Consumer-Led Growth Strategy
Whether you’re a retailer, a brand or some other player in the value chain of a consumer good or service, your success ultimately hinges on whether the consumer believes you have an attractive value proposition. That’s why L.E.K. Consulting’s approach to growth strategy always starts with the consumer . . . what we call a “consumer-led” growth strategy.
Our approach puts the consumer at the heart of building the necessary fact base to inform sound growth strategy. A deep understanding of the consumers in your addressable market must play a central role in determining the right strategies for driving growth and value. Key components of this include:
- Who are (and are not) your target consumers? What are the attitudes and behaviors that define them?
- How much spend do they represent?
- What is the customer journey and decision-making process that drives when, where and how they shop?
- How are you and your competitors positioned with these consumers today?
- Where are you advantaged and disadvantaged on a relative basis?
- Where does your brand have permission to play?
We supplement this consumer insight with an objective view of internal factors (areas that are largely within a company’s control) and external factors (areas that are more or less determined by the marketplace) that define the realities of each client’s marketplace and their relative position in that marketplace. Combined, this fact base provides the foundation for defining the company’s overall vision and strategic priorities.
While every client circumstance is different and requires a tailored approach to address situation-specific issues, our consumer-led framework serves as the backbone for building successful value-creating growth strategies for our clients.