3-YEAR VISION
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Staying Ahead of the Curve
We are ahead of the curve — our leaders draw insights from diverse sources both externally and internally to develop their sense of where things are headed, which allows them to anticipate potential opportunities to pursue, as well as potential challenges, threats, and vulnerabilities to guard against.
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Challenging Conventions and Biases
As an organization, we are flexible and inquisitive. We are not afraid to question or challenge conventional thinking and existing biases (including sunk costs and our own ideas and assumptions), and we don’t hesitate to pivot when new information comes to light or a course of action isn’t providing the intended results.
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Achieving Ambitious Goals
We set commercial goals that are ambitious, achievable, and aligned with corporate strategy — and then we create clear plans of action to achieve these goals. This fosters a strong sense of Accountability for us, leading us to make every effort to achieve these goals and execute against these action plans. When results don’t match our plans or expectations, we come up with new ways to succeed. And when we do achieve our goals, we recognize and reward our employees accordingly.
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US$800M in Revenue
Through a relentless focus on achieving goals and executing against plans, we have reached the milestone of US$800 million in revenue on our way to our goal of US$1 billion — an increase of 33% from 3 years ago. This has required us to undergo a major transformation as a company from:
Decentralized ⇒ Global
Brick-and-Mortar ⇒ E-Commerce
Retail Buyer Focus ⇒ Consumer Focus
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50% of Revenue from E-Commerce
Half of our revenue now comes from e-commerce. With our “E-Commerce First” approach, driving digital sales has become a core competency of ours. We identify the most effective methods of driving traffic and conversion and make smart decisions on how to allocate resources (both human and financial) to maximize impact.
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Strategic Retail Partnerships
Our leadership position and vision are the reasons we have built strong strategic partnerships with flagship retailers (both e-commerce and omnichannel) in all of our markets.
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10% Revenue from New Markets
New markets — meaning new countries, new categories, and new channels — have become a major source of revenue growth for us, representing 10% of our revenue. We are constantly identifying new markets to grow in. Once a new market is identified as a priority, we come up with a clear plan of action on how we are going to conquer it, and we allocate resources (both human and financial) to make that plan a reality.
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“Must-Have” Brands with a “Cool” Factor
Our brands are sought-after by consumers and are the “must-have” brands in our categories. There is a “cool” factor to our brands that hasn’t always been there; this has become more and more salient over the past three years as influencers and PR have increased in importance as ways to help consumers decide between brands.
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Strong, Unique Brands
All of our brands have strong, compelling brand identities that resonate deeply with consumers and occupy distinct “territories” in the consumer’s mind that set them apart from other brands, both within the Meyer portfolio and in the broader market.
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Maximize Our Full Market Potential
Having multiple brands positioned differently is in line with our mission of “inspiring joy for every chef” and helps us to maximize our full market potential and position ourselves as the absolute authority in the world of cooking.
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Centralized, Global Brand Strategy
We manage our brands on a global scale, with each brand’s strategy and governance being centrally driven by a single Global Brand Hub that translates the brand’s identity into strong creative execution and high-quality assets that can be used (and adapted as needed) by local Marketing Arms.
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The Hub
These assets all live on The Hub, a powerful cloud-based digital asset management platform that makes it easy for assets to be shared, discovered, and adapted for local needs.
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Go-To-Market (GTM) Support
These Global Brand Hubs aren’t just epicenters for content and asset creation; they also provide Marketing Arms with direction and support on brand strategy and product launches and are a shining example of Collaboration — an embodiment of what we mean when we say that “we are one global team.”
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Global Brand Performance Tracking
They view their brand’s performance through a global lens — how it performs on Brand Performance Scorecard metrics (e.g. Brand Operating Profit), how it resonates with consumers in key markets, and how to minimize redundant marketing expenses among Global Brand Hubs and Marketing Arms.
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Consumer Insights
As a company, we have shifted our priority and focus from retail buyers to consumers. The user experience is a critical consideration when we develop consumer-facing products, communications, and services. True to our core value of Customer Satisfaction, we deeply understand our users’ needs and pain points — even the ones they don’t tell us about. We leverage consumer and market insights (CMI) as a way of making better decisions and crafting more powerful narratives in everything from product development and creative development to go-to-market strategies and tactics.
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Great Customer Service
We pride ourselves on providing a great customer service experience to consumers, with near-immediate response times on all channels (particularly social media). By utilizing best-in-class processes, multi-channel software, and well-trained staff, we resolve enquiries, claims, and disputes efficiently and leave consumers feeling delighted with our brands, which is demonstrated by their Net Promoter Scores of 50+. This positive NPS acts as a discreet marketing campaign as consumers share their positive experiences with friends and family.
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Iconic Product Identities
All of our brands have strong, compelling product identities that resonate deeply with consumers and occupy distinct “territories” in the consumer’s mind that set them apart from other brands’ products, both within the Meyer portfolio and in the broader market.
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18-Month Product Roadmaps
We identify new product opportunities through a combination of understanding the consumer’s needs and analyzing the competitive landscape. We have a clear product roadmap for each brand that provides visibility of upcoming product launches for the next 18 months, which allows the rest of our business (from Sales and Marketing to Factories and Suppliers) to prepare robust plans in advance.
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Robust Product Management
We have a robust process for product management, both globally and within Marketing Arms, which allows us to manage our products through the entire course of their lifecycle from inception (sunrise) to discontinuation (sunset).
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50% Reduction in SKU Count
While products are “live” in the market, we continuously monitor and analyze their performance (both from a commercial and consumer perspective) to identify ways to improve. When a product isn’t performing, we try to improve its performance in a variety of ways. If those efforts don’t bear enough fruit, we don’t hesitate to discontinue the product and focus our efforts elsewhere. This approach has been key to our rationalization efforts, which have reduced our active SKU count by nearly half over the past 3 years, from 6,589 to 3,300.
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50% Revenue from Global SKUs
Half of our revenue now comes from Global SKUs. We do far more business with far fewer SKUs. This has allowed us to concentrate our marketing efforts and resources to create really compelling, high-quality content and assets that drive conversion with consumers.
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Delightful, Award-Winning Products
We earn rave reviews on our products, which are beloved by consumers and pundits alike. This creates a virtuous cycle for us as consumers are delighted by our products and tell others, who are in turn delighted by our products and tell others, and so on. Innovation isn’t just one of our core values; it’s our lifeblood — consequently, our product designs are award-winning and our product technologies lead the industry.
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Innovation for Every Chef
At the same time, we believe that innovation shouldn’t be limited to the high end. Because part of our mission is to inspire joy for every chef (and everybody who cooks is a chef), we develop cooking innovations that encompass every part of the market, from entry-level to top-of-the-line, and we thoroughly test our products to ensure their performance in real-world scenarios. Our products inspire joy for our users and outflank competitors in design, functionality, performance, and value.