Controlling the Market Farm Bureau 2.25.13
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The Formula For Business Success
The 6 Key Elements for Controlling Your Market
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I will not waste one minute of your time…
• I have a ton to cover and I will go pretty fast.• Please take lots of notes, think/work hard and feel free
to ask questions or give comments at ANY time.• I am happy to answer any of your questions, offer advice
and recommend books at any time after this session.• [email protected]
The slides are already posted at:
www.SlideShare.net/johnspence
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A few of my clients:
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For the past 21 years…
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What does this mean to me?
How can I use this idea?
What can I do right away?
I am NOT a guru…
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YOU Inc.
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To get the most from our session together…It is absolutely critical that you be brutally honest with yourself today.
So let's get started with a little self-test on page 2
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The 6 Keys to Controlling the Market
1. People2. VOC3. MOT4. WOM5. Kaizen6. Execution
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The Four – I’s
• Ignorance• Inflexibility• Indifference• Inconsistency
Page 3
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How to avoid the Four I’s
• Aggressive external market focus.
• Ridiculously high level of customer focus.
• Keep the “Main Things” the main things.
• Bullish on knowledge sharing and learning.
• Teamwork is mandatory – not optional
• Passion and commitment at all levels.
• Foster a healthy paranoia.
• Revel in change.Page 3
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• The willingness… even enthusiasm… to change EVERYTHING combined with the wisdom to understand what must NEVER be changed.
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The Key To Success in the New Normal…
•Nimbleosity•Nimbo-licious
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The Pattern of Business Success
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(T + C + ECF) x DE = Success
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Talent
Talent + Culture
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Cecil Van Tuyl
“It is all about people, people, people. You can kid yourself about a lot of things in your business, but at the end of the day it will always come down to people.”
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The level of highly satisfied and engaged EMPLOYEES in your business.
The number one factor in increasing the level of highly satisfied and engaged CUSTOMERS in your business is…
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Key Drivers of Customer Satisfaction and LoyaltyFinancial
Performance
Quality P&S&
Customer Relationship
EmployeeSatisfaction
Empowerment High Standards
Long-termOrientation
Enthusiasm, Commitment,
Respect
Training &Development
Fair Compensatio
n
CR= 104.12% increase in profits
CR= .404
CR=.334
CR=.277
CR=.275CR=.249
CR=.280 Coaching
CR=.285
CR=.371
CR=.365
CR=.191
CR=.247
TolerateNothing
Less
From: Practice What You Preach by Maister
Global study:16 countries529 companies15,589 respondents
Chart: 4Workshop: 5
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Customer satisfaction drives customer loyalty… and customer loyalty drives profitability
100%
90
80
70
60
50
40
30
20
Extremely Dissatisfie
d
SomewhatDissatisfie
d
SlightlyDissatisfie
dSatisfied
Very Satisfied
Zone of Defection
Zone of Indifferenc
e
Zone of Affection
Loya
lty
Customer Satisfaction
Terrorist
Evangelist
A 5% increase in loyalty among your best customers…
Can produce a profit increase of 25% – 85%
I hate you
I don’t care about you
I love you
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What do engaged employees look like?
1. They give more discretionary effort.2. They consistently exceed expectations.3. They take more responsibility and initiative.4. They receive better customer service ratings.5. They offer more ideas for improvement.6. They promote and model teamwork.7. They volunteer more for extra assignments.8. They anticipate and adapt better to change.9. They persist at difficult work over time.10. They speak well of the organization.
1 - 10
Workshop: 6
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5
1-10
Workshop: 7
The key elements of a winning culture
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The Six Universal Drivers of Engagement
1. Caring, competent, and engaging leaders.
2. Effective managers who keep employees informed, aligned and engaged.
3. Effective teamwork at ALL levels.
4. Job enrichment and professional growth.
5. Valuing employee contributions.
6. Concern for employee well being.
1 - 10
Workshop: 7
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1,300,000 interviews: Basic 4 + 1
Goal Setting
TrustAccountability
Communications
RECOGNITION
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Extreme Customer Focus
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Web of Value: VOC + MOT + WOM
Page 8
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Extreme Customer Focus
VOC
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Moments Of Truth
Page 8
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VOC + MOT Workshop: Page 9
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WOM = Your BEST form of advertising!
78.9%23.4%
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43% - 74% of purchasing decision = WOM/T
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You MUST have a WOM Referral System
Identify Ideal
Customer
ReferIdeal
Customer
From John Jantsch: The Referral Engine
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WOM page 10: Best Ideas from the Group
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Kaizen
For those who are prepared…chaos brings opportunity.
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The Evergreen Project
10 year study of 160 top companies
40 distinct industries
200 management practices
Winners, climbers, tumblers, losers
Winners had an average Total Return to Shareholders of 945%...
The Losers only averaged a TRS of 62%
From: What (really) Works by Joyce, Nohria, Roberson
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The Four Primary Practices:
1. A sharply focused, clearly communicated and well-understood strategy for growth.
2. Flawless operational execution that consistently delivers the value proposition.
3. A performance-oriented culture that does not tolerate mediocrity.
4. A fast, flexible, flat organization that reduces bureaucracy and simplifies work.
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The Secondary Management Practices:
• Talent = find and keep the best people.
• Key leaders show commitment and enthusiasm for the business.
• Embrace strategic innovation.
• Master the power of partnerships.
From: What (really) Works by Joyce, Nohria, Roberson Workshop 11
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10 – 15%
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Where are we going andhow will we behave on the way?
FocusDifferentiation“No”
Guiding Collation
Vision + ValuesStrategy
ObjectivesInitiativesPrograms
Procedures / ProtocolsRepeatable ProcessClear / consistent / relentless
Training +time / money /
supplies / people
Measure / TrackCommunicate
Transparency Accountability
Celebrate SuccessEliminate Mediocrity
Workshop 12
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Accountability
1. 100% Clarity
2. 100% Agreement
3. Track & Post
4. Coaching
5. Reward / Punishment
Page 12
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The 6 Keys to Controlling the Market
1. People
2. VOC
3. MOT
4. WOM
5. Kaizen
6. Execution
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Strategy Map / Word Cloud: Pages 13 & 14
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Final Workshop: Pages 15 - 17
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THANK YOU
If you have any questions at all please do not hesitate to send a note or call. My email address is: [email protected]
My twitter address is: @awesomelysimple
Also, you might find value in the ideas I share in my blog. You can sign up for it at:www.blog.johnspence.com
Lastly, these slides have already been uploaded to:www.slideshare.net/johnspence