Competing in the Midst of Giants. by: Ken Wong Queen s School of Business
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1 Competing in the Midst of Giants by: Ken Wong Queen s School of Business
2 Set the Right Priority TO DETECT TO DESTROY TO AVOID MARGIN-SUCKING MAGGOTS 2
3 The Real Goal Price Return On Investment Net Income Divided By Assets Managed Unit Margins Times Unit Volumes Minus Cost Market Share Times Market Size 3
4 What matters most A 1% change in... Creates a change in operating profit of... Price 11.1% Cost 7.8% Volume 3.3% (Average economics of 2,463 businesses in Compustat) 4 KW-210
5 Price Realization MUST Be Priority One You cannot survive in a world of falling prices Costs can t fall fast enough to keep pace Cutting costs often leads to impaired quality Cutting costs often leads to depersonalized relationships There s rarely enough volume to offset lost margin Giants win in a world of falling prices 5
6 How do the giants do it? 6
7 Economies of Scale You Can t Coach Size 100 Unit cost 50 The Small Firm s LOSS The Large Firm s PROFIT Vol 7
8 HOW GIANTS USE SCALE TO PERPETUATE ADVANTAGE MORE SCALE Via experience effects, economies of scale, market power, etc. LOWER PRICES LOWER COSTS Via business planning 8
9 HOW GIANTS USE SCALE TO PERPETUATE ADVANTAGE MORE SCALE Via experience effects, economies of scale, market power, etc. LOWER COSTS BETTER QUALITY Via business planning 9
10 HOW GIANTS USE SCALE TO PERPETUATE ADVANTAGE Via sales and marketing HIGHER SALES MORE SCALE SUPERIOR VALUE Via experience effects, economies of scale, market power, etc. Via execution and implementation LOWER PRICES AND/OR BETTER QUALITY Via business planning LOWER COSTS 10
11 The Bottom Line Giants win if we accept that everyone wants the same thing. Fortunately we don t have to provided we remember that no one ever paid more for something they could get elsewhere for less 11
12 Diminishing Returns: Why More Can t Be More of the Same REWARD EFFORT
13 A Different Way to Fight Back Don t Sell Your Product 13
14 What is your REAL Product? Viagra Rule People don t buy products or services they buy SOLUTIONS to problems Price ceilings vary with the importance and complexity of the problem you solve What is the real problem that you help to solve? How complete a solution are you? 14
15 The Limits of Differentiation There are only so many ways to differentiate a product or service: each successive product improvement becomes more expensive than the last to execute Focusing on a problem leaves open the door to using new technologies, approaches and a rationale for providing value-adding services 15
16 Connect to the Ultimate Business Customer Need Margin Price Strategies Cost Strategies Product Innovation Product Quality Marketing Effort Process Innovation Functional Efficiencies Discretionary Spending Net Income Integration Marketing Effort Market Share Strategies Customer Value Barriers to Entry Volume New Products Market Size Strategies New Markets More Usage Occasions More Usage Per Occasion
17 VALUE-ADDING MARKETING Identify the Components of "Cost-in-Use" Acquisition Costs + Cost-in-Use = Possession Costs + Usage Costs Price Paperwork Shipping time Expediting orders Cost of errors in ordering Pre-purchase activities Purchase evaluation Kenneth B. Wong (2005) Interest expenses Opportunity costs Storage/handling Installation Quality control (of your product on installation) Tax and insurance Shrinkage Obsolescence Training User's labour costs (especially if re-engineered) Longevity Replacement/ repair costs Disposal costs Regulatory
18 The Meaning of Value-Add Varies with the Nature of the Consumption Problem 1. DEFINE THE EXECUTION STEP: What are the MOST CENTRAL TASKS that must be accomplished in getting the job done? 2. DEFINE PRE-EXECUTION STEPS: What must happen BEFORE the core execution step to ensure the job is successfully carried out? 1. What must be defined or planned? 2. What must be located or gathered? 3. What must be prepared or set up? 4. What must be confirmed BEFORE execution? 3. DEFINE POST-EXECUTION STEPS: What must happen AFTER the core execution step to ensure the job is successfully carried out? 1. What must be monitored or verified? 2. What must be modified or adjusted? 3. What must be done to prepare for the next job cycle? 18 (Bettencourt & Ulwick, The Customer Centered Innovation Map, HBR 2008)
19 Problem-solving businesses also have lower costs How to Improve the Retail Experience (Sample Advice) Personalize the experience Help the customer find their way Explain product differences Show them you care Show them why they get what they pay for (i.e. up sell) EDI, E-tailing, etc. etc. 19
20 How Lean Thinking Leads to Better Value Total Costs Add "Good" Costs Reduce "Bad" Costs Increase "Value" Reduce "Waste" Higher Prices and Sales Lower Costs Higher Profits 20
21 Fighting Back Make Sure Your Staff Know Who Matters Most
22 What Matters Most The Five-Step "Profit Chain Profits grow from satisfied customers who receive value due to satisfied and loyal employees who had proper training, coaching, and support COMPANY Internal Marketing External Marketing EMPLOYEES Interactive Marketing CUSTOMERS 22 Kenneth B. Wong (2005)
23 Putting It All Together If you have to compete against someone bigger than you don t sell the same thing they do (and expect margins to stay healthy) Solve problems over selling products/services FOR B2B: you are only as valued as the profit-related problem you solve Build Your Processes to Keep Your Promises Sell INSIDE the firm, not just outside 23
24 THE FINAL RULE : Focus On "Execution" The EXECUTION of the MARGIN-SUCKING MAGGOTS
Key Skills to Win Against Giants
Competing in the Midst of Giants by: Ken Wong Queen s School of Business Key Skills to Win Against Giants TO DETECT TO DESTROY TO AVOID MARGIN-SUCKING MAGGOTS 2 The Real Goal Price Return On Investment
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