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Corporate Strategy

Just as Charles Dickens put it about Paris in his novel Tale of Two Cities, similarly the present times may also be dubbed as both the best and worst of times. It simply depends on which side one is one. Technology is changing rapidly, and along with it making wholesale transformation to the very way we live. This has paved the way for the SCaaP Model or Societal Change as a Platform. Technology has the power to help solve problems. As per SCaaP, civic society now has to work has a holistic unit. There are some organizations that have already applied bits of the SCaaP system. They are Donors Choose, Health leads, College for America and Salesforce. Health Leads for example leverages the collaborative knowledge of the entire ecosystem for its solutions. This also provides ample scope for covert digital marketing along the way. All these organizations are allowing the society to co-create new products.

Source:http://knowledge.wharton.upenn.edu/article/technology-can-help-solve-societal-problems/

Uploaded Date: 22nd May 2017

Some interesting finds were discovered from the internal research on employee happiness commissioned by Facebook. It was carried out by the HR team along with a professor from Wharton. The first find was that company pride was tied to three factors- optimism in company growth, mission about corporate strategy and goals, and social consciousness in improving the world. These three elements were observed as critical across all roles like technology, sales and marketing. The team members at Facebook truly appreciated when someone created value by making a difference. This happened at fundraising meets for colleges resulting in improved traction for the brand.

Source:https://www.fastcompany.com/40397753/heres-what-facebook-discovered-from-its-internal-research-on-employee-happiness-2?

Uploaded Date: 20th May 2017

There are some executive coaches such as Carla Fugit who plan things in great detail and execute perfectly. It emanates out of a genuine passion to genuine help others by proving them management training. The process involves a lot of fun by leveraging innate creativity each trainee possesses. They are encouraged to step out of their respective comfort zones and do something greater, perhaps become a thought leader in a field. Relaxation is necessary to understand that the person involved is not the centre of the universe. To achieve all of this, the first step is to believe in oneself. The belief stems from own abilities, customers and team mates.

Source:https://www.forbes.com/sites/davidkwilliams/2016/12/19/what-you-believe-you-will-see-preparing-your-business-for-2017-and-beyond/#f288998532cf

Uploaded Date: 17th May 2017

A common fallacy of management thinkers or planners is that corporate strategy is a thing in itself and its execution is unrelated. However, experiences of various companies have repeatedly proved that a simple “Where to Play” strategy when divorced from “How to Win” does not work out. Examples abound such as Uber’s in China, or Microsoft’s acquisition of Nokia. In the former case, Uber seized market share in every country due to its innovative approach being the first to market. In China however, Didi Chuxing was already present so this strategy backfired and no other localized tactic was drawn up. In Microsoft’s case, its strong corporate relationships failed to translate to its expected upwards trajectory in smartphones. A lot of cross-country failures have been observed especially between USA and Canada. Brands such as Tim Hortons have failed to light up the American market while American brands like Target are struggling in Canada. Thus a matched pair between strategy and execution is necessary to complete the Strategy Choice Cascade Method.

Source:https://hbr.org/2017/04/strategic-choices-need-to-be-made-simultaneously-not-sequentially?

Uploaded Date: 13th May 2017

It is a common fallacy that in order to launch an innovation, one needs to search out for great ideas. Instead, companies will be better served, if instead they chose to seek problems. Albert Einstein for example did not develop anything that wasn’t previously known, but simply put it all together as he came looking for problems. Similarly, the world has been groping for the past decade with problems on devices that we built long back. Moore’s Law will eventually slow down, but instead Quantum computer has taken on a different leap. Innovative thinking requires professionals to move away from the traditional corporate strategy induced planning. In this method, the entire market was seen as a game of chess, but instead now leaders need to be equipped with more experiential learning. It is such search for problems that led to the rise of Google and enabled it to sustain over a period of time. Earlier, the likes of Clarence Birdseye, Steve Jobs or Charles Schwab revolutionized their respective hearths by looking for existing problems before acting on them.

Source:https://www.inc.com/greg-satell/if-you-want-to-innovate-you-need-to-focus-on-this-one-thing.html?

Historically, cross-selling has been practices by a variety of business concerns as it has generally benefitted both the seller and buyer. The first major benefit the buyer receives is the convenience as a single platform provides multiple benefits which could be tangible or intangible. Secondly, the customer eventually even receives some form of financial advantages as a result of combined packages. However, off late cross-selling has been perceived as something negative due to its misuse. Instead, marketers now want customer to cross-buy through their own initiative rather than the sales team pushing any supplementary product. This should be as a result of the excellent execution of corporate strategy and not as a replacement for a broken one. In that case, the final results have triple benefits- loyal customers, lower selling costs and greater number of products per customer.

Source:https://www.strategy-business.com/blog/Strategy-Talk-Whats-Wrong-with-Cross-Selling-Anyway?

Due to the foibles of several short-sighted companies, it has now become crystal clear that in order to run a sustainable business plan, it is essential that it must be driven through some higher level purpose. While a lot of organizations are driven by a certain mission or vision, many struggle to implement those ideals on the employees or other stakeholders. For this, the company must understand that the said purpose must be totally clear and ideally must be wedded into its corporate strategy. It is also more engaging an approach towards the customer. This is the ideal trope to induce sales personnel with the values. However, the said mission once established must be constantly reinvigorated for continuous improvement. This can be post weekly staff meetings, when employees come up with pertinent observations.

Source:https://www.forbes.com/sites/williamvanderbloemen/2017/01/29/why-purpose-should-be-a-pivotal-part-of-your-business-strategy/#537448a54135 

Uploaded Date: 30th March 2017

It is understood that only thirteen percent of marketing leaders spend time on retaining and nurturing existing customers as most of the time is spent on new customer acquisition. But in the present engagement economy, connecting with customers is all the more important as costs of brand switching are minimal as exemplified by the Uber versus Lyft rivalry. The costs are somewhat higher for a similar switch in the B2B zone, but still comparatively hassle free than earlier times. Once acquisition is done, marketers must seek to develop adoption, cross-selling and advocacy marketing stages. Adoption marketing is where the company neither tries to sell more goods to a new acquisition nor does it totally forget the buyer. Instead of this, the marketer must conduct detailed analysis to gauge business intelligence on what the specific customer requires. The next step is to cross-sell. By now the customer is more comfortable with the brand so he/she can be promoted other relevant products within the same umbrella. The last stage is product advocates. These are customers who are loyal and so fond of the product that they themselves publicize it. This segment is extremely important for digital marketing as they through organic means spread positive word and they possess enough credibility for the audience to accept. Not all loyal customers turn out to be advocates. Nor can loyalty be measured by the amount they spend per trip. The 1 Percent Rule applies here as on the internet. Per hundred social media likes, ninety of them are simply lurkers, nine percent are likers, a single percent though are lovers.

Sopurce:https://martechtoday.com/new-customer-marketing-lifecycle-engagement-economy-195359

 

Global business leader Mark Zuckerberg of Facebook recently addressed the issue of corporate purpose. A lot of business writers get cynical about leaders speaking about purpose because they feel it gets muddied by the fact that all have some sort of vested interests. It is generally understood that the top management must have a greater sense of purpose primarily because they have a broader perspective than the middle or entry levels. A few points must always be kept in perspective while drafting corporate purpose statements. First of all, the document must be specific to the organization and not beat around the bush, nor be sweeping about entire industry or economy. Secondly, a mission statement alone is not enough, instead the execution of the same must be detailed. Every company must try to address some gap in the market which it is trying to fulfill, so that the offering is seen by the customer base as relevant. The company’s positioning in contrast to their chief competitors may be clearly outlined in the statement. Detailed metrics must be included so that the executives are under no ambiguity as to how to measure success or not. The purpose must be a continuous process framed at the corporate strategy level, but executed pervasively throughout any organization. Finally, each company must always own up to its unique challenges within the market.

Source:https://hbr.org/2017/02/what-mark-zuckerberg-understands-about-corporate-purpose?

A study conducted by Hootsuite with LinkedIn has found out that CEOs who use social media to connect with the followers tend to have a positive impact on the field of talent recruitment. This is because it leads to a two-fifths rise in employee engagement at any level. The perception of CEOs at Fortune 500 companies being feared has given way to those who are more likeable and thus more likely to connect with the customer base as well. In some cases CEOs develop their own social content while in others it is curated for them by specialists. Such behaviour cuts across industries including the earlier most hierarchical finance profiles. There is even a multi-step Social CEO programme in place. It involves several components such as company branding, developing personal brand, participant base, content, analysis and corporate training. There also needs to be complete clarity as to who owns this space, whether the CEO directly or any department. Compliance must be involved from the inception stage itself so that the team is aware that no sensitive business details are being shared by these social CEOs on social media outlets.

Source:http://www.forbes.com/sites/joannabelbey/2016/11/30/the-social-ceo-executives-are-using-social-media-to-transform-firms/#42d786be2d80

Ten principles have been identified which must included as a part of corporate strategy but will gain traction when executed smoothly. First of all, the aim must always be to reach as high as possible. The company must identify what are its own top strengths and build upon them. Agility is the new buzzword and companies must be ambidextrous enough to take on any market disruptions. Each member of the strategy team must have his/her goals clearly etched out. It is however not enough o simply draft the said strategy. It is pertinent then to create structures to support this strategy. While for business purposes teams will be divided on the basis of functionality such as finance, marketing or HR, these teams must be fluid enough to collaborate with one another. Knowledge must never be hidden within silos. The enterprise must embrace digitalization in every aspect using technologies such as Cloud, Internet of Things and business analytics. Strategy must never mean something that is over-arching so vague for the common workers. Instead the document and its subsequent execution must be simple to follow. The value chain must be created to be able to support the company processes and future expansion plans. These new digital initiatives must be included so contingencies exist during disruptions by newer players or competitors. Finally, the entire team must be geared towards a common goal. Fleet-footed companies need to imbibe this sort of collective mastery.

Source:http://www.strategy-business.com/article/10-Principles-of-Strategy-through-Execution?gko=7f785

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