What differentiates companies that are positioned for the strongest recovery from those that aren't during a crisis?
For consumer product manufacturers, like other industries, the coronavirus pandemic is an unprecedented global disruptor creating significant health and business risks that were largely uncontemplated by existing business continuity plans. However, unlike other industries, the degree and type of disruption varies greatly by category, with demand for staples spiking while discretionary and luxury goods decline. Those companies that can address key learnings at speed will stabilize the fastest and be positioned for the strongest recovery.
To date, most companies have necessarily concentrated efforts on the immediate crisis response and safety issues. As the situation stabilizes, though, their focus should also expand to include preparing for the eventual recovery.
We have identified three key steps consumer products companies should take to expand and prepare for eventual recovery.