Digital is what’s shaking up the business world. One of the interesting changes is happening with Duracell. Note their move away from P&G to Berkshire Hathaway.
From a parent who had revenues of 98% independent of Duracell’s 2%. Or should we look at it the other way round? Imagine the challenges for a CEO who is managing this transition.
So what is Duracell supposed to do ? without the global scale of such a parent.
As per Digiday, here are the top moves. I have generalized the moves so you could adopt them in your Digital Transformation:
1. E-commerce becomes the biggest priority – Yes, that means partnering with established Ecomm players. In this case, Duracell partnered with Amazon and moved beyond their traditional partners – Tesco, Logitech, and Disney. The key metric is that One-third revenues needs to come from Ecommerce.
2. Own your Digital Property: CMO Tatiana-Vivienne Jouanneau has redesigned the website to one that focuses on Experiences. So if you are thinking how do you do that, you should look at a Digital Publishing platform like WiselyWise and start building out your Digital properties starting from your website.
3. Be flexible to accomodate new technologies: Did you know that you need to spend 5% of your marketing budget on Digital to avoid nasty surprises later on? Storytelling is becoming important for Content Marketing and you need to wrap new technologies around Storytelling.
4. Use Zero based Budgeting: If you wondered what it means, here’s the definition from Investopedia: Zero–based budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each new period. Zero–based budgeting starts from a “zero base,” and every function within an organization is analyzed for its needs and costs. For a Marketer, it means rethinking your media mix. maybe shedding legacy costs.
5. Flexible Talent: Ok, it should really read as Talent in terms of recruiting fast learners, not just experts. That will continue to be a big challenge as the current recruitment mindset has to be radically overhauled. Go where the Talent is!
And I understand, the Duracell Bunny Stays. So much for Change being the only Constant!