Ad Fed Challenging Economy 2003 07 Version

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This is a short talk I gave to our local advertising federation in early 2008 on how to deal with a challenging economy.

Transcript of Ad Fed Challenging Economy 2003 07 Version

  • 1. We're in the midst of a serious financial crisisour entire economy is in danger these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence without immediate action America can slip into a major financialpanic.President George W. Bush This is not just an inconvenience: it is the most significant financial crisis in our lifetime, perhaps all time. It will affect spending and economic activity. It will affect the unemployment rate. It will affect real incomes. It will affect everybody's standard of living It's about the overall performance of the U.S. economy over perhaps a period of years. The choking up of credit is like taking away the life blood away from the economy.Federal Reserve Chairman Ben Bernanke

2. How to Succeed in aChallenging Economy John Spence Flycaster & Company 3. 4. Culture of Continuous Innovation Extreme Customer Focus Kiazen + VOC 5. 6. 1. Measure Key Drivers Relentlessly

  • Do you have a dashboard of the top 5 or 6 things that TRULY measure the health, vitality and long-term success of your business? And, are you looking at it every single day?

7. 2. Do you have a clear and well-communicated Survival Plan for success in the next 18-24 months? 8.

  • Jack Welch

9.

  • Surveys
  • Lunches
  • Phone calls
  • Emails
  • Trade shows
  • Events
  • Letters
  • Associations
  • Customer panels
  • Partner data
  • Advisory boards
  • Web forums

10. 4. Be Proactive

  • Meet the customer where they are.
  • Give them exactly what they want now!
  • Quality - Cheap - Fast pick two.
  • Quality + Value + Fast + Superb Service = Great Total Experience.
  • Find great partners.N=1/R=G
  • Deliver consistently superior customer service.
  • Make it a wonderful buying experience.
  • Be Professionally Aggressive.
  • Hope is NOT a strategy!

11. Anne Mulcahy CEO of Xerox and the third most powerful woman in the world!

  • Build a network of great relationships with people who want to see you succeed.
  • You dont have all of the answers, so ask for help and advice from the smartest people you can find.
  • Learn to be a learner.
  • Listen intently to your employees and to your customers.

12. 5. Only Top Talent 13. As you read the following GE leadership values 14.

  • Are passionately focused on driving customer success.
  • Live Six Sigma quality, ensuring that the customer is always its first beneficiary, and using that concept to accelerate growth.
  • Insist on excellence, and are intolerant of mediocrity or bureaucracy.
  • Act in a boundaryless fashion, always searching for and applying the very best ideas regardless of origin.
  • See change for the positive growth opportunities it brings.
  • Create a clear, simple, customer-centered vision, and continually renew and refresh its execution.
  • Create an environment that stretches excitement, informality and trust; rewards improvements; and celebrates results.
  • Demonstratealways with infectious enthusiasm for the customerthe Four Es of GE leadership: the personalEnergyto welcome and deal with the speed of change; the ability to create an atmosphere thatEnergizesothers; theEdgeto make the difficult decisions; and the ability to consistentlyExecute

GE leaders, always with unyielding integrity: 15. 16. What Inhibits Execution? National Survey of 4,000 Senior Executives

  • 4. Inability to work together as an effective team (21%)
  • 3. Company culture that allows mediocrity (23%)
  • 2.Economic climate (29%)
  • 1. Holding onto the past / unwillingness to face and embrace CHANGE (35%)

17. Where are we going + How will we behave on the way. Focus Differentiation Allstakeholders + guiding collationVision + Values Strategy Plans Goals / Objectives Tactics / Actions Clear / consistent / relentless Training + time / money / supplies / people Measure / Track Over-communicate TransparencyRenewal Praise + Celebrationand Eliminate Mediocrity 18. Six Steps to Survival and Success:

  • Measure Key Drivers Relentlessly
  • Create a Focused Survival Plan
  • Own the Voice of the Customer
  • Be Proactive
  • Only Top Talent
  • Disciplined Execution

19. 1,600 companies down to eight essential management practices:

  • A sharply focused, clearly communicated and well-understood strategy for growth.
  • Flawless operational execution that consistently delivers the focused value proposition.
  • A performance-oriented culture that does not tolerate mediocrity.
  • A fast, flexible, flat organization that reduces bureaucracy and simplifies work.
  • Talent = find and keep the best people release poor performers.
  • Key leaders show 100% commitment and enthusiasm for the business.
  • Embrace strategic innovation look for new ways to compete and succeed.
  • Master the power of partnerships with customers, vendors and employees.

20. chaos brings opportunity For those that are prepared