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“Zest for Enlightenment” Z/Yen Group Limited Risk/Reward Managers 5-7 St Helen’s Place London EC3A 6AU United Kingdom tel: +44 (20) 7562-9562 www.zyen.com © Z/Yen Group 2009 Brave New World or Grave New World? “Adding value in the credit crunch”
www.zyen.com © Z/Yen Group 2009 Content Understanding what is happening What to do - marketing mix Adding value as a marketer
www.zyen.com © Z/Yen Group 2009 Part 1 – Understanding what is happening
www.zyen.com © Z/Yen Group 2009 US Recessions Duration in Years
www.zyen.com © Z/Yen Group 2009 Which scenario? 1. All over by Christmas… A quick recovery – impact largely on financial and highly leveraged businesses with additional work for regulatory advisers – SOX 2? 2. Forest Fire Effects many sectors and economies but some still grow… 3. Apocalypse Now… Global depression impacts all markets/sectors, reduce overall demand for professional services
www.zyen.com © Z/Yen Group 2009 What happened last time? Cancellation, truncation or postponement of work Emphasis on “essential” work Many marginal clients disappear Certain work types hit hard…transactions and real-estate related work Restructuring and litigation flourished Some strategic work – e.g. change management
www.zyen.com © Z/Yen Group 2009 Changes in Decision-making & DMU… THREATS Pressure to justify fees and use of external advisers Reduction of numbers of advisers - shrinking panels Poverty… OPPORTUNITY More time to think…more opportunities to add value Downsizing…fewer people to do more…external advisers fill gaps Need for external perspective - expertise ALL CHANGE! Drivers for both individuals and companies Shift of power possible… Less powerful people become powerful… Old friends depart… New players…
www.zyen.com © Z/Yen Group 2009 Effects on headcount to date No changeHeadcount increased Headcount reduced Net Change Allowed to replace leavers Not allowed to replace leavers Net permission Marketing experts48.821.929.3-7.427.231.6-4.4 BD Experts57.928.313.8+14.528.316.6+11.7 Advertising220.127.116.11-9.25.916.3-10.4 Databases/CRM73.415.411.2+18.104.22.168+3.6 Direct mail22.214.171.124-3.57.415.4-8.0 Event organisers72.87.419.8-12.814.323.6-9.3 Market researchers126.96.36.199-0.78.815.4-6.6 PR Experts71.816.212.0+4.214.315.7-1.4 Sales experts188.8.131.52+0.79.713.4-3.7 Sponsorship experts184.108.40.206-7.14.416.2-11.8 Website experts76.413.210.4+2.810.215.3 -5.1 Source – PM Forum Survey 2008
www.zyen.com © Z/Yen Group 2009 Changes to original marketing budget in %: No change IncreaseReductionNet Salaries and other remuneration61,2 %19.019.8-0.8 Other internal spend (excluding salaries)53,1 %6.241.7-35.5 Advertising43,0 %4.752.3-47.6 Attending industry conference52,7 %2.644.7-42.1 Corporate hospitality44,7 %1.753.6-51.9 Databases/CRM programmes64,4 %16.519.1-2.6 Direct mail (Print/brochures/postage)57,2 %5.936.9-31.0 Directory entries59,7 %3.436.9-33.5 Events at firm puts on (seminars)46,0 %18.635.4-16.8 Extranet client services78,1 %6.221.7-15.5 Market research70,7 %6.722.6-15.9 Marketing consultancy68,2 %6.025.8-19.8 Marketing staff training62,3 %9.927.8-17.9 Memberships/subscriptions60,4 %6.633.0-26.4 PR/press55,0 %5.939.1-33.2 Sponsorship48,3 %5.945.8-39.9 Website/e-marketing55,0 %21.523.5 -2.0 Source – PM Forum Survey 2008
www.zyen.com © Z/Yen Group 2009 Part 2 – Adding Value & Marketing Mix
www.zyen.com © Z/Yen Group 2009 Know what to look out for (and avoid)! “Own-desking” – specialist work not always referred on… Erosion of leverage – partners do associates’ work Pressure to “sell something” undermines strategy and positioning Dinosaurs and “big hitters” rampant, and collegiate partnership ethos under pressure
www.zyen.com © Z/Yen Group 2009 Creating a recessionary product portfolio… Not always the obvious services – where is the value added? New services/repackaged services… Refocus…flex resources… Cross-disciplinary groups…solutions oriented not just shifting hours
www.zyen.com © Z/Yen Group 2009 1. Mining the Collective Insights Let client priorities be central to service offerings… Possible Practice Area Menu Identify: likely issues by sector/client and how to exploit them… Select: areas and clients have potential… New services or repackaged services for a downturn Pricing: Identify defensible premium areas Ideas on negotiating strategies Areas where the firm could be proactive Be creative first and worry about deliverability second!
www.zyen.com © Z/Yen Group 2009 2. Market Intelligence Look outside – use others to guide you! Business Media Other professionals Information providers that clients respect Competitors Clients Trade Associations Commission third parties to help!
www.zyen.com © Z/Yen Group 2009 3. Client Focus & Communications Listen aggressively to clients Time for a real key account program? Test and develop your issues menu with clients Identify mutually beneficial connections between clients… Understand what changes are happening in decision-making as people perhaps leave… Market effectively – resist the urge to cut Focus on the issues that keep clients up at night… A real premium for insights… Partners may be less busy – no excuses! Marketing budget goes further… Need to think about the future and firm positioning… Ruthless on waste… Recycle ideas in different channels
www.zyen.com © Z/Yen Group 2009 Look Who’s Talking Compared to Accounting & Consulting, Law Firm communications on the Crisis are not being sustained. This reflects a law firm tendency for “what” alerts rather than “so what” analysis and insight. Source: Muzeview LLC: Analysis of Marketing Communications Activity of Leading Professional Services Firms
www.zyen.com © Z/Yen Group 2009 Industry Focus - Untapped Opportunity Major opportunity for firms to address the industry specific impacts of the crisis Source: Muzeview LLC: Analysis of Marketing Communications Activity of Leading Professional Services Firms Aggregate Totals may exceed 100% as some activities relate to multiple topic or industry areas
www.zyen.com © Z/Yen Group 2009 Improving Message Delivery Source: Muzeview LLC: Analysis of Marketing Communications Activity of Leading Professional Services Firms Consulting Firm “analysis” delivers stronger media coverage
www.zyen.com © Z/Yen Group 2009 Checklist of potential actions Positioning and profile are key and clients are information hungry: White papers, surveys and other research E-communications tailored Pick up discounted sponsorships and advertising Form (or re-launch) groups for attractive sectors Consider cross-disciplinary initiatives with other professionals Create forums/events where you can introduce clients to other advisers Track executives on the move and stay in touch
www.zyen.com © Z/Yen Group 2009 Part 3 – Adding Value and Performance
www.zyen.com © Z/Yen Group 2009 A Place at the Top Table Opportunity to demonstrate “C-Suite” credentials…Trusted adviser to management… Cross-disciplinary cooperation is required: Profitability of clients in key account programs… BD related goals for partners… Marketing mix changes… Move from lag to lead indicators… Scary times require supportive environment to get best performance…
www.zyen.com © Z/Yen Group 2009 Add to Others’ Performance Source: Bersin & Associates, top talent management practices in terms of impact ROI
www.zyen.com © Z/Yen Group 2009 Getting measured…getting valued Bring in efficiencies: use of technology centralize what can be centralized recycle Market reputation measures Metrics not just a professional services problem – The Conference Board report: problems with data integrity/availability technology infrastructure key is senior management support and integration into performance objectives
www.zyen.com © Z/Yen Group 2009 Discussion ?
www.zyen.com © Z/Yen Group 2009 Winners and Losers Winning Time Renewable Energy… Infrastructure Project Businesses… Fire sale investors and acquirers Major Brand Automotive Companies and suppliers Leveraged Banks and Property Companies Taxpayers! Retail/Consumer Businesses Businesses with compelling Value propositions and/or cash Public Sector Luxury Goods
www.zyen.com © Z/Yen Group 2009 Advisers – the winners Winning Time Renewable Energy… Infrastructure Project Businesses… Fire sale investors and acquirers Major Brand Automotive Companies and suppliers Leveraged Banks and Property Companies Retail Consumer Businesses Businesses with compelling Value propositions and/or cash! Insolvency Regulatory/ Government advisers Corporate Finance & IP Projects, Technology & Energy advisers Change consultants Public Sector Consultants Luxury Goods Litigators
www.zyen.com © Z/Yen Group 2009 Subject: Logos for 2009 DUE TO THE ECONOMIC SITUATION, MANY COMPANIES HAVE DECIDED TO MAKE SOME CHANGES IN THEIR LOGOS FOR 2009: =
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