5 Tools to Stay Afloat During Fluctuating Market Conditions.

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1 5 Tools to Stay Afloat During Fluctuating Market Conditions

2 Table of Contents: Introduction... 2 THE VOYAGE PLAN... 4 THE NOON REPORT... 8 THE SONAR SCREEN THE ALARM PANEL THE WEATHER REPORT THE NEVER-ENDING VOYAGE... 24

3 Introduction There is no escaping volatility in the modern business marketplace. Fluctuations and changes are the new norm and no industries are safe from the turmoil. Every day there are countless external factors looking to impact your profitability and global organizations must take notice quickly. Much like the sailor on the tempestuous seas, you must keep a watchful eye on the market to help guide your decision-making. In this e-book you will find 5 tools required for any organization to maintain long-term profit amidst changing market conditions. There are monsters in the sea, but with these tools, you can see them coming and navigate your way past them.

4 THE VOYAGE PLAN

5 THE VOYAGE PLAN For centuries, sailors have embarked on their journeys by checking the compass to make sure they start in the right direction. By knowing the direction they had to go, these pioneers were able to plan ahead. With the constant waves and unpredictable storms present in today s market, organizations cannot afford to be without direction. The question is: How do you create a plan when the market will undoubtedly change? THE VOYAGE PLAN 4

6 Devise a plan tuned to your business and industry. A simple tool to help with identifying what s right for you is the price waterfall a proven measurement tool to help in making decisions up front that fit your strategy. The price waterfall lets you frame your plan from broad to specific and identify opportunities for improvement. Start with your list price, then analyze each step you take in determining the final price that reaches your customer. THE VOYAGE PLAN 5

7 Each step impacts your profitability, so keep the broad strategy in mind when altering these specific, actionable tactics. Set benchmarks by comparing price waterfalls month-to-month. This way you can see which tactics had an effect on your profitability. If you are using your historical, in- LIST PRICE PRICE SEGMENT CUSTOMER DISC. FREIGHT CHARGE INVOICE PRICE REBATES FREIGHT COST PAYMENT TERMS POCKET PRICE COGS POCKET MARGIN ternal data effectively, it is safe to assume that at no point will you feel like you are venturing into uncharted waters. Your tactics should be visibly supported by the data. THE VOYAGE PLAN 6

8 THE NOON REPORT

9 THE NOON REPORT The plan is set and your voyage began in the right direction. But, a storm hit and threw you off course. Where do you stand now? Sailors used sextants to help determine their location by following the sun. The noon report, as it became known, identified the sun s location at noon from day to day. The most useful positioning tool is the causality chart. THE NOON REPORT 8

10 These reports focus on price, volume, and mix, the combination of which gives insight into the causes of your organization s revenue. These are great for high-level overviews, but not for understanding the root cause of profit fluctuations. Add cost and foreign exchange rates. The new causality chart shows an in-depth look PRICE VOLUME MIX at pocket margin. Now, profitability at a transactional level becomes much simpler to find. Analyze each month side-by-side to see which tactics work and which ones are not meeting expectations. THE NOON REPORT 9

11 This causality chart shows a month-bymonth comparison. Here s what we see: Profit declined Negative foreign exchange impacts Suboptimal product mix You can t change exchange rates, but product mix is under your control. Build the causality report into your existing routine and match the cadence of your reports to your organization s reporting schedules. It becomes easier to address negative movement when you have a standardized report. THE NOON REPORT 10

12 THE SONAR SCREEN

13 THE SONAR SCREEN Modern vessels use the sonar screen to identify obstacles in the nearby vicinity to help navigate around risks and identify which ones require the most attention. In monitoring your corporate performance, it is vitally important to know what s coming. Improve profits with an automated pricing software that looks at profitability from multiple dimensions. Hypothetical: Margins are declining at a steady pace. THE SONAR SCREEN 12

14 The next step is to look at the revenue, margin percentage, and pocket margin dollars of your customer base. If something is draining your overall margin and it isn t blatant from external factors or new strategies, it will show up here. Customer A Customer B Your lowest customer, Customer A, has a margin percentage of 10.3%, while the next customer, Customer B, has a margin percentage of 11.5%. Instinct says start at the bottom and work up. However, Customer A has a pocket margin dollar amount 10.3% Margin % 11.5% of $1.32M, while Customer B is at $10.5M, a much, much larger account with a significant influence on your overall margins. $1.32M Margin $ $10.5M You must have a bias for action. Focus on what happened and who s accountable to fix it. Solve the issue with the bigger potential for damage. Be proactive in your decision-making, not reactive. Find a holistic system that shows how your tactics are performing. THE SONAR SCREEN 13

15 REAL WORLD SUCCESS A multi-billion dollar specialty equipment manufacturer realized savings worth 1.6% of Sales within 6 weeks after implementing the technology to get a holistic view of profitability. Previously, they were making pricing decisions on gut feel, blind to true margin numbers at the customer/transaction level, and unable to benchmark or compare price levels. After implementation, the company increased visibility into target prices, created price transparency to make informed decisions, and improved price performance to reduce price erosion and increase profitability. THE SONAR SCREEN 14

16 THE ALARM PANEL

17 THE ALARM PANEL It s a scene ubiquitous to calamitous adventure movies. People running from room to room in a panic. Red lights flashing. Everything is going wrong and right now. Enterprises need a similar warning system. An alarm panel that details: What s wrong right now Which problems need attention first Who can solve the problem THE ALARM PANEL 16

18 Take Customer A and B from above. You already know movement by Customer B is more influential to your margins than Customer A. What next? What sort of behavior is indicative of a customer putting your business performance at risk? Is Customer B purchasing less, lowering the absolute revenue of the account? Has their purchase frequency declined? Perhaps they are purchasing fewer unique SKUs? It has been proven time and again that acquiring a new customer is more expensive than retaining an existing customer. This should be the goal of your alarm panel: customer retention. THE ALARM PANNEL 17

19 To sustain that high level of performance, there must be a quick triage process to respond to alerts. When risky behavior is identified, the information must be sent to the relevant stakeholders in order to guarantee: (1) Everyone is aware of the situation (2) The right information is in the hands of those best situated to fix the problem. You must assign accountability before the yellow turns to red and the customer defects. Your warning system must be automated and constant. Help your sales force discover risky behavior patterns in time to fix them. THE ALARM PANEL 18

20 WHO SHOULD BE IN THE KNOW: SALES In many cases, the team best situated to address problems and add real-world insights will be the Sales team. They are on the front lines working with your customers every day. They have invaluable information that can be taken into account when determining the urgency of an alert. Adding them to the list of the above relevant stakeholders removes roadblocks. Keep account representatives in the loop so they can immediately be involved in the assessment process. Collaboration is crucial to responding to alerts in a timely, efficient manner. THE ALARM PANEL 19

21 THE WEATHER REPORT

22 THE WEATHER REPORT When checking the weather forecast for a flight, you see a localized, often accurate view of what s happening up to 10 days in the future, but that s all you need. For a longer voyage, such as one taken by ship, you need a broader view of what s ahead. You need time to prepare or change course. Global enterprises don t typically move quickly. Changing course or reacting to sudden volatility is an enormous challenge requiring something that is disregarded by fluctuations: time. THE WEATHER REPORT 21

23 The business weather report uses internal and external data to look forward from a market trends perspective. In all likelihood, you already have internal data that gives insight into trends, but your business does not operate in a vacuum. External data is vitally important for providing supplemental or contradictory insight into the truthfulness of the trends. The data you collect should be segmented to tune the analyses to your business needs. For global organizations, there are countless considerations that must be accounted for across regional or industrial boundaries, for example. THE WEATHER REPORT 22

24 Everything around you will be moving, so it is on you to adapt and define your value. Price optimization helps define the customer s willingness to pay (how they value your products and services) at any given moment. Your prices should follow the market while also incorporating customer-specific information to make sure any changes are done with built-in logic. The last step is ad hoc reports from the field. Your Sales team is in the proverbial crow s nest, monitoring each account to get a view of the landscape. Incorporate the information they have to fine-tune your insights to the needs of your business, customers, and market. Know what s coming by collecting the right data and using it to your advantage. THE WEATHER REPORT 23

25 THE NEVER-ENDING VOYAGE Your voyage to profitability will be rife with obstacles. Stay afloat by: 1. Preparing a solid plan using the price waterfall 2. Tracking your position with causality reports 3. Using multiple dimensions to scan for problems 4. Identifying and prioritizing risks efficiently 5. Looking forward to give actions context and confidence Your goal, like so many others, is continued success. The market is not going to settle down, so you have no choice but to ride the waves. If your enterprise utilizes the tools available today, you can use these waves as launch pads towards sustainable, long-term profit no matter how volatile the waters look.

26 ABOUT VENDAVO Vendavo harnesses the power of Big Data to generate actionable insights that enable businesses to sell more profitably. Our margin and profit optimization solutions help global customers make better data-driven decisions for pricing and sales effectiveness. Located across the globe, Vendavo is the solution of choice for Global 2000 companies in industries such as chemicals, industrial manufacturing, high-tech, and distribution.

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