building superior brands... accountably
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1 building superior brands... accountably with a special focus on accountability of promotional expenses and investments Frans Cornelis Group CMO - Randstad Holding nv Het Grote Marketing Congres -
2 the principles of accountability - basics focus on accurate costs measurements, compared with: accurate effect measurements costs: set up a proper measurement system effects: count resulting additional gross margin or EBITA, NEVER just additional revenues all other measurements are only intermediate steps or suitable proxies, never goals by themselves involve your control/finance department (for the data) involve your agency/advisors/suppliers (for alignment) involve your HR department (get KIs linked to rewards) next slide: various elements of the marketing mix 2
3 marketing basic philosophy 4x ( or 7 x) = price = what you ask in return for your product (a fee, a percentage, other elements like service costs, memberships, or barter elements) rocess = product = what you offer (in our case, services! And not just services, it is a whole method of working, including the experience, which is what we call a concept ) = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) providing hysical evidence own eople = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) 3
4 marketing basic philosophy 4x ( or 7 x) = price = what you ask in return for your product (a fee, a percentage, other elements like service costs, memberships, or barter elements) - Contribution, elasticity - Direct roduct rofitability - Act. Based Costing see also roduct = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) - Creative cost - Media effect on brand - Brand effect on sales roviding physical evidence rocess = product = what you offer (in our case, services! And not just services, it is a whole method of working, which is what we call a concept ) Cval, depreciation, many others, see also rice Own people = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) Channel costs, Transport & Service costs, Training costs, etc. 4
5 marketing basic philosophy 4 x = price = what you (can) ask in return for your product rocess (a fee, a percentage, other elements like service costs, memberships, or barter elements) - Contribution, elasticity - Direct roduct rofitability - Act. Based Costing see also roduct = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) - Creative cost - Media effect on brand - Brand effect on sales roviding physical evidence = product = what you offer (in our case, services! And not just services, it is a whole method of working, which is what we call a concept ) Cval, Depreciation, many others, see also price Own people = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) Channel costs, Transport & Service costs, Training costs, etc. 5
6 economical: elasticity and revenue always go for the highest price first A firm considering a price change must know what effect the change in price will have on total revenue. Generally any change in price will have two effects: the price effect: an increase in unit price will tend to increase revenue, while a decrease in price will tend to decrease revenue. the quantity effect: an increase in unit price will tend to lead to fewer units sold, while a decrease in unit price will tend to lead to more units sold. [5] Because of the inverse nature of the demand relationship the two effects are offsetting. The firm needs to know what the net effect will be. Elasticity provides the answer. In short, the percentage change in revenue is equal to the change in quantity demanded plus the percentage change in price. [6] When the price elasticity of demand for a good is inelastic ( E d < 1), the percentage change in quantity demanded is smaller than that in price. Hence, when the price is raised, the total revenue of producers rises, and vice versa. When the price elasticity of demand for a good is elastic ( E d > 1), the percentage change in quantity demanded is greater than that in price. Hence, when the price is raised, the total revenue of producers falls, and vice versa. Source: wikipedia.org 6
7 cost plus: net marketing contribution, D Contribution analysis Definition: (Westburn dictionary of marketing, 1998) Analytical financial technique which, recognizing the difficulty in allocating overhead (fixed) costs to individual products, concentrates instead on analysing the contribution such products make to profits, after all direct/variable costs have been allowed for. Contribution may be defined in various ways, but usually consists of the difference between revenue and direct costs. Companies may also include some marketing costs; advertising, trade and consumer promotions and so on, as direct costs, and then refer to the residual as 'contribution-after-marketing'. Direct roduct rofitability Definition: multiply the unit sales volume by the contribution margin of the product. This will give you the total overall profit for that product. You should then divide the profit by the shelf space/distribution capacity it uses. This gives you the profit contribution per unit of distribution capacity of a product (on a shelf, on the site...) 7
8 cost plus: activity based costing In traditional full absorption costing and direct (or variable) costing systems, indirect manufacturing costs are allocated to products on the basis of a production volume-related measurement such as direct labor hours. Thus, the fundamental differences between traditional systems and activity-based systems are: 1) how the indirect costs are assigned (ABC uses both production volume and non-production volume related bases) and 2) which costs are assigned to products (in ABC systems, an attempt is made to assign all costs to products including engineering, marketing, distribution and administrative costs, although some facility related costs may not be assigned). At the present time, most of the companies that use the activity-based method have developed stand-alone, micro-computer based systems separate from the company's mainframe cost accounting system used for external reporting. The idea is to develop more accurate product costs than the traditional cost accounting system provides so that management can make better strategic decisions such as product introduction, pricing, mix and discontinuance reporting. The key insight generated by ABC and not by most other costs systems is provided by analysing the cost drivers of each activity instead of allocating activities by percentages as is the case in most standard cost systems. 8
9 marketing basic philosophy 4 x = price = what you (can) ask in return for your product rocess (a fee, a percentage, other elements like service costs, memberships, or barter elements) - Contribution, elasticity - Direct roduct rofitability - Act. Based Costing see also roduct = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) - Creative cost - Media effect on brand - Brand effect on sales providing hysical evidence = product = what you offer (in our case, services! And not just services, it is a whole method of working, which is what we call a concept ) Cval, Depreciation, many others, see also price own eople = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) Channel costs, Transport & Service costs, Training costs, etc. 9
10 customer value analysis (source: cval.com) osition your products to earn market share and premium prices Your value proposition is the set of promises you make to your customers that set you apart from the competition. You may offer superior performance on a carefully selected set of buying factors, or you may offer the lowest prices. Often you may choose to sacrifice in some areas (say, for example, the array of features) in order to excel in other areas (say, price.) How you make these tradeoffs is central to your marketing strategy, and will drive your success in the market. The value map robably the single most important tool for analyzing customer value, the value map plots your brand s price and performance versus competing brands. At a glance you can see which suppliers are offering the best and which the worst products, which are expensive and which inexpensive, and, importantly, which are overpriced and which underpriced. The value map helps you shift from cost-plus to value-based pricing. Caveat: remember perception = reality, and the brand is also a distinct source of value! 10
11 marketing basic philosophy 4 x = price = what you ask in return for your product rocess (a fee, a percentage, other elements like service costs, memberships, or barter elements) - Contribution, elasticity - Direct roduct rofitability - Act. Based Costing see also roduct = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) - Creative cost - Media effect on brand - Brand effect on sales providing hysical evidence = product = what you offer (in our case, services! And not just services, it is a whole method of working, which is what we call a concept ) Cval, Depreciation, many others, see also price own eople = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) Channel costs, Transport & Service costs, Training costs, etc. 11
12 channel cost metrics overview Cost per lead per channel Cost per visit by type Cost per total lead-to-confirmed order cost by channel/site/page/banner Lead conversion rate by channel/site/page/banner Sales funnel cost metrics Total channel cost by channel Total channel support cost by channel Franchise margin Branch cost per m 2 Service cost per product sold (incl. returns and marketing allowances) Service revenue per product sold Consumables revenue per product sold Training costs per channel employee Etc. Caveat: is the web a channel or a (part of) the product/service?? 12
13 marketing basic philosophy 4 x = price = what you (can) ask in return for your product (a fee, a percentage, other elements like service costs, memberships, or barter elements) - Contribution - Direct roduct rofitability - Act. Based Costing see also roduct = promotion = how you ensure people know about your product (and how you make them desire your product more than anyone else s, by using R, advertising, sponsoring, all other brand building actions) - See this presentation! providing hysical evidence rocess = product = what you offer (in our case, services! And not just services, it is a whole method of working, which is what we call a concept ) Cval, Depreciation, many others, see also price own eople = place = how you offer product in all the places and moments where it is needed (branches, people, web, business partners, channels, licencees, franchisees ) Channel costs, Transport & Service costs, Training costs, etc 13
14 promotion accountability - basics focus on accurate costs measurements, versus: accurate effect measurements costs: set up a proper measurement system effects: count resulting additional gross margin or EBITA, NEVER just additional revenues all other measurements are only intermediate steps or suitable proxies, never goals by themselves involve your control/finance department (for the data) involve your agency/advisors/suppliers (for alignment) involve your HR department (get KIs linked to rewards) next slide: example 14
15 adding promotion tools to sales action results in lower total sales and marketing costs overall Example: varying the DM, advertising support levels to get the desired, most efficient outcome 350 field sales people Sales calls ony, no ad Sales calls only+ad Sales calls +DM+ad Sales calls +edm+ad Sales cost / unit DM cost / unit Conversion call to visit calls visits Total sales cost Total DM cost Advertsing cost Total costs % ,821, ,821, % ,612, ,000,000 2,612, % , ,500 1,000,000 2,263, % ,128,750 80,625 1,000,000 2,209,375 (disguised numbers) (question: what else would you need to know?) 15
16 assess your own readiness with your team: fill in the accountability scan for your firm or your main client process proposal: select a chairman, a presenter, and a timekeeper fill in the scan during 10 minutes individually and note down questions, comments, challenges and dilemmas chairman asks each member to briefly state and explain their scan and their comments (total 15 minutes max) chairman moderates process for creating 1 slide/flipchart to present in max 5 minutes to the whole group, focusing on what they found most difficult or most urgent and why come back to the lecture room and present! 16
17 marketing and communications accountability scan area rice 1) Cost model and contribution known, client research in place 2) Competitive benchmarks in place 3) Targets for price points, contribution clear 4). roduct 5) Customer Value factors quantified, research in place 6) New product clear, quantified 7) Brand and product life cycle strategy clear, quantified 8). lace 9) Distribution (cost, house style etc) model quantified 10) Role of new channels (web / social media!) defined 11) eople factors (skills, competences, training) defined 12). romotion 13) Campaign cost linked to margin outcomes 14) Creative process and cost known and under control 15) Brand stewardship assured and accepted, clear targets, research 16). Corp comms 17) Marketing, Brand & Reputation management aligned 18) Internal comms aligned 19) Clear targets for comms contribution 20). Organisation 21) Own marcom people system in place 22) HR function buy in plus KIs linked to reward 23) F&A, IT function buy in, roles defined, supportive 24). attribute scoring guide otential Impact if done well, the impact of this, in our case, would be: Current Effectiveness is this in place, used systematically, continuous improvement: 5 very high 5 superior 4 high 4 strong 3 moderate 3 adequate 2 low 2 marginal 1 negligible 1 weak 17
18 final thought: it could be an INTERNAL campaign too! R45: market outperformance boost runs parallel with program intensity 60% 50% 40% 30% 20% 10% 0% Q1,Q2-10% Q3,Q4 Q1,Q2 Q3,Q4 NL Germany Belux Spain France Italy Switzerland Denmark ortugal USA Canada R45 rogram Intensity 100% 50% 0% Q1,Q2 Q3,Q4 Q1,Q2 Q3,Q4 18
19 conclusions it is not difficult to understand in principle but it takes: time! consistency perseverance bêta skills breaking through the silos the benefits: added up it can make a difference of 50% to 100% in effectiveness 19
20 shaping the world of work
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branding Randstad advantages Randstad brand strategy 1 main brand helps building awareness easier cross selling major benefits for online strategy common learning for all operating companies 1 common photo
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