-in-10 presentations fail to deliver on the promise. Not surprisingly, 50 percent of presentations fail, because of too much talking “at” before listening. Are you practicing your story telling, and protecting the groove?
What is your story and how do you authentically share it?
HOLISTIC LEADERSHIP.
Almost every senior leader I spoke with shared that they are working to upskill their organizations in several areas:
- Holistic Critical Thinking & Emotional Intelligence
- Leading Change without Authority
- Meeting Optimization
- Executive Impact & Poise under Pressure
- Digital Knowledge Expansion & Optimizing a Retail Ecosystem
- Courageous Discussions & Owning Difficult Decisions
- Shifting from Presentation to Facilitation, Co-Creation
This is the time to transform and reimagine meetings, culture, and customer engagements. Are you looking closer at your philosophy to reinvigorate your leadership impact?
THE VALUE ECONOMY.
We are now operating in a value economy where strong perceived “price/value” impressions are driving consumer loyalty and trips. We are seeing unit sales down and dollar sales up. Have you created a dynamic business plan that protects gross margin, while competing with emerging private brands and neutralizing inflationary trends? We are all seeing new premium products and value brands expansion. Categories are bifurcating and brands in the middle are struggling to find a home with the consumer. What’s putting pressure on every brand’s P&L?
- Home delivery and curbside pickup costs are only being partially offset by retailers. The balance has been and will continue to be funded by suppliers for the foreseeable future.
- Private brand product innovation will continue to hit the shelves, addressing inflation and the core shopping needs of most consumers. Are you truly differentiated enough?
- Retail media networks are being presented as business mandates, but they are still unproven. Since performance measurements have not yet been clearly defined, why would a brand redistribute strategic resources from their budgets to experiment with these new platforms?
I spoke with my friend yesterday and he felt refreshed and energized, ready to take on the changes in our industry. Possibly the biggest insight coming out of this recent conference is that we all must protect our energy, mental health, and MOJO. We much learn to install healthy boundaries that allow for taking time off for deeper thinking and enjoying the experience.
How is your mindset in this evolving world?
