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The Journey to Revenue Growth

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The best companies boost revenues by not just building advanced pricing analytics programs but also developing relevant capabilities - people, processes, tools. A successful revenue growth program is a journey, and this presentation highlights the four areas where companies need to focus to become leaders. Brian Elliott (CEO of McKinsey Periscope) gave a version of this presentation at the Professional Pricing Society event in Oct., 2014.

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The Journey to Revenue Growth

  1. 1. The Journey to Revenue Growth PPS conference Keynote speech October 2014
  2. 2. Winners expand revenue impact by building capabilities … 1 Capabilities Percent ROS 7-8 ~3 1-2 7-8 2-4 Large potential identified Realized impact Year 1-2 Expanded long-term impact Full action ▪ Pricing & promotions ▪ Trade terms & Assortment ▪ Leadership ▪ Capability building Additional opportunity found & celebrated over time ▪ People, tools, and processes identify additional opportunities ▪ Creates a virtuous cycle of investing in brand to price more … and investing in advanced analytics, big data, and broad data Note: Typically 40-60% of long-term identified improvement achieved in year 1 SOURCE: McKinsey Pricing Practice
  3. 3. Because it’s HARD ! 2 If the value is so high, why isn’t everyone doing it? Transformations in general How successful was the transformation in reaching the targets your company set? Executive findings %, n = 2,261 Successful 30 70 Unsuccessful SOURCE: McKinsey Corporate Performance Analysis Tool (CPAT), Scott Keller and Colin Price, ‘Performance and Health: An evidence-based approach to transforming your organisation’, 2010.
  4. 4. 3 Revenue Growth Management is still a cross-cutting discipline … SEE DO LEARN Advanced competitive intelligence Performance Management Organization Capability building Price setting and management Promo analytics and planning Shopper analytics and assortment optimization
  5. 5. Art Science ▪ The balance is shifting from 100% Art to ~ 70% Science ▪ Human judgment will always matter ▪ Can’t replace human judgment, but can improve it with better facts and insights 4 … that requires practitioners to blend both art and science to deliver on competitive strategy … Shared fact base and experience SOURCE: McKinsey Pricing Practice
  6. 6. 5 … at a time when current supply of Revenue Management talent does not come close to meeting demand SOURCE: McKinsey’s Pricing Practice ~50%
  7. 7. 6 Most organizations are still waiting for “perfect data” Internal Get the data data warehouse warehouse right + External ▪ Government data ▪ Online competitive intelligence ▪Weather ▪ etc. + New sources ▪ Social ▪ Real time A/B testing ▪ Dynamic supply-demand ▪ etc.
  8. 8. Higher Profit Higher Revenue 7 You can learn how to become a revenue growth winner Transformations in general Transformations that work Unsuccessful 70 Successful 30 Mixed results SOURCE: McKinsey Corporate Performance Analysis Tool (CPAT), Scott Keller and Colin Price, ‘Performance and Health: An evidence-based approach to transforming your organisation’, 2010. 26 10 Maintain above market Position 28 17 19 Successful (Both Revenue and Profit) 30% 90%
  9. 9. 8 Successful revenue growth journey requires a learning organization with your people as the foundation … People Data Tools Expert Support Process Advanced Insights Your people need to support and evolve the core revenue management processes and guide the evolution of databases and tools ▪ Power users that can own any level of data, insights and tools ▪ Sustain best practices over time ▪ Ensure learning year on year ▪ Manage any external vendor relationships
  10. 10. 9 …and help Expert Support People Process Data Tools Advanced Insights Business value 2-7% ROS Your expert resources need to support and evolve the core revenue management processes and guide the evolution of databases and tools ▪ Power users that can own any level of data, insights and tools ▪ Sustain best practices over time ▪ Ensure learning year on year ▪ Manage any external vendor relationships
  11. 11. 10 Journey Point #1: You have to play to win Top blockers How to solve Management Coalition of the willing Better, not perfect Data / Business Situation People Teach the art Build the Courage to Act
  12. 12. 11 Journey point #2: Sweat the soft stuff Dedicated team Documented processes Better, not perfect Closed loop learning system First and foremost, this is a human journey Personal insight Flexible and expanding suite of tools Revenue management focus Celebrate the new heroes Teach the art Coalition of the willing Role models Comprehensive communication Reinforcing systems And processes Talent and skill development
  13. 13. Most adults need to hear, repeat and teach 7 times before it is fully digested and behavior changed 12 Beginning of change in behavior Hear Repeat Teach 3 times 3 times 1 time
  14. 14. 13 Mini-waves: Reaching the “tipping point” of change Time 100 30 0 ‘Tipping point’— change becomes self-sustaining Programs fail to achieve lasting impact if ‘tipping point’ not met % of employees transformed
  15. 15. 14 Journey point #3: Overcome the myth of DIY Four areas where help is needed: Regularly update insight models that power optimization and prediction of core business decisions Integrate existing data to prove the case, and over time invest in upgrading data architecture to further enhance impact Intuitive, productivity-enhancing tools help the front line integrate insights into day-to-day decisions and operations Beyond user support, put data at the middle of all business decisions, with the talent, expert access and business judgment to fully utilize big data potential Levers that drive topline impact across the business (e.g. traffic, Advanced Insights Business conversion, ticket size) value Data Tools Expert Support
  16. 16. 15 Systems and processes have to be both easy to use and anchored in strong insights Percent Insight driven Impact Maximum impact Focus on ease of use to drive adoption Complexity of analytics are adapted to user level “Black box” software Strong analytics, but not used by people Ease of use 3.00 2.50 2.00 1.50 1.00 0.50 Low impact Easy to use, but low quality insights fail to drive high-impact actions 0.00 Excel Hard to use or adopt Easy to use and adopt Return on Sales
  17. 17. 16 Journey point #4: Communicate the value Value = $ and Not just internally … market share … but also to the investor community
  18. 18. 17 What is Periscope? Periscope is a suite of pricing solutions that helps businesses maximize profitability & sales potential. PRICING AND MARGIN OPTIMIZATION CATEGORY OPTIMIZATION Obtain real-time market transparency through online competitive intelligence Market Vision Deliver granular pricing strategies to improve margins Performance Vision Maximize ROI in promotional funding allocation Promotion Advisor Optimize price setting in fast-changing, competitive market environment Price Advisor Optimize Assortment and space optimization planning Assortment Advisor Create sustainable excellence in pricing, margin and commercial performance capabilities University Deal Advisor SEE DO LEARN
  19. 19. 18 B2B Pricing Compendium “The Hidden Power of Pricing” is a selection of articles, interviews, and case explores best practices and learnings about pricing at B2B companies. This hand-picked collection of content looks at all the most important elements of pricing - from strategy to analytics to capabilities - that help B2B companies not only drive growth but also beat the market.
  20. 20. 19 Brian R. Elliott, Ph.D. CEO and Founding Board Member of Periscope ▪ Global leader of McKinsey’s Consumer Advanced Analytics Center ▪ 8 years leading McKinsey’s Global Consumer Pricing and Revenue Management Practice; 17+ years pricing experience in >35 industries and 23 countries Learn more about Periscope http://periscope.mckinseysolutions.com/ Follow McKinsey on Marketing & Sales on Twitter @McK_MktgSales

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