Leading growth in today’s dynamic and changing marketplace requires more than the traditional marketing practices that have been in place for years. In our October newsletter, we talked about how Effective Growth Leaders are winning market share and consumer based growth in their industries vis-à-vis their competitors because they are doing things differently. These are the remaining four habits which lead to winning in the marketplace:
4. INNOVATE AND PURSUE THE “NEW” ACROSS ALL BUSINESS FUNCTIONS: Effective Growth Leaders are masters of innovation and are open to “new” business models – across all business functions – to reenergize their growth curves. Whether it’s new offerings, new driving insights, new communication big ideas, new value propositions, or new customer experiences, Effective Growth Leaders develop comprehensive “front-to-back-end” strategies to strengthen today’s established business and to create tomorrow’s new business growth. They seek out innovations in overlooked areas including: sales processes, the retail experience, infrastructure gaps, new insights which better fill unmet needs and trigger new brand trial, and new ways to engage old and new consumers more regularly. Effective Growth Leaders are fearless and will flex the business model to accelerate new growth efforts, even if it is “outside the box.”
5. CREATE GOALS AND TRACK SUCCESSES ON DASHBOARDS: Effective Growth Leaders pay vital attention to creating measurable goals and tracking growth diagnostics. They know the full size of the prize and put forth attainable goals and incentives so that there is broad commitment to the growth goal across the company. By reporting and tracking progress on the dashboards, at the C-suite level, Effective Growth Leaders insure that cross-company commitment to the initiatives continues. Dashboard reporting guarantees that Hispanic market progress reports are reviewed at the same time at the other key performance indexes (KPIs). Hispanic market currency is then continuously aligned and address at a cross-company level.
6. PLACE OVERSIGHT FOR IMPLEMENTATION IN P&L SEAT: Effective Growth Leaders park the responsibility for implementation and integration of strategies at a centerpoint with authority for implementation across various business lines, such as a head of business unit, head of North America, or president of consumer business. They understand that in order to innovate across various touchpoint experiences, not in a narrow silo of only marketing or sales, they must place authority in the hands of a “total business integrator” with Profit & Loss authority.
7. EARN TRUST OF THE CFO: Today, more than ever, it is all about financial impact, not just marketing products and campaigns. Effective Growth Leaders understand that much power resides with the CFO, who are responsible for budgets, headcount allocations and reporting to Boards. Increasingly, the ‘boss’ is the CFO, who serves as an invaluable sounding board to the CEO when tough decisions need to be made in planning and strategy. At many major companies, the CFO earns more than the CEO including Apple, Amazon, Google, Bank of America, and Facebook. (Bloomberg.com) Effective Growth Leaders recognize the CFO’s role as the corporate catalyst; working to insure the CFO’s involvement and apply sound financial methods to their opportunity modeling.
By applying these Seven Habits of Effective Growth Leaders to our own businesses, we can accomplish the dual goal of strengthening and expanding today’s current business and creating tomorrow’s new growth targets. Are you ready to become a growth leader? We are ready to work with you on applying these habits to your strategic development.
SSG is a strategy consulting firm driven by management P&L experience and predictive analytics. We develop fact-based business models, growth roadmaps, insights and segmentations for the Total Market and the evolving Hispanics, Multicultural & Millennial segments. We help clients focus their limited resources where the highest market opportunities exist, and which strategies advance maximum, efficient Total Market growth.