Controlling the Market -- Clothes Mentor


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Controlling the Market -- Clothes Mentor

  1. 1. The Formula For Business SuccessThe 6 Key Elements forControlling Your Market
  2. 2. 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 freeto ask questions or give comments at ANY time.• I am happy to answer any of your questions, offer adviceand recommend books at any time after this session.• John@JohnSpence.comThe slides are already posted
  3. 3. A few of my clients:
  4. 4. For the past 21 years…
  5. 5. What does this mean to me?How can I use this idea?What can I do right away?I am NOT a guru…
  6. 6. To get the most from our sessiontogether…It is absolutely critical thatyou be brutally honest with yourselftoday.So lets get started witha little self-test on page 2
  7. 7. The Four – I’s• Ignorance• Inflexibility• Indifference• InconsistencyPage 3
  8. 8. 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
  9. 9. The Pattern of Business Success
  10. 10. (T + C + ECF) x DE = Success
  11. 11. TalentTalent + Culture
  12. 12. Cecil Van Tuyl“It is all about people,people, people. Youcan kid yourselfabout a lot of thingsin your business, butat the end of the dayit will always comedown to people.”
  13. 13. The level of highly satisfied and engagedEMPLOYEES in your business.The number one factor in increasingthe level of highly satisfied andengaged CUSTOMERS in yourbusiness is…
  14. 14. Key Drivers of Customer Satisfaction and LoyaltyFinancialPerformanceQuality P&S&Customer RelationshipEmployeeSatisfactionEmpowerment High StandardsLong-termOrientationEnthusiasm,Commitment,RespectTraining &DevelopmentFairCompensationCR= 104.12% increase in profitsCR= .404CR=.334CR=.277CR=.275CR=.249CR=.280CoachingCR=.285CR=.371CR=.365CR=.191CR=.247TolerateNothingLessFrom: Practice What You Preach by MaisterGlobal study:16 countries529 companies15,589 respondentsChart: 4Workshop: 5
  15. 15. Customer satisfaction drives customer loyalty…and customer loyalty drives profitability100%9080706050403020ExtremelyDissatisfiedSomewhatDissatisfiedSlightlyDissatisfied SatisfiedVerySatisfiedZone ofDefectionZone ofIndifferenceZone of AffectionLoyaltyCustomer SatisfactionTerroristEvangelistA 5% increase in loyaltyamong your bestcustomers…Can produce a profitincrease of 25% – 85%I hate youI don’t care about youI love youNITB
  16. 16. Your competition can copy…• Products• Prices• Promotions• Location• Advertising• Systems• Social Media• ENVIRONMENT60%
  17. 17. 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 - 10Workshop: 6
  18. 18. 51-10Workshop: 7The key elements of a winning culture
  19. 19. The Six Universal Drivers of Engagement1. Caring, competent, and engaging leaders.2. Effective managers who keep employeesinformed, 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 - 10Workshop: 7
  20. 20. 1,300,000 interviews: Basic 4 + 1Page 8
  21. 21. Extreme Customer Focus
  22. 22. Web of Value: VOC + MOT + WOMPage 8
  23. 23. Extreme Customer FocusVOC
  24. 24. Moments Of TruthPage 8
  25. 25. VOC + MOT Workshop: Page 9
  26. 26. WOM = Your BEST form of advertising!78.9%23.4%
  27. 27. 43% - 74% of purchasing decision = WOM/T
  28. 28. You MUST have a WOM Referral SystemIdentifyIdealCustomerReferIdealCustomerFrom John Jantsch: The Referral Engine
  29. 29. WOM page 10: Best Ideas from the Group
  30. 30. KaizenFor those who are prepared…chaos brings opportunity.
  31. 31. The Evergreen Project10 year study of 160 top companies40 distinct industries200 management practicesWinners, climbers, tumblers, losersWinners 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
  32. 32. The Four Primary Practices:1. A sharply focused, clearly communicatedand well-understood strategy for growth.2. Flawless operational execution thatconsistently delivers the value proposition.3. A performance-oriented culture that doesnot tolerate mediocrity.4. A fast, flexible, flat organization thatreduces bureaucracy and simplifies work.
  33. 33. The Secondary Management Practices:• Talent = find and keep the best people.• Key leaders show commitment andenthusiasm for the business.• Embrace strategic innovation.• Master the power of partnerships.From: What (really) Works by Joyce, Nohria, Roberson Workshop 11
  34. 34. 10 – 15%
  35. 35. Accountability1. 100% Clarity2. 100% Agreement3. Track & Post4. Coaching5. Reward / PunishmentWorkshop Page 12
  36. 36. Strategy Map / Word Cloud: Pages 13 & 14
  37. 37. Final Workshop: Pages 15 - 17
  38. 38. THANK YOUIf you have any questions at all please do not hesitate to send a note or call.My email address is: john@johnspence.comPLEASE connect with me on LinkedInAlso, you might find value in the ideas I share in my blog. You can sign up for it, these slides have already been uploaded