SHOW & CHAPTER 51: IMPLEMENTATION PLAN TO REVOLUTIONIZE CUSTOMER RELATIONSHIPS - WILLIAM EASTMAN29/6/2022
Well now, I am always proud of the work we do at IBGR, otherwise you wouldn't hear or see it. As we built today's show and implementation plan, the title of the show changed.
If you build a data based relationship with core customers using these tools it will be a defining competitive advantage for your business - I promise. The implications are beyond the insights and tools, it is about a new type of relationship where their success is yours.
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SHOW & CHAPTER 50: IMPLEMENTATION PLAN FOR LOWEST COST PRODUCER & FIRST TO MARKET - WILLIAM EASTMAN28/6/2022
It is the last week of Season 9 and the focus is on pulling the material together into an implementation plan.
The following is a summary of the last 12 weeks and the shape of our newest book on Recession Proofing Your Business by Achieving LCP & First to Market. SHOW & CHAPTER 49: IMPLEMENTATION OF FINANCIALLY RECESSION PROOFING YOUR BUSINESS - WILLIAM EASTMAN27/6/2022
It is the last week of Season 9 and the focus is on pulling the material together into an implementation plan.
The following is a summary of the last 12 weeks and the shape of our newest book on Recession Proofing Your Business.
The purpose behind meetings is to achieve one of the 3 outcomes: alignment, calibration, or celebration. Instead most organizations meet over anything and create the impression it is a waste of time - because it is. Making the meetings effective is creating a balance between individual and team performance, and eliminating or shrinking the pools of ignorance. Additionally you need to constantly reinforce good performance and celebrating it in a team setting is very effective.
Once the new product / service has been built in beta form, the final step is understanding how it performs for the customer.
Using the data collection processes previously established, how well does the new offer perform in the areas of promised results and user friendliness - UX
Successful product launches are one of the most important contributions a marketing team can make on behalf of their organization. Product launches are a dynamic, exciting opportunity for marketers to shine––but they are also a highly collaborative and risky endeavor with multiple moving parts, any of which can go sideways.
Messaging - keep it tight to the initial development cohort buying persona, Multiple endorsements - use beta group, during the soft launch A/B/C test to get the messaging right, keep the agilean team together for soft and hard launch.
Let's cover some new terrain. Unlike my other shows, I am exploring new ideas and crypto fits the bill. It is focused on the impact of sales if you don't have the ability to take crypto - it is estimated that 10-15% of your sales 2022 will be lost if crypto is not a viable payment option.
Today's show is about pulling it all together. Whether you have been implementing this change plan over the last 10 weeks or you were waiting until reaching the end, it doesn't matter.
The goal has stayed the same. You know with an oncoming economic contraction (recession), your company as it exists is not ready for the challenge. This plan or map will help 'Strengthen Your Core' and come out of the contraction better than the competition and ready to take full advantage of the next economic expansion.
Bring the customer inside your product / service development process to ensure you are building something they will buy. The product or service of the process is obviously the objective, but there is more. Usually this is the first time that you and the customer have really worked collaboratively and it presents an excellent opportunity to upgrade the relationship, to take it to another level.
Today's show is all about process.
Prototyping is the first step in the journey to market, revealing hidden obstacles and unforeseen challenges, and the initial look and feel of the part. Why would you wait until the manufacturing stage to discover problems, when you could have uncovered and solved them earlier at a much less expensive price?
An experimental process where design teams implement ideas into tangible forms from paper to digital. Teams build prototypes of varying degrees of fidelity to capture design concepts and test on users. With prototypes, you can refine and validate your designs so your brand can release the right products.
A Financial Scorecard is a measure of the impact of Operations, Customers, and People.
A company's profitability is a function of how well the owner / executive utilizes current resources to build and deliver its offer, managing the entire customer engagement process, and the ability to staff the organization with talent that makes an impact
Today we come to the end of the Change Management Process. We suggested making the change in 4 phases: Identifying what needs improvement from a Financial perspective, then moving over to how Operationally efficient is the business. Once we have our house in order internally, it is time to look at the Customer side of the business - revenue and holding our best accounts during the recession. Today we close with the fourth element - making it easier for People to do their best work.
Today's show is all about Agile as a project management tool, and second how to use it in New Offer (Product or Service) Development.
It is the ultimate co-development tool - when you need to build something when the characteristics of the offer are unknown. Agile is a complete process for Exploring an Idea, Designing & Developing it, and Testing the Beta Version prior to release.
Products and services are designed and developed to meet specific customer specifications which ensures a better solution to market quiCker at a lower costs, plus the initial offer is usUally presold.
Co-development is when businesses include outsiders in the ideation and development process. Most companies keep new products and processes strictly internal; some even work hard to keep them secret. SHOW & CHAPTER 37: THE MOST POWERFUL FINANCIAL TOOL - FORECASTING CASHFLOW - WILLIAM EASTMAN6/6/2022
During the early stages of a small business, one of the major failure points is cash flow. Business Owners need to understand their break even point and sources & uses of cash to prove the business idea by staying alive long enough to give their offer the testing time necessary.
It becomes the essential financial tool during an economic contraction, this and only this will drive decisions impacting how long the business will last. PART IX: MAKING CHANGE WITH CUSTOMER PROCESSES TO MAKE MONEY IN A DOWNTURN - WILLIAM EASTMAN3/6/2022
This is one of several weapons you have to Strengthen Your Core and come out of the economic contraction better than the competition. The focus is not on acquiring new accounts - continue to do so, but the real revenue during a contraction will come from reducing your offer and holding core customers for as long as possible. The following is a great place to start.
Employees need to own the numbers, by posting their scores daily creates the required ownership. Every person is responsible for maintaining their own metrics and sharing the information by using a centralized dashboard and personally posting their metrics daily within the team.
Once you have helped the customer by transferring your technology it is time to trade - what do they do better than you.
Additionally you need their help in the new product / service development process. In order to run a D&R (Development & Research) process, you cannot build on spec - you need customer involvement in the process.
This is a structured approach to defining customer needs or requirements and translating them into specific plans to produce products to meet those needs. Reduces the likelihood of late design changes by focusing on product features and improvements based on customer requirements
The major benefit of integrated, quantitative credit risk management is to reduce revenue losses. Monitoring your credit risk allows your executive management team to understand which potential clients may come at too high a risk and above your pre-identified risk tolerance.
Last week we moved from talking about the what and started on the how for gaining the expertise and commitment of the organization to Recession Proof the Business. In Part VII we covered the first SCRUMS and Sprints for Finance, this week we take the financial results and focus on operations.
The last segment of a position description - which of the Initiatives / Goals / Objectives do they impact performing their position description. Everybody in the organization is responsible for objectives and goals affected by their position: (1) Business Acumen Training, (2) MBO, (3) Shared Financials
Do you really understand what the customer thinks? Do you know how the customer experiences all of the touchpoints they have with your business? Last week we covered helping the customer with process improvements, this week is all about helping them improve their customer relationships.
As a business best practice, being first to market with a superior offer provides an unbeatable competitive advantage. Within the context of responding to the business cycle, having a new offer ready at the beginning of an economic expansion guarantees gaining a tremendous multiple for the new product or service development - and leave no money on the table.
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