With summer flying by, my timing on sharing this story may be a little off, but it’s still extremely relevant.
In mid-May, the CEO of Campbell Soup resigned abruptly. (You can read the story here.) It’s another example of a CEO leaving after failing to deliver satisfactory financial results.
Apparently, Campbell has been struggling: Its core soup business has declined and its fresh foods division has not met expectations. What happened?
From what I read, some of the company’s products don’t align with how today’s young consumers eat.
In addition, older consumers’ eating habits are changing. Add to that are the cost pressures from shipping and retailers who were squeezing margins. These all contributed to not meeting the company’s financial expectations.
Do what successful leaders and organizations do: Correctly analyze your responses to the questions below, then strategize and execute a plan to ensure you deliver results.
As you reflect on the products and services you offer customers, again ask the questions I challenged you with last March after Toys R Us announced its closure. They are:
Are you quick to fix or shut down under-performing areas? If not, you should be. They can drag you down and limit your growth.
What products/services do your customers want to buy from you in the next six to twelve months? Be proactive, not reactive, in developing them.
What products/services do you provide today that your customers either won’t want or won’t pay for in six to twelve months? Don’t spend time and money on products/services that only please a few.
Are the senior managers in touch with the changing competitive landscape? Don’t let management get out of touch with your customers.
Don’t allow these actions to slip or you could end up on the slippery slope of bad results-and make a sudden exit.