Customers are one of the strongest forces affecting your business today and in the future. Your company’s long-term success depends on their sustained demand for your products and services for years to come.
Two recent acquisitions demonstrate the strong pull of customer demand in shaping company success. In the past week both Hershey and Campbell have executed deals in order to boost sluggish sales. Campbell will buy Snyder’s-Lance, the maker of Snyder’s pretzels, Cape Code Chips, and various snack brands $4.87 billion. Hershey will acquire Amplify, the owner of SkinnyPop popcorn for $1.6 billion, in order to expand beyond chocolate. The deals will give both companies a larger foothold in the healthy snack market to satisfy consumers’ appetites.
As demand for packaged food decreases and consumers turn to fresh, natural, healthy foods, traditional players have acquired or invested in new brands to boost lagging sales. Earlier in the month, fellow candy maker Mars, also took steps to gain a foothold in this high-growth market by investing in Kind snack bars. These strategic acquisitions will allow the companies to rapidly gain a slice of a growing market while reducing reliance on a shrinking one.
Often, when faced with sluggish sales or market challenges, we can get caught up in fending off the competition, when we should be focused on the people who matter most: our customers. As 2017 comes to a close, I challenge you to think about how you will fulfill the needs of your customers in 2018 and beyond.