Joining us for today’s show is Dennis Hummel, an executive who knows a thing or two about driving aggressive revenue growth. Today’s topic is focused on developing your corporate strategy objectives. Dennis and I leveraged the SBI annual workbook to guide our conversation. To follow along, flip to the Corporate Objectives phase on pages 54 – 59 of the workbook.
As the President of Maritz Holdings, Dennis has been with Maritz for fifteen years and prior to that was President of GE Capital IT Solutions. Maritz is a privately held company with revenues just north of $1.2 billion dollars with 5,000 employees. At some point in your career you have participated in a Maritz built incentive or loyalty programs. Today Dennis is going to share how he provides clarity of objectives to his leadership teams.
Dennis is uniquely qualified to speak on this topic of corporate strategy objectives. Maritz Holdings has several companies in different industries including the travel, industry and motivation industries. Dennis is responsible for setting the strategic direction for each company.
Listen as Dennis demonstrates how to create clarity throughout the entire company by getting everyone laser-focused on the real drivers of revenue growth. This show is a must watch for executives seeking to bring clarity to the leadership team on how to achieve high growth goals.
Why this topic today? Organizations that have too many objectives and priorities really don’t have any at all, they risk accomplishing nothing of significance. A corporate strategy often does not get executed because the sales, marketing, and product leaders, are in their silos pursuing what they feel is important. This causes strategic misalignment, and often results in sub-par revenue growth.
We begin the show discussing how important it is for his leadership team to understand how we make money and how that affects cash flow. We then discuss the three different types of growth strategies that a company can deploy. The first is market expansion where high water raises all ships. You’re in the right market, at the right time, at the right offering, and you’re going to grow because that sector is doing really well. The next is market exposure you go after an adjacent growth market and grow. The third type is market share where you are competing in a highly competitor and/or slow growth market. To grow you must take business from competitors. Dennis describes how his business units are leveraging all three strategies due to the different dynamics faced in each market. Listen to the scenarios Dennis describes to better understand why it’s important to identify your specific growth strategy.
Dennis and I discuss how you select a growth strategy to achieve your aggressive revenue growth goals. Can I expand in my current business? Can I expose myself to a new business? If I’m going to be in a market share battle then I better know my accounts better than a competitor can learn my accounts. Your growth strategy comes down to selecting market expansion, market exposure, or market share performance. Depending on what you select determines your sales strategy. In the final segment of the show we discuss the strategic trade-off decisions that must be made to prioritize long-term value creation and how to measure a return on ROI.
Would you like help developing your growth strategies or fine-tuning your go-to-market approaches for your existing growth strategies? For your next executive offsite, bring your team to come see us in Dallas at The Studio, SBI’s multimillion dollar, one-of-a-kind, state-of-the-art executive briefing center. A visit to The Studio typically results in getting three months of work done in three days. The immersive sessions accelerate everything, dramatically reducing the time it takes to diagnose a problem, develop a solution, and create an implementation plan.