The only constant is change! So why not be prepared? How will the economic logic behind delivering value to clients at an appropriate cost change in the future?
Our «Think Tanking your Business ModelSM» offering helps you answer exactly this question and remain successful. It supports you challenging the status quo and enlarge your horizon on issues that matter most!
To ensure readiness for upcoming changes required for achieving your goals, our «Think Tanking your Business ModelSM» offering provodes you with one or a series of think tanks on focused topics. Our approach generates benefuits for you by
- creating awareness for and ensuring a common understanding of the challenges faced and the path along which to address them, reducing the risks of potential misunderstandings,
- gaining buy-in from key stakeholders through early inclusion in the discussion, allowing to address potential fears and denials,
- focusing on understanding the challenges at hand in a top-down and holistic way before starting solution initiatives, using available resources and skills in a very efficient and effective way, and
- supporting the definition and prioritization of necessary change initiatives based on insights gained, ensuring optimal return on investments and reducing project failure risks.
See also our flyer available by clicking on «Think Tanking your Business ModelSM».
Our «Think Tanking your Business ModelSM» offering provides you with one ore more half-day think tanks on specific topics related to your current and future business model. The topic of each think tank is determined by you. We will offer insights into the selected think tank topic focusing on market trends, best practice, case studies, and / or academic findings. We will moderate the think tank discussion aiming at generating a set of insights and actionable ideas. After each think tank, w will summarize the findings, for further reference by you.
- We provide insights on a topic of your choice related to your business model, based on our in-depth subject matter expertise
- We support you with our proven moderation capabilities focusing on results
- You receive a concise summary of the gained insights and actionable ideas
- Market trends and best practice insights customized to your needs
- Moderated discussion unleashing creativity from all participants
- Actionable ideas that can directly be applied
Client acquisition and retention topics
Identify the strategy view along which you wants to differentiate yourself from competitors, that is, focus on superior client experience, or on innovative products and services, or on offerings quality and investment performance, or on financials. Define the structural characteristics that should make up your competitive advantage by focusing on what it wants to do differently and / or better than its current and potential competitors. Delineate the areas in which you do not want to compete going forward.
Understand the relevance of the brand in the client decision journey, especially with respect to lead generation and lead conversion, and how it can be improved. Describe the value proposition / competitive advantage characteristics that you want to relate to your brand. Design strategies for enhancing the brand awareness / brand visibility with potential clients. Discuss the role of the brand in building trust and signaling loyalty.
Client segments to be served
Describe the ideal client segments as personas and identify their jobs to be done, their needs, pain points, and sought after gains. Describe the client decision journey, from identifying a need, through active evaluation of options, to the moment of purchase, including the role of the offerings shelf, track record, trust, as well as peer reviews. Identify relevant buying criteria. Relate the client segments to existing and / or future value propositions. Review the described client segmentation with respect to regulatory requirements.
New client acquisition
Determine the core approach for acquiring new clients, for example, through referrals, through brand positioning, through acquisition of assets, through M&A, or through hiring of so called asset owners. Define the capabilities needed for generating new leads, that is, identifying and approaching potential new clients. Understand the rational and emotional traits that reduce the switching costs of leads and allow for building a client relationship, resulting in lead conversions.
Identify possible metrics to measure and monitor the value of customers. Understand client loyalty criteria, that is, the rational and emotional properties that relate clients to your company. Understand the reasons that make clients leave. Develop potential client retention activities addressing the identified reasons and focusing on client loyalty criteria. Propose possible switching costs, monetary, psychological, effort- and / or time-based, that may dissuade clients from leaving, without being perceived negatively. Review processes for addressing issues of unsatisfied clients
Onboarding clients through digitalization
Identify channels through which different client segments want to interact with your company and relate the interactions to the different phases of the client relationship, from identifying leads, through onboarding. Determine technology needed to interact with clients over different channels, taking into account regulatory requirements. Define the value, both economic and emotional, that can be created for clients by relying on digitalization, rather than on traditional service models. Show how digitalization may allow building / maintaining a trusted relationship with clients that are not accessible through traditional acquisition / retention approaches.
Sales efficiency topics
Managing the sales funnel
Identify approaches for organically generating new leads. Describe how leads can be translated into opportunities by matching them with existing and / or new offerings. Determine the right balance between selling offerings, advising clients, and managing the relationship. Design an approach to integrate cross-border compliance into the sales process.
Define the roles and responsibilities of different stakeholders (RMs, product managers, portfolio managers, investment specialists, operations, senior management, etc.) in the sales process, focusing on expected contribution and value creation. Design sales performance measurement metrics aligned with your strategy as well as new client acquisition and client retention goals. Focus on customer value contribution to profitability. Identify and mitigate risks of employees gaming the system.
Understand what offerings are required to satisfy client needs, alleviate their pains, and generate gains. Recognize offerings that are not key for addressing client needs and jobs to be done. Define the characteristics of the offerings that make them different / better than those of competitors from a client perspective. Determine the value proposition of each offering. Identify offerings gaps on the current product shelf. Review the offerings for cross-border compliance and mitigate the risk of overloading the offerings shelf due to regulatory requirements. Focus on those regulations that can be leveraged on the offerings shelf.
Understand how clients relate value to price, focusing on reference value (price of the best alternative) and differentiation value. Rethink the pricing models with respect to units of value of the offerings. Define the ideal pricing model with respect to transparency, fairness, communicating about prices, value of service quality, brand value, and switching costs. Understand the relationship between offerings, fixed and variable costs, volume, price, value, and client needs. Define characteristics of a consistent pricing policy.
Operational efficiency topics
Business process optimization and automation
Assess the different elements of the value chain and identify associated business processes. Identify processes that are not mandatory for delivering value to clients or ensuring regulatory compliance. Address the “that’s how we have always done it” challenge. Recognize key business process bottlenecks, in terms of effort spent and costs incurred, using the value based cost optimization approach. Benchmark current business processes to industry standards and best practice. Evaluate which business processes could be automated and what preconditions need to be satisfied for investments in automation to be profitable.
Make-or-buy decision along the value chain
Analyze the different elements of the value chain and classify them along any of the four dimensions:
- activities key for delivering the value proposition / competitive advantage,
- mandatory in-house activities due to regulatory and compliance constraints,
- non-core activity for which economies of scale exist, and
- other non-core activity.
Asses if and how other non-core activities could be outsourced profitably. Determine criteria that have to be met for a make-or-buy decision to be profitable. Asses the costs and risks of managing the relationship with outsourcing partners and relate them to insourcing costs. Benchmark current outsourcing policies to market trends.
Ownership and responsibilities
For each activity of the value chain, describe the person / unit responsible for the input and the person / unit responsible for the output / value created. Ensure that each person / unit has sufficient authority to perform the activities required to deliver the described output. Determine clear exception handling policies, both on the process as well as on the involved parties level.
Gaining efficiency through digitalization
Review the current offering in the light of extending / replacing individual products / services by digital versions. Characterize potential investments and expected costs savings from such adjustments. Relate the potential adjustments to the perception toward digital of the different customer segments. Describe the potential impact of digitalization on the positioning of the competitive advantage and brand in the market.