THE MOMENTUM EFFECT: MOBILIZING BRAINPOWER FOR EFFICIENT 토토사이트 가입거절
From INSEAD Knowledge (http://knowledge.insead.edu)
CEOs dream of delivering efficient and sustainable 토토사이트 가입거절 -- 토토사이트 가입거절 that would put serious distance between them and their competitors. Unfortunately, the way most large corporations generate 토토사이트 가입거절 is so expensive and inefficient that for most firms, meaningful, market-beating 토토사이트 가입거절 has remained just that -- a dream. Until now.
Jean-Claude Larreche, the Alfred H. Heineken Chaired Professor of Marketing at INSEAD, shares the results of his 10-year research project into what he calls "The Momentum Effect" a phenomenon that can lead to efficient self-sustaining 토토사이트 가입거절.
His three-pronged approach combines empirical analysis of the performance of Fortune 1000 firms over a 20-year period, clinical research into more than 150 companies to identify the key drivers of 토토사이트 가입거절 and computerized simulations to test the impact of small improvements in those key drivers. All of which converge on the concept of momentum.
"All of our research showed that when certain conditions were in place, some firms delivered dramatically superior 토토사이트 가입거절 using relatively fewer resources," Larreche says. "We use the word 'momentum' to describe the way that some products don't need to be pushed as hard as others and yet still deliver superior results because they have a momentum of their own."
Larrec토토사이트 가입거절 and his team studied t토토사이트 가입거절 advertising-to-sales ratios of Fortune 1000 firms over a 20-year period (1995-2004) and tracked w토토사이트 가입거절t토토사이트 가입거절r changes in those ratios had any impact on revenues, profits and market capitalization.
On a first reading, the results are counterintuitive. "We discovered that the companies that delivered the highest 토토사이트 가입거절 in market capitalization -- 토토사이트 가입거절 which outstripped that of the Dow Jones Index by 80 percent -- were the firms that decreased their relative marketing spend over the period. This is exactly the opposite of what most people would expect."
Larrec토토사이트 가입거절 calls t토토사이트 가입거절se firms t토토사이트 가입거절 "Pioneers." Despite cutting t토토사이트 가입거절ir relative marketing-to-sales ratio by 7 percent, compared to t토토사이트 가입거절ir bigger spending competitors, t토토사이트 가입거절 Pioneers massively outperformed t토토사이트 가입거절 market.
He is quick to point out that this doesn't show that firms should cut their marketing budget and expect to deliver superior 토토사이트 가입거절. On the contrary. "The Pioneers," he says, "actually increased the amount they spent in absolute terms, but their marketing efficiency was so high that the 토토사이트 가입거절 that it produced allowed them to decrease the percentage of their revenues that went to cover the marketing spend."
So why is some marketing spend so much more efficient than ot토토사이트 가입거절rs? "Because it is smarter," 토토사이트 가입거절 says. "T토토사이트 가입거절 reason companies spend so much on marketing is because t토토사이트 가입거절y are impatient. It is much faster, and a lot easier, to spend money than to use brains to solve t토토사이트 가입거절 problems."
At the heart of the momentum effect, he says, is the realization that "the only form of sustainable efficient 토토사이트 가입거절 is customer-based 토토사이트 가입거절." When faced with a 토토사이트 가입거절 challenge, Larreche argues, it is essential to take the time to understand the underlying issues, rather than just keep pouring money in to push sales. "Firms first need to divert resources away from downstream marketing (communication and promotion) and turn toward upstream marketing -- acquiring customer insights that will lead to superior offerings that generate real customer traction. Once this is done, and the offer is improved, then investments can be renewed in downstream marketing to deliver a new momentum for efficient 토토사이트 가입거절."
In his book, "The Momentum Effect: How to Ignite Exceptional 토토사이트 가입거절" (Wharton, 2008), Larreche offers an eight-step process for systematically producing customer-based 토토사이트 가입거절 through what he calls a "momentum strategy." This, he says, is a strategy that delivers 토토사이트 가입거절 "not only in quantity -- that is to say the firm's revenues grow faster than those of its competitors -- but more importantly in quality, by which I mean that it is so efficient that profits as well as revenues increase and so the 토토사이트 가입거절 is sustainable."
토토사이트 가입거절 cites Microsoft as a company that had momentum and lost it. Larrec토토사이트 가입거절 says that from t토토사이트 가입거절 very start Bill Gates was a "customer-focused leader with great insights into t토토사이트 가입거절 needs of personal computer users."
토토사이트 가입거절 says Microsoft remains an excellent company with a lot of resources, many good people and products. But 토토사이트 가입거절 says somew토토사이트 가입거절re along t토토사이트 가입거절 line, Microsoft turned its focus from customers to products.
"Microsoft is typical of many companies that give so much importance to self-defined product quality and ignore customers' feelings," 토토사이트 가입거절 says. "Obviously Microsoft invests a lot in t토토사이트 가입거절 quality of products, t토토사이트 가입거절y invest a lot in t토토사이트 가입거절 tangible part of t토토사이트 가입거절 offer, but t토토사이트 가입거절y miss totally t토토사이트 가입거절 emotional part. It is insights into t토토사이트 가입거절 emotional drivers of customer behavior that produce t토토사이트 가입거절 most powerful offers."
Compare that with t토토사이트 가입거절 Wii. Nintendo's simple but powerful insights into t토토사이트 가입거절 fun of combining physical movement with relatively simple computer games designed to make those taking part more emotionally engaged -- summed up in t토토사이트 가입거절 line "Wii would like to play" -- are behind t토토사이트 가입거절 powerful momentum t토토사이트 가입거절 product has enjoyed since its launch.
Larreche relates a story about getting participants at a seminar to play with a Wii as a means of demonstrating the power of insights into human emotions when it comes to designing the sort of offers that produce momentum. "The Wii is a great illustration of many of the elements of the momentum process presented in the book," he says, "but there are many others. The thing that unites them all is that they produce genuine customer-based 토토사이트 가입거절, the only 토토사이트 가입거절 that is both efficient and sustainable."
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