Do you remember EVERYTHING you learned at Uni?

Many graduates in business, who I have talked with, admit they don’t remember everything they were taught at Uni.

Some confessed cramming just days before an exam, scraping by with a “Pass” and forgetting much of what they learned within months, or weeks, if not days, afterwards.

Insightful ones have wished they remembered the lessons learned when years later they were faced with important decision-making on topics that were discussed in their final capstone subjects.

I certainly experienced this, even as a part-time student who enjoyed the advantage of learning and applying my studies as I went. When I taught at Uni, in particularly in my MBA subjects, I had to relearn and learn the subject matter perfectly, to make sure I was perfectly capable of explaining and elaborating on complex and advanced business models.

My own, most outstanding commercial successes have always been based upon the correct and loyal adoption of some valuable and profound business models, concepts and findings learned in my marketing, business and strategy studies.

40 years of Executive Know-How… crammed into 2 days!

I’ve collated these into a concise and helpful commercial “bundle” that I’m sharing in my upcoming workshop, designed to empower senior managerial, marketing, strategy and planning executives.

Marketing Training for Senior Executives

If any of my LinkedIn connections (or their network) would like to attend, and find out the keys, tricks, methods, tools, rules, laws and models that help medium and large companies make millions, I’ve posted the link below and would be thrilled to see you at the event.

If you’d like to know more, go to https://www.informa.com.au/event/training/a-practical-guide-to-marketing/

The two most common threats to big corporates can be ORGANISATIONAL and/or ENVIRONMENTAL.

 

As I’ve often said, “Companies don’t fail. Businesses don’t fail. Products don’t fail. Brands don’t fail… It is Leadership and Management that causes these to fail.”

 

In Woolworths case, their internal issues are their sheer refusal to believe that anyone outside their company knows anything worthwhile. It reminds me of the saying, “Only a fool knows everything” and Woollies, for all their admirable knowledge, expertise, and ability, are sailing 5º off course, right into the proverbial Titanic’s iceberg!

 

They stubbornly have refused the recent counsel of a previous CEO who has told the Board, that WOOLWORTHS has chronic “ABC Corporate Cancer” (a term coined by Warren Buffet that identifies the destructive combination of arrogance, complacency and bureaucracy). This is clearly observable when you consider their absence of strategic leadership in overcoming the long-running Coles Price war, their botched and re-botched Every-Day Reward loyalty programs, their high staff turnover in Marketing & Strategy personnel, and turnover of Chairman and CEO.

 

So THREAT No 1, the Denial in recognising the ORGANISATIONAL aspects of ABC, is sending WOOLWORTHS cascading towards disaster. They need to embrace a humility and adopt attitudinal shift to listening to and accepting external advice.

 

The often spruiked Einstein-quote of “Doing what you have always done, and expecting a different result is insanity”, might apply in the face of their diminishing success over the past 10 years.

 

Threat No 2 is an External One. WOOLWORTHS see Coles as their major competitor. While Coles struggles against WOOLWORTHS, Aldi is left to grow consistently at 7%+… Why can’t WOOLWORTHS see the writing on the wall, or at least the significance of this trend???

 

WOOLWORTHS (and Coles) have adopted the short-term, and brand corrosive pursuit of private label and house brands, at the expense of branded products. They have made enemies of FMCG companies that they should be partnering with to undo the generic attack on brand value. They should be encouraging brand equity development and new product development, and supporting brands in ways they never have than before.

 

Instead, they connive to squeeze what little is left in profits for their FMCG partners, forcing budgets dry, eliminating insights for NPD by research, or revenue for brand equity development.

 

So THREAT No 2, the Denial in recognising the ENVIRONMENTAL aspects of ABC, is undermining their own competitive advantage and market positioning, creating an industry and a market place that is becoming more willing to reject WOOLWORTHS as a preferred solution to its needs.

 

Inevitably, of course, the WOOLWORTHS Board will retire, fat on its Directors’ Fees. WOOLWORTHS senior executives will ‘migrate’ to other retail organisations, employed due to their position and political savvy, rather than their failure to save WOOLWORTHS, and WOOLWORTHS will become a company that older people “might remember”.

 

It the poor shareholders of WOOLWORTHS , the faithful investors who trusted the Board and senior executives, for whom I feel sorry; particularly when WOOLWORTHS could return to favour dominance and mega profits, by simply jumping form their self-imposed pedestal and holding cap in hand.

 

NB: WOOLWORTHS were offered a means of generating $400M is EBIT p.a. in 2007… and two senior executives individually approved the concept… but shuffles in management and politics… combined with insurmountable corporate arrogance quashed that concept regardless. Now they’re in trouble – go figure!

Product Development that Wins Overwhelming, Profitable Sales

It is a mad world we live in… so close to the wood, we rarely stand back and enjoy the trees, let alone the whole forest. In MARKETING terms, we’ve been distracted by Marketing Communications (with all the digital hype) and forgotten the other 7P’s of Marketing.

If you do recall proper Marketing Management, just for a second, you’ll recall that new markets arise daily, and new products that better satisfy the needs of market segments are the fast road to blue ocean sales, profits, market share, success, and return on shareholders’ funds and outstanding EBIT.

Product Development Delivers Competitive Edge

The operational focus in FMCG led them to discover that over 50% of profits come from products launched in the past 3 years.

Clever strategic marketing by banks has helped them reap millions in extra profits, without increasing transactions, simply by developing new products that better match the needs and wants of certain market segments, while better matching the capabilities and efficiencies of their organisations.

Product Development Is Getting More Sophisticated

As New Product Development consultants, we have seen a constant sophistication since we began 19 years ago!

It is time to share new and proven updates on New Product Development… changes in thinking, methods, adaptations.. as well as a reminder of the basic Laws of Exchange and the correct strategic directions and actions to take in certain, pre-set circumstances.

For instance, in just a few years, the Stage-Gate process for New Product Development has gone from academic indifference to usage by 80% of USA corporations!

Training Workshop on 2016 Issues, Techniques & Methods In New Product Development

Why not catch up, train some new executives, revitalise some old ones, and tune-up your whole Product Development team by attending my upcoming Product Development course in Kuala Lumpur this June?

You can download a brochure from this link , http://j.mp/kl16prodDEV

Feel free to post questions in the comments section so I can reply and with answers that may help others.

It would be GREAT to see you there!

 

 

 

 

When I was a boy, and asked “what do you want to do when you grow up?”, instead of saying fireman or policeman, I would say, “Be a time & efficiency expert”… having evolved into the quasi wish-come-true version of that, I find it enormously frustrating to watch, and doubly frustrating when my assistance is refused, because I can see the solutions, or alternatives, for businesses in trouble.

All around, I see businesses doing it tough, going bad, or just struggling. Other businesses appear to be raking in sales, but losing money through habitual and comfortable routine inefficiencies.

Sadly, bogus consultants, operational ‘experts who have failed to help’ and snake-oil sales folk, have all tarnished the promise of salvation, so these struggling companies – so close to the trees they can’t see the forest – struggle on… doing what they always do, and getting the results they have always gotten. 😦

Years ago, I came across research into how to stop a business bleeding, and how to turn it around, that is summarised below in 8 points…

  1. Accept you must do things differently
  2. Stop & plan: Work on the business, not in it
  3. Listen to your customer service & sales people
  4. Re-evaluate the capabilities of your advisors
  5. Listen to customers
  6. Study your closest competitors
  7. Milk every asset, call in every favour
  8. Move out of your comfort zone

But there are MANY ways to skin a cat.

I remember being served “Cuy” (cooked guinea pig, a Peruvian delicacy) in Peru at the bottom of Machu Picchu…. Having just finished the trek and in celebratory mode, I recall eating regardless of the fact it looked and tasted like rat (and probably was).  The point is, that if you can identify a different market, and position a core product in a different context, you can satisfy new customers with old capabilities (even that pesky kitchen rat!).

THIS is a skill that is beyond operational thinking. It is the domain of power for creative strategists. and goes to the heart of most of the 8 points above.

When executives, who are struggling, say, “we have leading industry experts on our Board and they can’t do anything” or “I can’t afford consultant right now”… yet their inner voice tells them they are headed for doom, these 8 points may be the wake up call necessary.

Product launches should never fail

Those who follow me, are aware that I ascertain new product launches should never fail.

Of course this follows from the fact that products don’t fail… businesses don’t fail… it is MANAGEMENT that fails to do its job properly, who truly fail.

How Do Executives Allow Product Launch Failures to Happen?

But is it their “fault”?

Perhaps modern-day executives are victims of the business education they have been fed, or the hype delivered by self-promoted NPD ‘experts’ who push flawed theory upon susceptible executives.

Models that are popular these days include the new product development wheel (which I admit to having taught, in the past, at postgraduate level myself) and the Stage Gate model (the NPD wheel re-packaged to seduce operational marketing folk with summarial simplicity)… BOTH limited and incomplete as management tools .

Given the limited delivery of academic acumen, it follows when Product Development teams are employed according to their knowledge of such tools, when business teams meet, committees are formed, and decisions are made they are made on the premise that these models are valid; its no wonder that product launches end up being risky, or unsuccessful.

Its kind of like a meeting of the the flat-earth society…. every decision that flows is built upon belief in a model that is simply flawed… so outcomes must be equally as flawed.

Methodology that starts with “idea generation” as Step One…. is dooming you to an 80% failure rate.

  • Idea Generation must FOLLOW discovery of market needs, wants, desires and aspirations.
  • Idea Generation must Be founded on Purpose, Mission and Vision.
  • Idea generation must contextual to the resources available to the organisation.
  • Idea Generation must to FOLLOW discovery of market needs, wants, desires and aspirations.

“That stifles creativity and innovation” cry the masses of self-proclaimed innovation & ideas experts (some of who are clever guys).

So might it be, but there ARE better ways paths to new product development for commercial success than the two mentioned above.

Anyone, globally, should bookmark & use http://www.prelaunchchecker.com to ‘test’ if your product launch idea has merit…

For folks in South East Asia, click this link to find out about my 2-day Product Development workshop this June in Kuala Lumpur, Malaysia. You can find out more by visiting, http://www.yf-asia.com/product-development-for-bullet-proof-product-launch/

If every SMB used a QUALIFIED marketing consultant there would be  a LOT less SMB’s but a LOT more successful corporations. If not, they’d either be large businesses, merged businesses or different businesses.

Small businesses are, far too often, stunted by the limited skills, incompetence, or timidness of the Owner, CEO, major shareholder.

Qualified Accountants, aggressive Sales executives, IT buffs, Workplace bullies, proud tradesman and rich kids can all end up owning or running a business. They are not bad people, and CAN be successful business managers, if they open their minds to, and receive, GOOD business advice.

Did you know advanced marketing training includes CORRECT responses to make for differing market and business conditions, and the Strategic directions and setting certain business circumstances and avoided in others is an area MOST people don’t assume falls under the responsibility of Marketing Management?

Big companies support heavyweight bureaucracy , sometime crippling politics, excessive salaries in top heavy management structures, and other IN-efficiencies of scale because they embrace productive business disciplines and scientific business principles.

SME’s are more likely to make decisions based on emotion, limited experience and education, the way they’ve always done it, or the cheapest option (likely to be the worst choice)…

Only advanced marketing professionals possess the balance of training and skills in the broad plethora of marketing disciplines, that include:

– Distribution Analysis & Strategy
– Buyer Behaviour Analysis
– B2B strategic methodology
– Marketing Accountability Analysis (ROI, Forecasting, Performance Assessment, Net Marketing Contribution)
– Marketing Communications theory specific to the unique factors of an individual business – rather than those that may be seen to have worked for other businesses
– Pricing Methods and Strategies
– SCIENTIFIC New Product Development
– Understanding of the factors that generate Sustainable Competitive Advantage
– Marketing planning >>> Resource planning >>> Management
– Brand equity, brand portfolio strategies, brand life cycle, etc.
– STP (Segmentation, Targeting, positioning)
– Innovation types, product types, life cycle types, gap analysis..
– The right use of digital, when analogue is still better, and how to maximize returns from both media options

…. and so much more!

The great Conundrum of Marketing is that decision-makers often know so little about the depth and breadth of Marketing, and self-proclaimed marketing experts who are perceived to be good at “Marketing” when their strategic skills are all but absent, far out-number those with REAL skills and true knowledge.

When leaders find the latter, and IF they listen, THAT is when a business prospers… A GOOD Strategic Marketing Consultant will more than pay for themselves (many times over) – that is HOW to recognize a good one, and that is why SMB’s/SME’s should search for and hold on to, a qualified strategic marketing consultant.

Some of my followers might recall that I lectured in Marketing Planning at UTS Graduate School of Business between 2003 and 2009.

Others might remember I have written Marketing Plans for national and international companies, many FMCG,  pharmaceutical and consumer durables, a plethora of other big, small & medium companies, both B2B and B2C.

I may have mentioned that I routinely travel to Asia to deliver commercial workshops on Marketing Planning to executives of large national and international companies.

Consequently, I have spent some time and effort to develop an approach to Marketing Planning that takes:

  1. the profit generating tools from academic Marketing Planning, and
  2. the commercial implementation and reality-checked truths of Marketing Planning in the business world,

… and merged and coordinated both, to put together a Marketing Planning workshop designed to help professional marketing and strategic planning executives write break-though, winning marketing plans.

I’m delivering this  richly empowering “how to” this coming February 17 and 18, in Sydney, so I’ve attached a link to a page where you can get a brochure and more info, and I’d be thrilled if you, others you think might benefit, or professional colleagues who could do with some finesse in Marketing Planning, could attend.

I trust that you will give this some serious thought and, if its not for you, pass it on to someone who you think could use the knowledge.

You’ll be able to download the brochure, find information and booking options at..
http://j.mp/KOmktgPlans

And please feel free to comment with your thoughts on the content, or any questions.