Today in this post we will demonstrate how to evolve your strategy to stay ahead of the market. As a guide to the discussion, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the corporate strategy section that begins on page 52 of the PDF.
I recently interviewed Jeff Ray, the Chief Executive Officer for Ellucian. A worldwide leader, Ellucian provides software and services to the higher education market. 18 million students around the world are touched by Ellucian software tools each day. Jeff demonstrates how to evolve your strategy to stay ahead of the market.
In the first segment of the show, Jeff and I discuss the three drivers of growth for Ellucian. In a mature ERP market Jeff outlines the need to grow by taking share from the competition. Jeff describes this colorfully as a ‘cage match’ between entrenched vendors. This requires bloody knuckled, classic street fighting sales reps that know how to beat the competition. Watch as we discuss two other drivers of Ellucian’s growth involving market expansion and market exposure. Each growth driver requires different skills, hiring profiles, maybe even a different compensation plan.
To avoid competitive erosion, Jeff describes how revealing insights from quantifying Customer Acquisition Costs impacted his strategy. He evolved the strategy to re-allocating spend in sales. Jeff explains; “Customer Acquisition Costs became really important. We found that we could make significant trade-offs in where we were allocating spend in sales to go after higher growth markets without disrupting the core sales pipeline of the traditional direct sales model.”
Why this topic? Strategic time horizons are changing. 5 year strategies are getting compressed to 3 year strategies and 3 year strategies are getting converted to 1 year operating plans with quarterly agile iterations. This time compression requires the CEO, and his executive leadership team, to build the capabilities associated with strategy evolution.
If you need more help with your sales culture, download our 10th annual workbook, How to Make Your Number in 2017. To request a workshop with an expert simply sign up for a MySBI account and check the box in your preferences to request a workshop.