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Accelerating Revenue Growth 
                                  
     How to Apply Five Winning Principles for Achieving 
    Double‐Digit Growth in the Media Technology Industry  
                                
                                
                                




                                                         
 
 
                                By 

                     Steven A. L’Heureux 
                       salheurx@hotmail.com
                          +1 (949) 422‐1437 
 
 
 
 
 
 
Special Report 
 
 
The Challenge: Driving Double­Digit Growth in a Slow Growth Market 
 
Achieving high growth in a strong market is relatively easy; a rising tide raises all ships.  But how do you 
wring double‐digit growth out of a market that’s growing at only a single digit rate?  Only one of the six 
major  market  segments  within  the  Media  and  Entertainment  industry  is  expected  to  top  10%  CAGR 
(Compounded  Annual  Growth  Rate)  between  2006  –  2011  according  to  recent  research  published  by 
PricewaterhouseCoopers.   Driving double‐digit revenue growth in the media technology market is going 
to be extremely challenging over the next few years.   
 
                                                        2006            2011            CAGR 
          Internet Access & Advertising                 $177 Billion    $332 Billion    13.4% 
          TV Networks (Broadcast & Cable)               $172 Billion    $228 Billion    5.8% 
          TV Distribution                               $161 Billion    $251 Billion    9.3% 
          Sports (Gate & Media Rights Fees)             $96 Billion     $124 Billion    5.2% 
          Filmed Entertainment (All Outlets)            $81 Billion     $103 Billion    4.9% 
          Video Games (Consoles/Games/Online)           $32 Billion     $49 Billion     9.1% 
 
 
So  why  be  concerned?    Should  you  just  accept  a  brief  period  of  slow  growth  as  part  of  the  normal 
business cycle?  Of course, the answer is an emphatic, “No”!  Michael Treacy wrote in his book entitled 
Double‐Digit  Growth,  “Growth  is  the  oxygen  of  business,  the  key  to  business  life  or  death.    Growing 
enterprises thrive; shrinking companies vanish”.  Fine, so revenue growth is good, we can all agree with 
that basic premise.  But, how does one go about making growth happen in a challenging market?    
 
Based  on  his  eight  years  of  research,  Treacy  identified  five  key 
disciplines for driving double‐digit growth:   
    (1) Improve customer base retention,                                             “Within 17 
    (2) Focus on market share gain,  
                                                                                     months, revenue 
    (3) Show up where growth is going to happen,  
    (4) Penetrate adjacent markets,                                                  jumped 145% and 
    (5) Invade new lines of business.                                                EBITDA increased 
The  key  to  a  successful  growth  strategy  is  to  develop  initiatives          240%…Skillfully 
across multiple disciplines, thus creating a broad portfolio of plans.     
 
                                                                                     applying the 
However,  having  the  intellectual  understanding  of  what  to  do  to             principles outlined 
grow  your  business  is  one  thing;  having  the  talent  within  your             in this report can 
organization  to  execute  is  quite  another.    This  special  report              have the same 
documents  how  these  disciplines  were  applied  by  the  author  with 
great success at Encoda Systems’ broadcast automation division, a 
                                                                                     profound impact 
troubled  business  that  was  struggling  with  four  years  of  declining          on your business 
revenue  and  seven‐figure  EBITDA  losses.    The  turnaround  results              as well.”  
were  stunning.    Within  17  months,  revenue  jumped  145%  and 
EBITDA  increased  240%,  restoring  profitability.    Skillfully  applying 
the  principles  outlined  in  this  report  can  have  the  same  profound 
impact on your business as well.   


Accelerating Revenue Growth                                                                                Page 2 
 
Special Report 
 
 
 
Principle 1:  Improve Customer Base Retention 
 
                                                  Having  spent  my  entire  career  selling  complex  technology 
                                                  solutions, I can attest that the easiest sale is to an existing 
                                                  satisfied customer.  Why?  If you’ve served your customers 
       “While selling to an                       well,  the  established  trust  relationship  affords  you  a 
       existing customer may be                   decided  advantage  over  your  competition  for  winning 
       the easiest sale you’ll                    future business.  Having sold to a customer previously, you 
                                                  know  the  various  players  involved  in  the  buying  process: 
       ever make, winning an 
                                                  who  has  buying  influence,  who  are  the  important 
       account from a                             recommenders,  who  are  the  key  users  of  your 
       competitor will most                       product/services  and  who  will  make  the  final  decision.    If 
       likely be the toughest                     you’ve  done  your  job  particularly  well,  you’ll  also  have  an 
                                                  internal  champion  to  advise  you  and  tilt  the  playing  field 
       revenue you’ll ever earn.” 
                                                  even  further  to  your  advantage.    Simply  put,  the  deck  is 
                                                  stacked  heavily  in  your  favor  if  your  organization  is 
                                                  methodically  collecting,  documenting  and  leveraging  this 
                                                  critical customer information for future use.   
 
Note,  the  key  phrase  in  the  previous  paragraph  is,  ‘if  you  serve  your  customers  well’.    To  retain  your 
customer base and reap the resulting financial rewards, in addition to staying close to your customer, 
you must also continually improve your value proposition and make switching to a competitor costly.  
Frankly,  this  was  the  strength  of  Encoda’s  automation  business  prior  to 
my arrival as the new President.   In 2003, 93% of Encoda’s revenue came 
from  existing  customers.    The  customer  base  was  tiny,  but  extremely 
loyal despite Encoda’s aging and highly proprietary technology.   
 
Customers  were  reluctant  to  switch  away  from  Encoda  because  there 
were few ready alternatives.   Since its inception, Encoda had dedicated a 
significant  portion  of  its  software  development  resources  to  customer 
requested  custom  functionality.    Each  time  Encoda  agreed  to  deliver  a 
customized  software  feature  for  an  individual  customer,  that  customer 
became further entangled in the business relationship, ultimately making 
switching  extremely  difficult.    Encoda  also  demonstrated  unmatched 
flexibility  with  respect  to  after‐sale  support  and  product  maintenance.   
Support contracts were highly customized, often incorporating expensive 
concessions that most competitors simply wouldn’t or couldn’t match. 
 
The challenge was to retain the outstanding customer loyalty enjoyed by Encoda, but do it more cost 
effectively so the company could quickly return to profitability.  Four key programs were implemented: 
      1. A  vast  array  of  custom  support  contracts  were  replaced  with  a  three‐tier  customer  support 
           program  built  upon  value‐based  pricing.    This  dramatically  reduced  costs  and  increased 
           revenue per customer. 



Accelerating Revenue Growth                                                                                    Page 3 
 
Special Report 
 
     2. A global customer relationship management system (CRM) was deployed to capture and more 
         effectively  leverage  customer  information.    Key  customer  support  metrics  were  established 
         and  monitored.    For  the  first  time,  Encoda  could  now  methodically  measure  and  continually 
         improve customer satisfaction using hard data from the CRM system as its yardstick. 
     3. ‘One‐off’  software  releases  tailored  to individual  customers,  and  the  associated  support  costs, 
         were  eliminated  by  training  the  sales  force  to  be  more  skilled  at  negotiating  away  ‘custom’ 
         feature requests.  A senior product manager and the VP of technical services were assigned key 
         gate  keepers  as  part  of  a  rigorous  new  process  for  managing  the  product  roadmap.      New 
         features  that  did  make  the  general  product  release  were  aggressively  marketed  to  Encoda’s 
         entire customer base at ‘value‐based’ pricing levels.    
     4. Product installation efficiency and quality were improved by implementing a more sophisticated 
         system test and assembly operation as well as establishing a dedicated SQA function leveraging 
         state‐of‐the‐art tools and methodologies.  
 
By  measuring  and  continually  improving  customer 
satisfaction as well as providing high value services 
and  product  enhancements  to  its  customer  base, 
Encoda continued to enjoy a near perfect customer 
retention  rate  while  shifting  away  from  its  most 
unprofitable  practices.    These  changes  generated 
84  percent  revenue  growth  just  from  within  the 
existing  customer  base.    Furthermore,  the 
processes  and  controls  implemented  not  only 
reduced  service  support  costs  and  helped 
dramatically improved profitability; they also served 
as a vital foundation for cost effectively scaling the 
business as the company’s growth accelerated. 
 
 
Question:   Is there more your company can be doing to retain its customer base 
while maximizing the revenue and profit potential it represents?  
 
 
Principle 2:  Focus on Market Share Gain     
  
This  principle  is  all  about  stealing  market  share  away  from  competitors.    While  selling  to  an  existing 
customer  may  be  the  easiest  sale  you’ll  ever  make,  winning  an  account  from  a  competitor  will  most 
likely be the toughest revenue you’ll ever earn.  In business to business high technology sales, to convert 
competitive  users  typically  requires  both  a  substantially  better  value  proposition  and  a  complacent 
competitor.   
 
Therefore,  the  first  step  in  growing  market  share  is  to  identify  a  vulnerable  competitor.    Encoda  had 
plenty  of  options,  the  NAB  supplier  directory  lists  88  companies  engaged  in  television/newsroom 
automation.  Of that list, six companies had a sufficient market share that justified targeting; and one, 
Harris Corp., was especially vulnerable.   

Accelerating Revenue Growth                                                                                   Page 4 
 
Special Report 
 
 
Harris had acquired Louth, the granddaddy of all broadcast automation companies, when most master 
control  facilities  still  managed  only  one  or  perhaps  a  few  broadcast  channels.      After  the  acquisition, 
Harris  continued  Louth’s  tradition  of  competing  on  the  merits  of  their  impressive  library  of  device 
control utilities.  However, Harris had done an especially poor job of keeping its technology current with 
the  emerging  trend  of  multi‐channel  digital  operations.    The  plan  was  to  target  Harris’  largest 
automation customers with Encoda’s highly scalable D‐Series solution.   
 
An  aggressive  marketing  campaign  including  sales  team 
incentives,  marketing  communication  messages  and 
product  promotions  was  launched  specifically  to  exploit 
Harris’  weaknesses.    As  President  of  the  division,  I 
personally  traveled  around  the  world  visiting  Harris 
customers making the Encoda pitch.  The resulting program 
was a huge success.  Encoda won over a significant number 
of  Harris  customers,  including  Harris’  flagship  accounts  in 
both  North  America  and  Japan.    Encoda’s  market  share 
grew from 10% to 25% of the total market in less than two 
years,  according  to  Broadcast  Projects  International,  Ltd. 
(BPI), a leading UK based industry research firm.  
   
 
Question:   What market share gain is your company enjoying by attracting new 
customers from competitors? 
 
 
 
Principle 3:  Show up Where Growth is going to Happen 
 
This  principle  is  all  about  market  segmentation  and  positioning  –  classic  marketing  stuff.    The  key  to 
successful market positioning is to identify and stake out the new hot segments in your industry before 
your competitors.  There are leading indicators of new fast‐growth market segments you can sometimes 
spy, such as shifts in customer buying criteria.  However, to consistently spot positioning opportunities, 
your company must have a systematic approach to managing the segmentation process and possess 
broad industry expertise beyond your own markets. 
 
Classic market segmentation was once considered the exclusive domain of consumer marketing, but it 
has also been applied in commercial technology markets with great effect.  At both Odetics Broadcast 
and  Encoda  Systems,  we  executed  detailed  market  segment  quantification  and  financial  modeling  to 
determine  product  development,  positioning  and  pricing  strategy.    Some  of  the  key  elements  of  the 
market  segment  analysis  included:  size  of  market,  market  segment  trend  (growing/flat/declining), 
market  functional  requirements,  market  requirement    fit  with  existing  product  functionality/roadmap, 
competitive  landscape,  anticipated  margins,  access  to  market  (existing  or  potential  sales  channel), 
consistency with company vision, other market upsides and risks.    
 

Accelerating Revenue Growth                                                                                    Page 5 
 
Special Report 
 
Applying  a  rigorous  market  segmentation 
methodology at both Odetics Broadcast and Encoda 
Systems  resulted  in  dramatically  improved  business 
performance  over  a  very short  period  of  time.      For 
example,  at  Odetics  Broadcast,  gross  margins 
skyrocketed  (22%  to  56%),  software  revenues 
jumped  21%  and  a  $5.4  million  annual  EBITDA  loss 
was  erased.      At  Encoda  Systems,  a  similar  market 
analysis  process  pointed  to  focusing  on  the  DTH 
(Direct  To  Home)  market  segment.    While  industry 
wide  television  growth  projections  were  essentially 
flat,  research  conducted  by  Euroconsult,  an 
International  consulting  firm  specialized  in  satellite 
communications  and  broadcasting,  showed  that  the  DTH  segment  was  expected  to  grow  from 
approximately 5,000 channels worldwide in 2001 to over 41,000 channels by 2010.  Gaining the critical 
first mover advantage and effectively executing a targeted marketing campaign, Encoda dominated the 
fast growth DTH segment resulting in an astounding new customer revenue growth of 10X.   
 
 
Question:    What  level  of  market  segment  analysis  has  been  done  for  your 
business and what contribution has it made to your company’s top‐line growth?  
 
 
 
Principle 4:  Penetrate Adjacent Markets 
 
                                 Market adjacency is all about creating growth by expanding your total 
                                 addressable market (TAM).  But it’s a subtle concept, so perhaps the 
                                 best way to begin a discussion of this principle is with a definition of 
      “An adjacent 
                                 an adjacent market.  Markets are characterized by a commonality in 
      market strategy            key  attributes  such  as  product  needs,  customers,  cost  structure  and 
      is a high risk             competitors.    Slight  variations  in  one  or  more  of  the  characteristics 
      move because it            create  market  segments  within  the  same  market.    Significant 
                                 differences  in  some,  but  not  all  market  attributes  creates  separate, 
      potentially takes 
                                 but adjacent markets.    
      your company                
      outside its core           For  a  broadcast  master  control  room  automation  company  like 
      competencies               Encoda,  pursuing  Direct  to  Home  (DTH)  master  control  automation 
                                 opportunities was a market segmentation strategy.  Encoda’s decision 
      and comfort 
                                 to  pursue  network  monitoring  solutions  incorporating  sophisticated 
      zone.”                     transport stream and service path analysis tools, as described later in 
                                 this  section,  represents  an  adjacent  market  strategy.    While  the 
                                 customers and cost structure were similar to the automation market, 
                                 the product needs and competitors in the network monitoring market 
                                 were dramatically different.  

Accelerating Revenue Growth                                                                             Page 6 
 
Special Report 
 
 
An adjacent  market strategy is a high  risk move because it  potentially takes  your company outside its 
core  competencies  and  comfort  zone.    As  Treacy  points  out  in  his  book,  “Adjacent  growth  is  a 
challenging business.  Many companies have failed in their attempts to conquer neighboring markets”.   
 
So why take the risk?  There are two principle motivations for pursuing an adjacent market strategy: 
(1) you’re caught in a stagnant market and need to break out or (2) you’re enjoying great success and 
want to leverage your superior operating model.  Encoda had executed the growth strategies described 
earlier  in  this  report  brilliantly,  driving  the  company  to  a  25%  share  of  an  essentially  flat  market.  
However, continued share expansion in the core automation market was going to become increasingly 
challenging.  Pursuing an adjacent market strategy was the next logical step in the company’s quest for 
sustainable double‐digit growth.   
 
Once  you’ve  decided  to  pursue  an  adjacent  market  strategy,  you  need  to  identify  potential 
opportunities and begin an evaluation process.  As a starting point in your process, Treacy offers three 
key questions for assessing adjacent markets: (1) is it a promising market, (2) can you win in this market, 
and  (3)  can  you  create  exceptional  value  for  both  your  customers  and  investors?    The  market 
segmentation  analysis  criteria  outlined  in  the  previous  principle  can  also  aid  in  evaluating  adjacent 
markets.  You also must carefully consider the likely competitive response before entering an adjacent 
market.  Entrenched competitors should be expected to fight vigorously to protect their turf and push 
out any new entrants.  Once a high potential adjacent market is identified, you should also explore the 
make versus buy alternatives.   
 
Based  on  our  analysis  at  Encoda,  we 
selected  two  adjacent  markets  in  the 
broadcasting  space  to  pursue:  network 
monitoring and digital asset management.  
We  elected  to  build  the  monitoring 
solution  organically,  and  introduced  it  as 
the  VeriStream  product  at  the  2004  IBC 
tradeshow in Amsterdam.  In July of 2004, 
Encoda  acquired  Arkemedia  Technologies, 
an  asset  management  company  based  in 
the  UK.    Combined,  these  two  new 
adjacent  market  opportunities  would  shift 
Encoda  automation  from  a  stagnant  $100 
million  total  addressable  market  to  a 
rapidly  expanding  total  addressable 
market  four  times  larger  than  its  core 
automation  market.    Both  businesses  initiated  via  our  adjacent  market  strategy  were  exceeding 
expectations and had begun contributing revenue growth when Encoda was itself acquired by Harris in 
November, 2004.    
 
 
Question:    What  are  your  fastest  growing  adjacent  markets  and  how  can  you 
exploit them to your company’s advantage?       

Accelerating Revenue Growth                                                                                  Page 7 
 
Special Report 
 
 
 
Principle 5:  Invade New Lines of Business     
 
The ‘Invading new line of business’ growth strategy is about seeking new opportunities in markets that 
share  nothing  in  common  with  your  currently  served  markets.    Odetics,  Inc.,  the  parent  company  of 
Odetics Broadcast, provides a good example.  While I was with the company, Odetics owned businesses 
in television broadcast, home security, municipal traffic management, IT infrastructure technology and a 
US government contractor.  There was absolutely no synergy or sharing of resources among businesses.   
 
Entering new markets typically provides little opportunity to leverage the core competencies of your 
existing  businesses;  thus  the  risk  associated  with  this  type  of  growth  strategy  is  off  the  charts.    As  a 
result, this strategy is normally the path of last resort for all but those organizations that make a living 
out  of  acquiring  businesses.      In  fact,  successfully  executing  a  new  line  of  business  growth  strategy  is 
more of an investment exercise than a management challenge.  Companies that successfully grow new 
lines  of  business  have  deep  expertise  in:  (1)  selecting  and  valuing  businesses,  (2)  deal  structure  and 
financing, and (3) exerting financial, managerial and strategic control over the new business.    
 
So given the risks associated with this strategy, why do companies pursue this growth path?  Danaher, a 
diverse industrial company, leverages this fifth growth principle with great success.  Textronix, acquired 
by  Danaher  in  November  of  2007,  is  the  latest  addition  to  its  impressive  collection  of  companies.    In 
fiscal 2007, Danaher generated $11 billion in sales, a 16.5% increase over the previous fiscal year, and 
delivered  $1.12  earnings  per  share  (EPS)  from 
operations, a 19% increase over the previous fiscal 
year.    Generally  regarded  as  one  of  the  best 
managed  companies  in  the  world,  Danaher                          “...successfully executing a new 
acquires  for  the  long  haul,  infusing  its                        line of business growth strategy is 
management  philosophy  and  operational                              more of an investment exercise 
methodologies into each newly acquired business.                      than a management challenge.” 
Built  upon  the  concept  of  Kaizen  or  continuous 
improvement,  Danaher  relies  on  a  proven  and 
repeatable  business  process  called  the  ‘Danaher 
Business  System’  (DBS),  designed  to  unlock 
significant  incremental  shareholder  value  in  its 
newly acquired businesses.  Danaher’s website describes it well, “Success at Danaher doesn't happen by 
accident. We have a proven system for achieving it. We call it the Danaher Business System (DBS), and it 
drives  every  aspect  of  our  culture  and  performance.  We  use  DBS  to  guide  what  we  do,  measure  how 
well we execute, and create options for doing even better ‐‐ including improving DBS itself.”  As Danaher 
shareholders surely would attest, when executed well, a company growth strategy of entering entirely 
new markets can pay‐off handsomely.       
     
 
Question:      Does  your  company  have  the  necessary  ‘investment  mentality’  to 
successfully execute a new market growth strategy?   
 

Accelerating Revenue Growth                                                                                       Page 8 
 
Special Report 
 
 
Conclusion: Leadership is the Key  
 
Within  17  months,  Encoda’s  Automation  division  rose  from  the  crowded  ranks  of  second‐tier 
competitors to market share leadership.  This growth was achieved despite a flagship product built upon 
highly proprietary and aging technology.   With double‐digit revenue growth providing the resources to 
aggressively invest in  the  product portfolio; Encoda  developed a  powerful next generation, standards‐
based  broadcast  automation  solution.    This  new  flagship  product  advantageously  positioned  the 
company to capture even greater market share from its competitors and drive a new cycle of double‐
digit growth.    
 
However,  sound  methodologies  alone  can’t  deliver  high  performance  results.    It  also  requires  leaders 
with high personal standards, that model the behavior necessary to drive outstanding results and that 
can  cultivate  a  shared  passion  for  excellence  throughout  an  organization.        To  duplicate  the  results 
described in this report, you should seek and promote individuals that are comfortable with risk taking, 
setting  aggressive  goals  and  leading  in  the  face  of  uncertainty.    Together,  sound  methodologies  and 
strong leadership can combine to drive accelerated revenue growth in any market or industry.   
 
 
About the Author: 
 
Mr. Steven L’Heureux is a results‐oriented, technology‐savvy global business executive with a history of 
driving  double‐digit  growth  and  turning  around  underperforming  technology  organizations  serving  the 
media and entertainment industry. His broad leadership experience as company and division president 
is complemented by a strong background in sales and marketing. He thrives on the challenge of building 
successful  businesses  where  he  can  bring  to  bear  his  combination  of  proven  operational  leadership 
abilities and exceptional strategic business development expertise.  
 
In  senior  line  management  positions  over  the  last  fifteen  years,  Steven  has  brought  his  deep  media 
industry expertise, leadership skills and talent for defining and executing growth visions to organizations 
delivering sophisticated online and traditional media technology based solutions and services. 
 
Steven graduated magna cum laude with a Bachelor of Arts degree in Economics from the University of 
Wisconsin‐Whitewater.  
 
Contact Information: 
Steven L’Heureux 
34 Groveside Drive 
Aliso Viejo, CA 92656, USA 
 
Mobile:  +1 949‐422‐1437 
Email:  salheurx@hotmail.com 
 
Note:   You are welcome to copy and distribute this special report as often as you wish; it is only 
requested that you please include the author’s information page when doing so.  Thank you.          

Accelerating Revenue Growth                                                                                  Page 9 
 

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NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
 

Accelerating Revenue Growth

  • 1. Accelerating Revenue Growth    How to Apply Five Winning Principles for Achieving  Double‐Digit Growth in the Media Technology Industry               By  Steven A. L’Heureux  salheurx@hotmail.com +1 (949) 422‐1437             
  • 2. Special Report      The Challenge: Driving Double­Digit Growth in a Slow Growth Market    Achieving high growth in a strong market is relatively easy; a rising tide raises all ships.  But how do you  wring double‐digit growth out of a market that’s growing at only a single digit rate?  Only one of the six  major  market  segments  within  the  Media  and  Entertainment  industry  is  expected  to  top  10%  CAGR  (Compounded  Annual  Growth  Rate)  between  2006  –  2011  according  to  recent  research  published  by  PricewaterhouseCoopers.   Driving double‐digit revenue growth in the media technology market is going  to be extremely challenging over the next few years.        2006  2011  CAGR  Internet Access & Advertising  $177 Billion  $332 Billion  13.4%  TV Networks (Broadcast & Cable)  $172 Billion  $228 Billion  5.8%  TV Distribution  $161 Billion  $251 Billion  9.3%  Sports (Gate & Media Rights Fees)  $96 Billion  $124 Billion  5.2%  Filmed Entertainment (All Outlets)  $81 Billion  $103 Billion  4.9%  Video Games (Consoles/Games/Online)  $32 Billion  $49 Billion  9.1%      So  why  be  concerned?    Should  you  just  accept  a  brief  period  of  slow  growth  as  part  of  the  normal  business cycle?  Of course, the answer is an emphatic, “No”!  Michael Treacy wrote in his book entitled  Double‐Digit  Growth,  “Growth  is  the  oxygen  of  business,  the  key  to  business  life  or  death.    Growing  enterprises thrive; shrinking companies vanish”.  Fine, so revenue growth is good, we can all agree with  that basic premise.  But, how does one go about making growth happen in a challenging market?       Based  on  his  eight  years  of  research,  Treacy  identified  five  key  disciplines for driving double‐digit growth:    (1) Improve customer base retention,   “Within 17  (2) Focus on market share gain,   months, revenue  (3) Show up where growth is going to happen,   (4) Penetrate adjacent markets,   jumped 145% and  (5) Invade new lines of business.    EBITDA increased  The  key  to  a  successful  growth  strategy  is  to  develop  initiatives  240%…Skillfully  across multiple disciplines, thus creating a broad portfolio of plans.        applying the  However,  having  the  intellectual  understanding  of  what  to  do  to  principles outlined  grow  your  business  is  one  thing;  having  the  talent  within  your  in this report can  organization  to  execute  is  quite  another.    This  special  report  have the same  documents  how  these  disciplines  were  applied  by  the  author  with  great success at Encoda Systems’ broadcast automation division, a  profound impact  troubled  business  that  was  struggling  with  four  years  of  declining  on your business  revenue  and  seven‐figure  EBITDA  losses.    The  turnaround  results  as well.”   were  stunning.    Within  17  months,  revenue  jumped  145%  and  EBITDA  increased  240%,  restoring  profitability.    Skillfully  applying  the  principles  outlined  in  this  report  can  have  the  same  profound  impact on your business as well.    Accelerating Revenue Growth  Page 2   
  • 3. Special Report        Principle 1:  Improve Customer Base Retention    Having  spent  my  entire  career  selling  complex  technology  solutions, I can attest that the easiest sale is to an existing  satisfied customer.  Why?  If you’ve served your customers  “While selling to an  well,  the  established  trust  relationship  affords  you  a  existing customer may be  decided  advantage  over  your  competition  for  winning  the easiest sale you’ll  future business.  Having sold to a customer previously, you  know  the  various  players  involved  in  the  buying  process:  ever make, winning an  who  has  buying  influence,  who  are  the  important  account from a  recommenders,  who  are  the  key  users  of  your  competitor will most  product/services  and  who  will  make  the  final  decision.    If  likely be the toughest  you’ve  done  your  job  particularly  well,  you’ll  also  have  an  internal  champion  to  advise  you  and  tilt  the  playing  field  revenue you’ll ever earn.”  even  further  to  your  advantage.    Simply  put,  the  deck  is  stacked  heavily  in  your  favor  if  your  organization  is  methodically  collecting,  documenting  and  leveraging  this  critical customer information for future use.      Note,  the  key  phrase  in  the  previous  paragraph  is,  ‘if  you  serve  your  customers  well’.    To  retain  your  customer base and reap the resulting financial rewards, in addition to staying close to your customer,  you must also continually improve your value proposition and make switching to a competitor costly.   Frankly,  this  was  the  strength  of  Encoda’s  automation  business  prior  to  my arrival as the new President.   In 2003, 93% of Encoda’s revenue came  from  existing  customers.    The  customer  base  was  tiny,  but  extremely  loyal despite Encoda’s aging and highly proprietary technology.      Customers  were  reluctant  to  switch  away  from  Encoda  because  there  were few ready alternatives.   Since its inception, Encoda had dedicated a  significant  portion  of  its  software  development  resources  to  customer  requested  custom  functionality.    Each  time  Encoda  agreed  to  deliver  a  customized  software  feature  for  an  individual  customer,  that  customer  became further entangled in the business relationship, ultimately making  switching  extremely  difficult.    Encoda  also  demonstrated  unmatched  flexibility  with  respect  to  after‐sale  support  and  product  maintenance.    Support contracts were highly customized, often incorporating expensive  concessions that most competitors simply wouldn’t or couldn’t match.    The challenge was to retain the outstanding customer loyalty enjoyed by Encoda, but do it more cost  effectively so the company could quickly return to profitability.  Four key programs were implemented:  1. A  vast  array  of  custom  support  contracts  were  replaced  with  a  three‐tier  customer  support  program  built  upon  value‐based  pricing.    This  dramatically  reduced  costs  and  increased  revenue per customer.  Accelerating Revenue Growth  Page 3   
  • 4. Special Report    2. A global customer relationship management system (CRM) was deployed to capture and more  effectively  leverage  customer  information.    Key  customer  support  metrics  were  established  and  monitored.    For  the  first  time,  Encoda  could  now  methodically  measure  and  continually  improve customer satisfaction using hard data from the CRM system as its yardstick.  3. ‘One‐off’  software  releases  tailored  to individual  customers,  and  the  associated  support  costs,  were  eliminated  by  training  the  sales  force  to  be  more  skilled  at  negotiating  away  ‘custom’  feature requests.  A senior product manager and the VP of technical services were assigned key  gate  keepers  as  part  of  a  rigorous  new  process  for  managing  the  product  roadmap.      New  features  that  did  make  the  general  product  release  were  aggressively  marketed  to  Encoda’s  entire customer base at ‘value‐based’ pricing levels.     4. Product installation efficiency and quality were improved by implementing a more sophisticated  system test and assembly operation as well as establishing a dedicated SQA function leveraging  state‐of‐the‐art tools and methodologies.     By  measuring  and  continually  improving  customer  satisfaction as well as providing high value services  and  product  enhancements  to  its  customer  base,  Encoda continued to enjoy a near perfect customer  retention  rate  while  shifting  away  from  its  most  unprofitable  practices.    These  changes  generated  84  percent  revenue  growth  just  from  within  the  existing  customer  base.    Furthermore,  the  processes  and  controls  implemented  not  only  reduced  service  support  costs  and  helped  dramatically improved profitability; they also served  as a vital foundation for cost effectively scaling the  business as the company’s growth accelerated.      Question:   Is there more your company can be doing to retain its customer base  while maximizing the revenue and profit potential it represents?       Principle 2:  Focus on Market Share Gain         This  principle  is  all  about  stealing  market  share  away  from  competitors.    While  selling  to  an  existing  customer  may  be  the  easiest  sale  you’ll  ever  make,  winning  an  account  from  a  competitor  will  most  likely be the toughest revenue you’ll ever earn.  In business to business high technology sales, to convert  competitive  users  typically  requires  both  a  substantially  better  value  proposition  and  a  complacent  competitor.      Therefore,  the  first  step  in  growing  market  share  is  to  identify  a  vulnerable  competitor.    Encoda  had  plenty  of  options,  the  NAB  supplier  directory  lists  88  companies  engaged  in  television/newsroom  automation.  Of that list, six companies had a sufficient market share that justified targeting; and one,  Harris Corp., was especially vulnerable.    Accelerating Revenue Growth  Page 4   
  • 5. Special Report      Harris had acquired Louth, the granddaddy of all broadcast automation companies, when most master  control  facilities  still  managed  only  one  or  perhaps  a  few  broadcast  channels.      After  the  acquisition,  Harris  continued  Louth’s  tradition  of  competing  on  the  merits  of  their  impressive  library  of  device  control utilities.  However, Harris had done an especially poor job of keeping its technology current with  the  emerging  trend  of  multi‐channel  digital  operations.    The  plan  was  to  target  Harris’  largest  automation customers with Encoda’s highly scalable D‐Series solution.      An  aggressive  marketing  campaign  including  sales  team  incentives,  marketing  communication  messages  and  product  promotions  was  launched  specifically  to  exploit  Harris’  weaknesses.    As  President  of  the  division,  I  personally  traveled  around  the  world  visiting  Harris  customers making the Encoda pitch.  The resulting program  was a huge success.  Encoda won over a significant number  of  Harris  customers,  including  Harris’  flagship  accounts  in  both  North  America  and  Japan.    Encoda’s  market  share  grew from 10% to 25% of the total market in less than two  years,  according  to  Broadcast  Projects  International,  Ltd.  (BPI), a leading UK based industry research firm.         Question:   What market share gain is your company enjoying by attracting new  customers from competitors?        Principle 3:  Show up Where Growth is going to Happen    This  principle  is  all  about  market  segmentation  and  positioning  –  classic  marketing  stuff.    The  key  to  successful market positioning is to identify and stake out the new hot segments in your industry before  your competitors.  There are leading indicators of new fast‐growth market segments you can sometimes  spy, such as shifts in customer buying criteria.  However, to consistently spot positioning opportunities,  your company must have a systematic approach to managing the segmentation process and possess  broad industry expertise beyond your own markets.    Classic market segmentation was once considered the exclusive domain of consumer marketing, but it  has also been applied in commercial technology markets with great effect.  At both Odetics Broadcast  and  Encoda  Systems,  we  executed  detailed  market  segment  quantification  and  financial  modeling  to  determine  product  development,  positioning  and  pricing  strategy.    Some  of  the  key  elements  of  the  market  segment  analysis  included:  size  of  market,  market  segment  trend  (growing/flat/declining),  market  functional  requirements,  market  requirement    fit  with  existing  product  functionality/roadmap,  competitive  landscape,  anticipated  margins,  access  to  market  (existing  or  potential  sales  channel),  consistency with company vision, other market upsides and risks.       Accelerating Revenue Growth  Page 5   
  • 6. Special Report    Applying  a  rigorous  market  segmentation  methodology at both Odetics Broadcast and Encoda  Systems  resulted  in  dramatically  improved  business  performance  over  a  very short  period  of  time.      For  example,  at  Odetics  Broadcast,  gross  margins  skyrocketed  (22%  to  56%),  software  revenues  jumped  21%  and  a  $5.4  million  annual  EBITDA  loss  was  erased.      At  Encoda  Systems,  a  similar  market  analysis  process  pointed  to  focusing  on  the  DTH  (Direct  To  Home)  market  segment.    While  industry  wide  television  growth  projections  were  essentially  flat,  research  conducted  by  Euroconsult,  an  International  consulting  firm  specialized  in  satellite  communications  and  broadcasting,  showed  that  the  DTH  segment  was  expected  to  grow  from  approximately 5,000 channels worldwide in 2001 to over 41,000 channels by 2010.  Gaining the critical  first mover advantage and effectively executing a targeted marketing campaign, Encoda dominated the  fast growth DTH segment resulting in an astounding new customer revenue growth of 10X.        Question:    What  level  of  market  segment  analysis  has  been  done  for  your  business and what contribution has it made to your company’s top‐line growth?         Principle 4:  Penetrate Adjacent Markets    Market adjacency is all about creating growth by expanding your total  addressable market (TAM).  But it’s a subtle concept, so perhaps the  best way to begin a discussion of this principle is with a definition of  “An adjacent  an adjacent market.  Markets are characterized by a commonality in  market strategy  key  attributes  such  as  product  needs,  customers,  cost  structure  and  is a high risk  competitors.    Slight  variations  in  one  or  more  of  the  characteristics  move because it  create  market  segments  within  the  same  market.    Significant  differences  in  some,  but  not  all  market  attributes  creates  separate,  potentially takes  but adjacent markets.     your company    outside its core  For  a  broadcast  master  control  room  automation  company  like  competencies  Encoda,  pursuing  Direct  to  Home  (DTH)  master  control  automation  opportunities was a market segmentation strategy.  Encoda’s decision  and comfort  to  pursue  network  monitoring  solutions  incorporating  sophisticated  zone.”  transport stream and service path analysis tools, as described later in  this  section,  represents  an  adjacent  market  strategy.    While  the  customers and cost structure were similar to the automation market,  the product needs and competitors in the network monitoring market  were dramatically different.   Accelerating Revenue Growth  Page 6   
  • 7. Special Report      An adjacent  market strategy is a high  risk move because it  potentially takes  your company outside its  core  competencies  and  comfort  zone.    As  Treacy  points  out  in  his  book,  “Adjacent  growth  is  a  challenging business.  Many companies have failed in their attempts to conquer neighboring markets”.      So why take the risk?  There are two principle motivations for pursuing an adjacent market strategy:  (1) you’re caught in a stagnant market and need to break out or (2) you’re enjoying great success and  want to leverage your superior operating model.  Encoda had executed the growth strategies described  earlier  in  this  report  brilliantly,  driving  the  company  to  a  25%  share  of  an  essentially  flat  market.   However, continued share expansion in the core automation market was going to become increasingly  challenging.  Pursuing an adjacent market strategy was the next logical step in the company’s quest for  sustainable double‐digit growth.      Once  you’ve  decided  to  pursue  an  adjacent  market  strategy,  you  need  to  identify  potential  opportunities and begin an evaluation process.  As a starting point in your process, Treacy offers three  key questions for assessing adjacent markets: (1) is it a promising market, (2) can you win in this market,  and  (3)  can  you  create  exceptional  value  for  both  your  customers  and  investors?    The  market  segmentation  analysis  criteria  outlined  in  the  previous  principle  can  also  aid  in  evaluating  adjacent  markets.  You also must carefully consider the likely competitive response before entering an adjacent  market.  Entrenched competitors should be expected to fight vigorously to protect their turf and push  out any new entrants.  Once a high potential adjacent market is identified, you should also explore the  make versus buy alternatives.      Based  on  our  analysis  at  Encoda,  we  selected  two  adjacent  markets  in  the  broadcasting  space  to  pursue:  network  monitoring and digital asset management.   We  elected  to  build  the  monitoring  solution  organically,  and  introduced  it  as  the  VeriStream  product  at  the  2004  IBC  tradeshow in Amsterdam.  In July of 2004,  Encoda  acquired  Arkemedia  Technologies,  an  asset  management  company  based  in  the  UK.    Combined,  these  two  new  adjacent  market  opportunities  would  shift  Encoda  automation  from  a  stagnant  $100  million  total  addressable  market  to  a  rapidly  expanding  total  addressable  market  four  times  larger  than  its  core  automation  market.    Both  businesses  initiated  via  our  adjacent  market  strategy  were  exceeding  expectations and had begun contributing revenue growth when Encoda was itself acquired by Harris in  November, 2004.         Question:    What  are  your  fastest  growing  adjacent  markets  and  how  can  you  exploit them to your company’s advantage?        Accelerating Revenue Growth  Page 7   
  • 8. Special Report        Principle 5:  Invade New Lines of Business        The ‘Invading new line of business’ growth strategy is about seeking new opportunities in markets that  share  nothing  in  common  with  your  currently  served  markets.    Odetics,  Inc.,  the  parent  company  of  Odetics Broadcast, provides a good example.  While I was with the company, Odetics owned businesses  in television broadcast, home security, municipal traffic management, IT infrastructure technology and a  US government contractor.  There was absolutely no synergy or sharing of resources among businesses.      Entering new markets typically provides little opportunity to leverage the core competencies of your  existing  businesses;  thus  the  risk  associated  with  this  type  of  growth  strategy  is  off  the  charts.    As  a  result, this strategy is normally the path of last resort for all but those organizations that make a living  out  of  acquiring  businesses.      In  fact,  successfully  executing  a  new  line  of  business  growth  strategy  is  more of an investment exercise than a management challenge.  Companies that successfully grow new  lines  of  business  have  deep  expertise  in:  (1)  selecting  and  valuing  businesses,  (2)  deal  structure  and  financing, and (3) exerting financial, managerial and strategic control over the new business.       So given the risks associated with this strategy, why do companies pursue this growth path?  Danaher, a  diverse industrial company, leverages this fifth growth principle with great success.  Textronix, acquired  by  Danaher  in  November  of  2007,  is  the  latest  addition  to  its  impressive  collection  of  companies.    In  fiscal 2007, Danaher generated $11 billion in sales, a 16.5% increase over the previous fiscal year, and  delivered  $1.12  earnings  per  share  (EPS)  from  operations, a 19% increase over the previous fiscal  year.    Generally  regarded  as  one  of  the  best  managed  companies  in  the  world,  Danaher  “...successfully executing a new  acquires  for  the  long  haul,  infusing  its  line of business growth strategy is  management  philosophy  and  operational  more of an investment exercise  methodologies into each newly acquired business.    than a management challenge.”  Built  upon  the  concept  of  Kaizen  or  continuous  improvement,  Danaher  relies  on  a  proven  and  repeatable  business  process  called  the  ‘Danaher  Business  System’  (DBS),  designed  to  unlock  significant  incremental  shareholder  value  in  its  newly acquired businesses.  Danaher’s website describes it well, “Success at Danaher doesn't happen by  accident. We have a proven system for achieving it. We call it the Danaher Business System (DBS), and it  drives  every  aspect  of  our  culture  and  performance.  We  use  DBS  to  guide  what  we  do,  measure  how  well we execute, and create options for doing even better ‐‐ including improving DBS itself.”  As Danaher  shareholders surely would attest, when executed well, a company growth strategy of entering entirely  new markets can pay‐off handsomely.                Question:      Does  your  company  have  the  necessary  ‘investment  mentality’  to  successfully execute a new market growth strategy?      Accelerating Revenue Growth  Page 8   
  • 9. Special Report      Conclusion: Leadership is the Key     Within  17  months,  Encoda’s  Automation  division  rose  from  the  crowded  ranks  of  second‐tier  competitors to market share leadership.  This growth was achieved despite a flagship product built upon  highly proprietary and aging technology.   With double‐digit revenue growth providing the resources to  aggressively invest in  the  product portfolio; Encoda  developed a  powerful next generation, standards‐ based  broadcast  automation  solution.    This  new  flagship  product  advantageously  positioned  the  company to capture even greater market share from its competitors and drive a new cycle of double‐ digit growth.       However,  sound  methodologies  alone  can’t  deliver  high  performance  results.    It  also  requires  leaders  with high personal standards, that model the behavior necessary to drive outstanding results and that  can  cultivate  a  shared  passion  for  excellence  throughout  an  organization.        To  duplicate  the  results  described in this report, you should seek and promote individuals that are comfortable with risk taking,  setting  aggressive  goals  and  leading  in  the  face  of  uncertainty.    Together,  sound  methodologies  and  strong leadership can combine to drive accelerated revenue growth in any market or industry.        About the Author:    Mr. Steven L’Heureux is a results‐oriented, technology‐savvy global business executive with a history of  driving  double‐digit  growth  and  turning  around  underperforming  technology  organizations  serving  the  media and entertainment industry. His broad leadership experience as company and division president  is complemented by a strong background in sales and marketing. He thrives on the challenge of building  successful  businesses  where  he  can  bring  to  bear  his  combination  of  proven  operational  leadership  abilities and exceptional strategic business development expertise.     In  senior  line  management  positions  over  the  last  fifteen  years,  Steven  has  brought  his  deep  media  industry expertise, leadership skills and talent for defining and executing growth visions to organizations  delivering sophisticated online and traditional media technology based solutions and services.    Steven graduated magna cum laude with a Bachelor of Arts degree in Economics from the University of  Wisconsin‐Whitewater.     Contact Information:  Steven L’Heureux  34 Groveside Drive  Aliso Viejo, CA 92656, USA    Mobile:  +1 949‐422‐1437  Email:  salheurx@hotmail.com    Note:   You are welcome to copy and distribute this special report as often as you wish; it is only  requested that you please include the author’s information page when doing so.  Thank you.           Accelerating Revenue Growth  Page 9