If you are in the media industry, you’ll want to read this article on operational excellence and dramatically improving results.
Can you quickly rhyme off where most of your business comes from? If not, you need to think long and hard about that question. Most of my business comes through three sources:
- Introductions from current and past clients
- Introductions from colleagues and peers
- Marketing activities such as speaking and handing out my commercially published book
What are the top three sources for your organization’s growth? Here are some options for where growth can come from:
- Direct introductions from current customers
- Ambassadors/evangelists spreading the word about your organization
- Current customers buying more from you
- A mass marketing campaign
- Good press from community service
- Your brand name and profile
- Your reputation
- Moving into new markets
- Launching new products and services
- Forming alliances and partnerships
You need to choose the areas that have been most successful in the past and figure out how to replicate that success. Can you create more brand ambassadors? Can you do more community service projects? Can you move into other markets?
Where has growth come from in the past and where will it come from in the future?
When you are able to make yourself and your organization an object of interest, customers will come to you. It’s not just about branding and reputation, it’s about creating a buzz and providing something that people are interested in and want to be a part of. Here are some ways to become an object of interest:
- Write a book or an article providing insights and strategies that no one else has talked about.
- Offer an exclusive event with a high profile speaker or celebrity.
- Take a position on an industry issue and be very vocal and public about that position and how it will improve the entire industry.
- Provide recommendations based on data and insights that no one else has access to.
- Gather endorsements and testimonials from well-known people and companies.
Becoming an object of interest increases profit, accelerates new customer acquisition, strengthens customer retention, and makes it easier to attract the best people.
What are you doing to become an object of interest?
If there is only one thing you do this week or this month to improve operational excellence in your organization, this is it. Are you ready? Review the three questions below and choose at least one of them to take action on:
- Are there any areas of our organization where the way we operate has not been reviewed or assessed in more than two years? If yes, then I guarantee there is a dramatic opportunity to improve performance and profitability in that area.
- Are there things that our customers are doing that we could be doing for them that would add value? If yes, then there is a new product or services in the making that you can commercialize and offer to customers.
- Do we have the right people in place for the future needs of our organization (NOT the current needs)? In order to answer this question, you need to know in which direction you want to take the organization. Are you launching new products? Moving into new markets? Changing your customer acquisition strategy or your pricing model? Regardless of the direction you want to go, you need to ensure you have the right people to get you there.
By tackling even one of these questions, you will find dramatic improvements to performance and significant increases in profitability.
Here is a short video for my True Profit Think Tank on January 28. Click here to register and for more details.
The Five Myths of Mastering Margins teleconference
Do you know the seven levers for dramatically increasing profit margins?
On this free teleconference, I will discuss ways to:
- Increase profit margins without making any capital investments or inhibiting top line growth.
- Test your actual profit against your potential profit.
- Identify and leverage the areas of greatest opportunity.
- Identify different profit margin levers and master the ability to pull those levers at the right time.
- Dispel the five myths of mastering margins.
We will go through an exercise to help you identify which of the seven levers will provide the best opportunity for increasing margins immediately.
Join me on Thursday August 14 at 11:00amEST and I will teach you how to master profit margins. All you need to do is sign-up.
If you can’t make it on the 14th, sign up anyways, because I will send the recording to everyone who registers.
There will be a special offer during the teleconference, so you won’t want to miss it!
Email me at [email protected] to register.
Miller’s Monday Morning Message
presented by ACM Consulting Inc.
Andrew Miller on operational excellence, strategy, life balance and everything in between
Toronto – June 23, 2014
There are only three ways an organization can improve profit margins:
In order for organizations to be able to master the art of maximizing profit margins, they need to know which levers to pull in order to maximize those margins. Pulling these levers means having the right strategy to take advantage of the opportunities. These levers become even more important when you are in industries like retail where margins are very tight to begin with. Mastering margins is not just about cutting costs to increase profit, it’s about knowing which levers to pull, what strategies to implement, and when to pull the lever.
Mastering profit margins is like operating a crane. If you pull the right lever at the right time, you are able to lift a huge piece of equipment or material with ease. You use leverage. Mastering margins is the same. You use a small amount of effort effectively and you are able to raise margins dramatically.
Here are the key levers that organizations can pull to master their margins:
To be a successful and profitable company, you need to know which levers to pull and when. And often you may be pulling multiple levers at the same time.
Which levers can you pull to maximize your profit margins?
My book, Redefining Operational Excellence, is now available. Click here to order your copy.
To request an interview or more information, please contact:
Follow me on Twitter @AndrewMillerACM
© Andrew Miller. All rights reserved. 2014.