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Finding, and Rewarding, Your Best Customers – Peter Fader

Finding, and Rewarding, Your Best Customers

 

Delta Air Lines’ recently announced decision to base frequent flyer rewards on dollars spent rather than miles traveled is a better, more customer-centric way to distribute product benefits, says Wharton marketing professor Peter Fader. When it comes to customer value, Fader notes, “one of the rubrics we celebrate is the notion of RMF — recency, frequency [and] monetary value. [It makes sense to] reward customers on that basis.” With just 4% of Delta’s customers accounting for 25% of revenues, the choice seems clear — if overdue — Fader explains. 

The ‘X’ model of employee engagement: Maximum Satisfaction meets Maximum Contribution

The ‘X’ model of employee engagement: Maximum Satisfaction meets Maximum Contribution

 

Employee Engagement can be a vague term. In this model, Blessing White details a specific and compelling model for articulating what Employee Engagement is – and what it means to the individual and the organization they work for. 

Yves Morieux: As work gets more complex, 6 rules to simplify

Yves Morieux: As work gets more complex, 6 rules to simplify

 

 

Why do people feel so miserable and disengaged at work? Because today’s businesses are increasingly and dizzyingly complex — and traditional pillars of management are obsolete, says Yves Morieux. So, he says, it falls to individual employees to navigate the rabbit’s warren of interdependencies. In this energetic talk, Morieux offers six rules for “smart simplicity.” (Rule One: Understand what your colleagues actually do.)

BCG’s Yves Morieux researches how corporations can adapt to a modern and complex business landscape.

 

WHY YOU SHOULD LISTEN TO HIM?

 

Yves Morieux thinks deeply about what makes organizations work effectively. A senior partner in BCG’s Washington D.C. office and director of the BCG Institute for Organization, Morieux considers how overarching changes in structure can improve motivation for all who work there. His calls his approach “Smart Simplicity.” Using six key rules, it encourages employees to cooperate in order to solve long-term problems. It isn’t just about reducing costs and increasing profit — it’s about maximizing engagement through all levels of a company. Morieux has been featured in articles on organizational evolution in Harvard Business ReviewThe Economist,The Wall Street JournalFast Company and Le Monde.

 

 

Business Opportunity Ideas – How to Be a Businessman like Ray Kroc (McDonald’s)

Business Opportunity Ideas – How to Be a Businessman like Ray Kroc (McDonald’s) by Evan Carmichael

 

ray kroc

Evan Carmichael discusses how you can find your next big business opportunity like Ray Kroc from McDonald’s, one of the most recognized companies in the world.

 

“Luck is a dividend of sweat. The more you sweat, the luckier you get.” – Ray Kroc

 

Raymond “Ray” Albert Kroc (October 5, 1902 — January 14, 1984) was a Czech American businessman who took over the small-scale McDonald’s Corporation franchise in 1954 and built it into the most successful fast food operation in the world. Kroc was included in Time 100: The Most Important People of the Century, and amassed a $500 million fortune during his lifetime.

 

Action Item #1: Always Be On The Lookout For Opportunities

 

Most entrepreneurs don’t end up being successful with the product or service that they start with. There are always tweaks and changes that will happen once you start talking to customers and they tell you what they want. Your prospects and customers will lead you to many potential opportunities to grow your business – the key is to jump on those opportunities and take action.

 

In Ray Kroc’s own words: “The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it.”

 

Kroc started out as a salesman for paper cups and his customers twice brought him to new business opportunities that he acted on. Sometimes this can mean selling a completely different product or service than you were offering before. Look at your current customers – are there hidden business opportunities you can develop with them or improvements to what you currently sell that can bring them more value and put more money in your bank account? If you’re always on the lookout for new opportunities to grow your business you will eventually find the one you can hit a home run with.

 

Action Item #2: You’re Only As Good As The People You Hire

 

As your business grows beyond yourself you’ll realize the importance of having a good team. They are the ones representing your company, making decisions every day, and talking to your customers. Having a good staff will make or break your ability to build a successful company beyond yourself.

 

To make sure he had the best team possible in the early stages of the business, Ray Kroc personally took charge of the entire hiring process. Once he had made the decision to bring someone on board the McDonald’s team, Kroc would give each and every one of them a badge with the title of Management Trainee. It didn’t matter what their actual job was; Kroc wanted every employee to feel valuable and like an important part of the team. Kroc would then tell his workers to think of a better way to do their job or of any improvements that could be made in customer service, which could then be written down and placed into a Suggestion Box. The Suggestion Box led to countless successes like the Happy Meal, Filet-o-Fish, Big Mac, Hot Apple Pie, and Egg McMuffin.

 

When you hire a new employee make them feel like they are an important part of your team. Encourage their suggestions on how the business could be run better, create opportunities for them to advance, and let them know that you value their contributions. A loyal and hardworking team will reward you with outstanding business results.

 

Action Item #3: Be A Part Of Your Community

 

Ray Kroc launched a number of initiatives to help build the communities around each McDonald’s restaurant. First off he insisted that his franchise operators lived in the communities where they worked. He also hired regional advertising agencies so they could work “on the ground” and organize grand openings, birthday parties, and community programs. Finally he believed in community involvement through charities and the company continues to give back to this day as part of its corporate philosophy.

 

You don’t have to run a restaurant to be involved in your community. Just think about the people you sell to and where they hang out. Can you get involved in making their lives easier and better? It’s a longer term strategy but an extremely profitable one if you can win the hearts and minds of your customers by giving back.

 

Beyond Empowerment – Are We Ready for the Self-Managed organization?: Doug Kirkpatrick

Beyond Empowerment – Are We Ready for the Self-Managed organization?: Doug Kirkpatrick

 

doug kirkpatrick

Doug is a Northern California-based executive coach, organizational consultant, speaker, author and educator. He is the author of Beyond Empowerment: The Age of the Self-Managed Organization. An economics graduate of Pacific Lutheran University, he also holds a law degree from Willamette University College of Law and a Senior Professional in Human Resources designation (SPHR). He enjoys traveling to rough parts of the world and appreciates the perspective that he gains from it.

 

Lugen Family Office 2013 Speaker of the Year Award Winner – Tom Deans

Photo-colour-Tom-Deans

Tom Deans Understands Family Business Relationships

Lugen Family Office is proud to select Tom Deans as the LFO 2013 Speaker of the Year Award Winner! Congrats Tom and keep up the great work.

 

Dr. Thomas William Deans is the author of the all-time best-selling family business book, Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth.

 

He now speaks on the international lecture circuit full time. Having delivered more than 500 speeches, he has built a reputation as a thought leader on the subject of intergenerational wealth transfer.

 

His lectures and books argue that family has emerged as the greatest economic driver of all time. But the question remains: How can wealth be transferred successfully without destroying the recipient and the wealth itself?

 

It is a question for the times, as the greatest generation of wealth creators move toward death in record numbers. Deans explores the idea that communication is crucial to the success of that transfer, and indeed to the success of individuals, families and communities.

 

The idea to write Willing Wisdom came from Tom watching his mother’s parents die. One death – his grandfather’s – was comparatively quick. His grandmother’s was a long and slow ten-year decline. Despite the significant wealth his grandparents left for family and charity, it is the conversations they shared that Tom thought about the most many years later.

In the end, when it came down to their last breaths, only the care provided by Tom’s parents, not money or even the promise of money, could purchase the dignified death each experienced.

 

Tom is not sure when he first became curious about why our culture has lost its inquisitiveness about death and dying, but he does know, having delivered his keynote speech on transitioning family wealth to tens of thousands of people around the world, that this trend is worsening.

 

We live in a culture that is in awe of wealth and all that it can provide. We also live in a culture that finds it difficult to talk about and contemplate death. The two are inextricably connected.

 

Tom starts conversations, but rarely does he finish them, leaving that to readers and their families, friends and trusted advisors.

 

Willing Wisdom represents a return to the subject of his doctoral research, conducted in the US, Canada and the UK and first published in Charities and Government by Manchester University Press.

 

Tom lives in a forest in the beautiful Hockley Valley in Ontario, Canada, with his wife, two children and five dogs.

 

To Book Tom Deans as Your Keynote Speaker, Click here.

John Mackey on Whole Foods, Conscious Capitalism, and Life Beyond the Profit Motive

John Mackey on Whole Foods, Conscious Capitalism, and Life Beyond the Profit Motive

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“I think the critics of capitalism have got it in this very small box – that it’s all about money,” explains John Mackey, co-founder and co-CEO of Whole Foods. “And yet, I haven’t found it be that way. I’ve known hundreds of entrepreneurs and with very few exceptions most of them did not start their businesses primarily to make money.”

In “Conscious Capitalism: Liberating the Heroic Spirit of Business,” Mackey and his co-author, Raj Sisodia, make a case that businesses are at their best when reaching for a higher purpose that ranges far beyond any simplistic notions of the profit motive or self-interest.

Reason’s Nick Gillespie sat down with Mackey to discuss his new book, the success of Whole Foods, the growing burden of government on day-to-day life, and how the Austin-based entrepreneur came to appreciate what he calls “the heroic spirit of business.”

What if… We knew the difference between leadership and management?

What if… We knew the difference between leadership and management?

 

leadership and management

Presenter: Tony Mortensen, Director of the Executive Development Programmes

 

· What is strategic leadership?
· What is effective management?
· Do organisations know the difference?
· What is best for achieving sustainable growth?

 

The last decade has seen an exponential increase in the number of courses offered in the area of organisational leadership, with almost every major business school worldwide now offering specialised training in this area. Do organisations truly understand the key difference between leadership and management? Do they understand what is needed in their organisation to achieve efficiency, profitability and sustainable growth? If we employ skilled people to undertake the different tasks in an organisation do we really need to manage those people or are we better off allowing them to do what we employed them to do. The flip side of this is that if we do not manage these people effectively then the organisation runs the risk of becoming less efficient and effective at providing society with the desired outcomes.
At odds with both these ideas is the fact that New Zealand is now seen as one of the hardest working countries in the OECD, yet our productivity continues to fall. Therefore, are organisations getting the best from their human resource or are we as a society destined to be out-performed?
Tony has over 18 years’ experience in accounting, management and education and is now responsible for executive training through the Master of Business Administration (MBA), Postgraduate Certificate in Strategic Leadership, Master of Business Management (MBM), Master of Professional Accounting (MPA) and Executive Education (short courses).

 

“What Would You Do If Your Were Not Afraid?” : Anas Bukhash

“What Would You Do If Your Were Not Afraid?” : Anas Bukhash

 

anas bukhash

Anas Bukhash graduated with a Mechanical Engineering degree from Northeastern University in Boston, Massachusetts, and since then has embarked on a variety of careers spanning 8 years of professionalism. Working in the oil & gas, property development, philanthropy and sports sectors, Anas has a wealth of knowledge extending across all fields – but his biggest passion was football.

 

Anas can often be found on-screen as a regular guest on Abu Dhabi Sports’ ‘The Beautiful Game’, alongside many other assorted TV and radio appearances, events, talks and workshops. A popular tweeter, Anas’ Twitter account is one of the most followed in the region, and as well as his sporting interests.

 

There comes a time to stop crossing oceans for some people