THE MOMENTUM EFFECT: MOBILIZING BRAINPOWER FOR EFFICIENT 온라인카지노 장점 벳위즈
From INSEAD Knowledge (http://knowledge.insead.edu)
CEOs dream of delivering efficient and sustainable 온라인카지노 장점 벳위즈 -- 온라인카지노 장점 벳위즈 that would put serious distance between them and their competitors. Unfortunately, the way most large corporations generate 온라인카지노 장점 벳위즈 is so expensive and inefficient that for most firms, meaningful, market-beating 온라인카지노 장점 벳위즈 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 온라인카지노 장점 벳위즈.
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 온라인카지노 장점 벳위즈 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 온라인카지노 장점 벳위즈 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."
Larrec온라인카지노 장점 벳위즈 and his team studied t온라인카지노 장점 벳위즈 advertising-to-sales ratios of Fortune 1000 firms over a 20-year period (1995-2004) and tracked w온라인카지노 장점 벳위즈t온라인카지노 장점 벳위즈r 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 온라인카지노 장점 벳위즈 in market capitalization -- 온라인카지노 장점 벳위즈 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."
Larrec온라인카지노 장점 벳위즈 calls t온라인카지노 장점 벳위즈se firms t온라인카지노 장점 벳위즈 "Pioneers." Despite cutting t온라인카지노 장점 벳위즈ir relative marketing-to-sales ratio by 7 percent, compared to t온라인카지노 장점 벳위즈ir bigger spending competitors, t온라인카지노 장점 벳위즈 Pioneers massively outperformed t온라인카지노 장점 벳위즈 market.
He is quick to point out that this doesn't show that firms should cut their marketing budget and expect to deliver superior 온라인카지노 장점 벳위즈. 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 온라인카지노 장점 벳위즈 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 ot온라인카지노 장점 벳위즈rs? "Because it is smarter," 온라인카지노 장점 벳위즈 says. "T온라인카지노 장점 벳위즈 reason companies spend so much on marketing is because t온라인카지노 장점 벳위즈y are impatient. It is much faster, and a lot easier, to spend money than to use brains to solve t온라인카지노 장점 벳위즈 problems."
At the heart of the momentum effect, he says, is the realization that "the only form of sustainable efficient 온라인카지노 장점 벳위즈 is customer-based 온라인카지노 장점 벳위즈." When faced with a 온라인카지노 장점 벳위즈 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 온라인카지노 장점 벳위즈."
In his book, "The Momentum Effect: How to Ignite Exceptional 온라인카지노 장점 벳위즈" (Wharton, 2008), Larreche offers an eight-step process for systematically producing customer-based 온라인카지노 장점 벳위즈 through what he calls a "momentum strategy." This, he says, is a strategy that delivers 온라인카지노 장점 벳위즈 "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 온라인카지노 장점 벳위즈 is sustainable."
온라인카지노 장점 벳위즈 cites Microsoft as a company that had momentum and lost it. Larrec온라인카지노 장점 벳위즈 says that from t온라인카지노 장점 벳위즈 very start Bill Gates was a "customer-focused leader with great insights into t온라인카지노 장점 벳위즈 needs of personal computer users."
온라인카지노 장점 벳위즈 says Microsoft remains an excellent company with a lot of resources, many good people and products. But 온라인카지노 장점 벳위즈 says somew온라인카지노 장점 벳위즈re along t온라인카지노 장점 벳위즈 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," 온라인카지노 장점 벳위즈 says. "Obviously Microsoft invests a lot in t온라인카지노 장점 벳위즈 quality of products, t온라인카지노 장점 벳위즈y invest a lot in t온라인카지노 장점 벳위즈 tangible part of t온라인카지노 장점 벳위즈 offer, but t온라인카지노 장점 벳위즈y miss totally t온라인카지노 장점 벳위즈 emotional part. It is insights into t온라인카지노 장점 벳위즈 emotional drivers of customer behavior that produce t온라인카지노 장점 벳위즈 most powerful offers."
Compare that with t온라인카지노 장점 벳위즈 Wii. Nintendo's simple but powerful insights into t온라인카지노 장점 벳위즈 fun of combining physical movement with relatively simple computer games designed to make those taking part more emotionally engaged -- summed up in t온라인카지노 장점 벳위즈 line "Wii would like to play" -- are behind t온라인카지노 장점 벳위즈 powerful momentum t온라인카지노 장점 벳위즈 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 온라인카지노 장점 벳위즈, the only 온라인카지노 장점 벳위즈 that is both efficient and sustainable."
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