Corporate CEOs are tasked with the monumental challenge of driving growth (and returning shareholder value), while overseeing operational excellence, fiscal responsibility, human capital development and much more.
Great leaders know that results come from focusing on the right priorities - those areas that truly impact company performance. Too often however, the sheer volume of responsibilities, day-to-day tasks, and seemingly urgent issues serve as a distraction and take focus and energy away from the core areas that truly impact growth.
- Fierce market competition - that either existed before we attempted to enter or new competitors emerged that served the market more effectively and captured a greater share while building greater defensibility
- Shrinking market - due to economic, political, or technological innovation
- Weak market - where demand for our product or service is low
- Too small a market - where the addressable needs are too few to generate sufficient revenue
- Un-ready market - where we are too early for the market
- A willingness to experiment
- Personal initiative
- Fast decision-making and execution
- Ability to spot unique opportunities
- A focus on strengths
- Engaged workforce
- Talented employees
- Great managers
- Channels - Identification, measurement and optimization. With the proliferation of digital channels and the complexities that go along with measuring the impact and cost of each, companies often struggle with where to focus efforts, budget and resources and miss opportunities for identifying new channels or optimizing existing channels.
- Message - Customer-centric, differentiated, and consistent. Effective messaging is the outcome of insight from market research, customer development, strategic positioning and product development. Frequently however, there are issues with consistency and quality of messaging with results showing feature-driven rather than customer-centric messaging that fails to resonate with customers. Further, when the messaging that “works” is not shared and utilized across all channels and platforms, effectiveness suffers.
- Sales and Marketing Capability - Often organizations lack an area of expertise, experience or capacity and end up weighted too heavily in one direction or another - for example, too many “closers” in the sales team but not enough “hunters” and with limited marketing support. Or, lots of marketing output but limited ability to measure and gain insight from the activities. Just industries, markets and consumer and B2B buying behaviors are constantly shifting, so too are the practices (and technologies) associated with sales and marketing. Too often however, companies are still utilizing antiquated practices and outdated technologies.
- Annual spending
- Cost efficiencies
Their work is based on the Net Promoter System which gauges a customer's likelihood of recommending the business/product/service to others on scale of 1-10. According to research by Bain & Company “On average, an industry’s NPS leader outgrew its competitors by a factor greater than two times.”
That said, a high NPS is score in and of itself is not enough to indicate a company’s ability to grow. All of the above barriers and risks to growth must be mitigated or the opportunity presented by a loyal customer base will be squandered.