The Conversation has Changed
The conversation has changed. This is important. I want to share with you what I learned during my month in the USA in Las Vegas, New York City, and at Harvard Business School’s GIA Global Leadership Course.
In 2020 the world needed to learn how to conduct business inside of a digital footprint.?
You needed to quickly translate what you know how to do so well offline into the new and often more powerful way of doing it online.
Then just as our industry, along with the rest of the world, had figured out how to operate in the new normal and acknowledged the pending?recession, a super-power sitting on top of 30% of the world's diamonds attacked an underdog. The world cried. The sanctions were levied. And the ramifications began to mount.?
Retailer pressures and sanctions demanded rapid pivots from the supply-chain, which echoed into traceability, governance, human rights. Power-centers traded places, like cards, and the industry had to figure it out, fast.
As I traveled around the States during the month of June, the questions changed. Instead of the business challenges of being locked-down, business leaders are asking, “How should I modify my strategy given all the changes in the world and our industry?”
Can our strategies remain the same? Can our execution plans be followed? Do we need new tools to validate the claims we make?
I cheered at this. These are the right questions to ask, and answer. Right now.
These tectonic shifts in consumer and supply-chain landscapes require reassessments of business strategy on a holistic scale.?
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Gone are conversations about how to connect virtually. Now we plan how to create a robust, executable business strategy within the new landscape and how to implement it.
The B2B and B2C consumer’s behavior has shifted.
The demands on the supply chain have increased.
The rusty rails we ran an industry on, which needed to change, are crumbling like pastries.
In a wonderful conversation with a fierce businesswoman I respect, she said to me, “We can only go as fast as the pace of industry.” Right now, industry is evolving apace. If you’re executing on the business strategy you put in place at the end of 2021, take this advice: pause. Look at the market analysis upon which you based your plans. Take a fresh look at your SWOT. Look at what is happening in our industry today. And modify.?
When industry puts its sneakers on, we all need to be running.
Be well,
Elle
Luxury Product Executive ? VP of Sales & Marketing
2 年Well done Elle Hill - Diamonds, Gems, Jewelry Launch and Growth Expert This newsletter is a gift you are giving to the jewelry industry! I look forward to reading and learning so much more and cannot wait for the next one. The only thing that can top this are the video posts you do each day to light a fire of enthusiasm in us all!
Enabling luxury brands to deliver consistent quality and connect with their clients. Founder of IOnaute and Coradam.
2 年This is well put Elle Hill - Diamonds, Gems, Jewelry Launch and Growth Expert, the industry has changed tremendously since the Covid outbreak both on the production and the distribution ends. The impact of digital has gained probably the equivalent of 10 years in terms of consumer behaviour and expectations. On the production end, the global increased volume and the lack of skilled labour has forced a shift in producer/brands relationship. We are going through very interesting times and as you put well, it is the moment for businesses to mark a pause, look around, take some decisions and go ahead fast because now the cards are being shuffled again.
Innovative Brand Strategist | Driving Business Growth with Effective Sales & Marketing Solutions
2 年I love it. What a fantastic and much needed point of view. You are a great voice that drives awakening to the industry. Thank you!
ONLINE II Natural Certified Only, I make diamonds buying/sourcing super easy & hassle free.
2 年First of all, let me thank you for inviting me, you are exactly on point "The rusty rails we ran an industry on, which needed to change, are crumbling like pastries" I interact with many clients regularly & the problem which they face is so unrealistic like though after providing all the details of My polished goods totally on a user-friendly website they still ask for something which they already have on Desktop. So, People with such brilliant thoughts as you inspire Business Developers like us. It would be my pleasure to share thoughts of development with you in the future.
Head E-Commerce & Marketing | Digital Marketing, Internet Sales, Website Management
2 年Awesome post