Controlling the Market Farm Bureau 2.25.13

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Session at meeting in Destin Florida 2/25/13

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Controlling the Market Farm Bureau 2.25.13

  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 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.• John@JohnSpence.com The slides are already posted at: www.SlideShare.net/johnspence
  3. 3. A few of my clients:
  4. 4. For the past 21 years…
  5. 5. I am NOT a guru… What does this mean to me? How can I use this idea? What can I do right away?
  6. 6. YOU Inc.
  7. 7. 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
  8. 8. The 6 Keys to Controlling the Market 1. People 2. VOC 3. MOT 4. WOM 5. Kaizen 6. Execution
  9. 9. The Four – I’s• Ignorance• Inflexibility• Indifference• Inconsistency Page 3
  10. 10. 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
  11. 11. • The willingness… even enthusiasm… to change EVERYTHING combined with the wisdom to understand what must NEVER be changed.
  12. 12. The Key To Success in the New Normal…•Nimbleosity•Nimbo-licious
  13. 13. The Pattern of Business Success
  14. 14. (T + C + ECF) x DE = Success
  15. 15. Talent + Culture Talent
  16. 16. 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.”
  17. 17. The number one factor in increasing the level of highly satisfied and engaged CUSTOMERS in your business is…The level of highly satisfied and engaged EMPLOYEES in your business.
  18. 18. Key Drivers of Customer Satisfaction and Loyalty Financial Performance CR= 104.12% increase in profits Global study: T olerate 16 countries Quality P&S & N othing 529 companies Customer Relationship 15,589 respondents L ess CR= .404 Employee CR=.277 Satisfaction CR=.275 CR=.249 CR=.334 CR=.280 Empowerment Coaching High Standards CR=.28 CR=.37 CR=.36 CR=.19 CR=.24 5 1 5 1 7 Long-term Enthusiasm, Training & Fair Chart: 4 Orientation Commitment, Development Compensation Respect Workshop: 5From: Practice What You Preach by Maister
  19. 19. Customer satisfaction drives customer loyalty… and customer loyalty drives profitability Evangelist 100% Zone of Affection I love you 90 80 A 5% increase in loyalty 70 Zone of among your best Indifference 60 customers… Loyalty 50 I don’t care about you 40 30 Zone of Can produce a profit 20 Defection increase of 25% – 85%I hate you Terrorist Extremely Somewhat Slightly Very Dissatisfied Dissatisfied Dissatisfied Satisfied Satisfied Customer Satisfaction
  20. 20. 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. 1 - 107. 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. Workshop: 6
  21. 21. The key elements of a winning culture 1-10 Workshop: 7 5
  22. 22. 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
  23. 23. 1,300,000 interviews: Basic 4 + 1 Page 8
  24. 24. Extreme Customer Focus
  25. 25. Web of Value: VOC + MOT + WOM Page 8
  26. 26. Extreme Customer Focus VOC
  27. 27. Moments Of Truth Page 8
  28. 28. VOC + MOT Workshop: Page 9
  29. 29. WOM = Your BEST form of advertising! 78.9% 23.4%
  30. 30. 43% - 74% of purchasing decision = WOM/T
  31. 31. You MUST have a WOM Referral System Identify Refer Ideal IdealCustomer Customer From John Jantsch: The Referral Engine
  32. 32. WOM page 10: Best Ideas from the Group
  33. 33. KaizenFor those who are prepared…chaos brings opportunity.
  34. 34. 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
  35. 35. 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.
  36. 36. 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
  37. 37. 10 – 15%
  38. 38. Where are we going and how will we behave on the way? Focus Celebrate Success Differentiation Eliminate Mediocrity “No”Measure / Track Communicate Transparency Guiding Collation Accountability Vision + Values Strategy Training + Objectives time / money / Initiatives supplies / people Programs Procedures / Protocols Clear / consistent / relentless Repeatable Process Workshop 12
  39. 39. Accountability1. 100% Clarity2. 100% Agreement3. Track & Post4. Coaching5. Reward / Punishment Page 12
  40. 40. The 6 Keys to Controlling the Market 1. People 2. VOC 3. MOT 4. WOM 5. Kaizen 6. Execution
  41. 41. Strategy Map / Word Cloud: Pages 13 & 14
  42. 42. Final Workshop: Pages 15 - 17
  43. 43. THANK YOU If you have any questions at all please do not hesitate to send a note or call. My email address is: john@johnspence.com My twitter address is: @awesomelysimpleAlso, 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

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