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Think Like Your Customer: 8 Cognitive Biases Every CEO Should Know
Human beings like to think we make decisions logically. But research in behavioral science and neuroscience tells a different story: up to 95% of decisions are made unconsciously, then justified rationally.
That’s where cognitive biases come in. These mental shortcuts help us process information quickly. They also deeply influence how we respond to marketing, pricing, and brand messaging.
Why CPG Companies Will Have to Innovate or...
Wed, Nov 29, 2023 — Challenger brands have nearly doubled the innovation success rate vs. leading brands By: Mike Concannon and Evan Eckman Which business author is famous for the quote “innovate or die”? Peter Drucker, Tom Peters, or Dr. Jack Matson? Answer: All of the above. It was a fundamental business principle for the past century. So why has the collective wisdom of these contemporary business authors seemingly been forgotten by the big CPG companies this century?
Why CPG Managers Might Miss the ‘90s…
Tue, Jun 14, 2022 — Seasoned consumer packaged goods (CPG) executives—with more than 25 years of experience—probably think of the 1990s, or earlier, as “the good old days.” Why? Because for them, life was much simpler. There were far fewer outlets for advertising and distribution. Think about it. From an advertising standpoint, the three broadcast networks still ruled. The handful of cable channels available did not even carry ads. There were newspapers and magazines in which to advertise and place coupons. On radio, there were a handful of local stations from which to choose. Websites were nascent. And direct mail was alive and well.
The Millennial Food Shift: How CPG Food Companies Can Rescue Their Market
Wed, Aug 28, 2019 — Never before has the kitchen been so lifeless. For generations, the once-centerpiece of the American home has become much less important – marginalized by Millennials and younger generations who choose to order up their nourishment with a few silent taps of the cell phone rather than the clank of pots and pans. Seemingly overnight, this phase shift in eating habits has roiled the business models of food-oriented consumer packaged goods (CPG) companies. They can no longer count on being a key ingredient in the daily lives of today’s consumer. So how did this happen? And what can CPG companies—and the grocery stores that peddle their wares—do to regain mindshare in the public consciousness?