Entrepreneur has a piece in which it speaks to business leaders about their various expectations for 2024, and there were two comments that resonated.
• AnaMaria Friede, executive leader of grocery at Amazon-owned Whole Foods Market, talked about how entrepreneurs will succeed in food retail:
“The industry is evolving at an unprecedented pace, so insights into customer behavior is imperative. Some customers are convenience-seekers who prefer food already prepared. Others are culinary enthusiasts who want the restaurant experience at home. With suppliers, I’m focused on quality standards for food ingredients and responsible, sustainable sourcing. I’m also looking for products with authentic heritage from around the world. Climate-related extremes will continue to affect crops and raw materials, so build strong, transparent supply chains.”
• And Lorraine Twohill, Chief Marketing Officer at Google, talked about how businesses will create viral marketing moments:
“Build a culture of experimentation. Our team sets aside roughly 20% of our media budget to try new things, like direct-to-consumer live shopping, advertising in gaming, or experimenting with AI. We run scrappy pilots and scale what works. Make sure your team is trying AI tools in their daily work, because that’s how you’ll work out where it can help. Ask: How can AI drive creativity? How can it improve performance across media planning, buying, and measurement? Above all, be open to ideas from everyone. The best answers often come from the most junior members of the team.”
- KC's View:
Both good pieces of advice, I think.