In the pursuit of elevating its brand presence and consumer appeal, Unilever has embarked on a strategic initiative under its Growth Action Plan: to drive unmissable brand superiority.
Unilever has developed a new quantitative methodology to measure brands’ consumer appeal across multiple dimensions and has validated it in 29 strategic cells. During the first half of 2024, this will be rolled out across all 30 of Unilever's Power Brands in key geographies to identify performance gaps and improve competitiveness.
In October 2023, the company initiated a Growth Action Plan with the aim of catalysing enhanced performance and competitiveness. During the fourth quarter, the company moved at pace to embed it across the business.
The plan is divided into three elements but is underpinned by one simple premise: the need to do fewer things, better, with greater impact. The operational impacts will build throughout 2024.
As an integral element of the Growth Action Plan, Unilever reaffirmed its commitment to accelerating growth, specifically highlighting its strategic emphasis on the 30 Power Brands. These gross margin accretive brands represented around 75 % of Group turnover with underlying sales growth of 8.6 % in 2023 and 6.5% in the fourth quarter. This is where Unilever has concentrated its incremental brand and marketing investment, which will continue in 2024.
Hein Schumacher, CEO, Unilever, said, “The new leadership team has embedded the action plan at pace. We have increased investment behind our 30 Power Brands, accelerated portfolio transformation, and are driving a sharper performance focus with clear and stretching targets across the whole organisation. We are at the early stages of this work and there is much to do but we are moving with speed and urgency to transform Unilever into a consistently higher performing business.”