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How We Acquire New Business Revisited. A refined strategy delivers better results. Prepared for the Buenos Aires AGM of the IPRN - April 2012. What we did in 2009 …. Enhance focus on two capability practices Investor Relations as national “door opener”
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How We Acquire New Business Revisited A refined strategy delivers better results • Prepared for the Buenos Aires AGM of the IPRN - April 2012
What we did in 2009 … • Enhance focus on two capability practices • Investor Relations as national “door opener” • Marketing Communications in the Midwest • Establish two new industry groups • Health Care Practice • And Energy Practice • Having a strategy worked better than the actual strategy
What we did in 2010 … • Change focus: • Investor Relations remains a national “door opener” • Crisis Management begins to attract more business • Reputation Valuation is added as another discipline • Firm resources devoted to using these three to grow • Increased networking to build relationships • Sharpened targeting of possible prospects
What we started in 2011 … • Fresh strategy, combined with recovery, generated growth • But a strategy created in crisis, was not the strategy for future • Consultants, engaged to help us chart our course, suggested: • Use the broader leadership team to create a formal strategic plan • Establish specializations in a small number of vertical industries • Develop a more focused approach to acquiring the best talent • Set up a dedicated business development and marketing function • Revise the revenue pricing model to capture costs and investments
What we started in 2011 … • Leadership Group held an off-site retreat to discuss the future • A former McKinsey executive was asked to moderate the retreat • Senior executives were surveyed, to help shape the discussion • Even the mission and vision were called into question • But the most important topic was direction for the firm • We had survived, but now how would we keep growing?
What we started in 2011 … • Here are some of the results of that leadership survey: • Specialization is required on industry verticals, such as aviation • Business development should be oriented toward “dream clients” • Business development specialist – that is all they do – is needed • Alter the business model of the firm to ensure profitability, growth • More formally develop great client servers and leaders from within
What we started in 2011 … • In the retreat, leadership developed these strategic priorities: • Distinguish the firm through market-leading, differentiated practices • Drive additional growth through specialization in select industries • Ensure core service lines are competitive, e.g. improve digital offering • Grow the talent base, accelerating performers who grow business • Strengthen quality of the client base, shifting to larger relationships • Become recognized as a national firm headquartered in Cleveland
What we started in 2011 … • We also developed some organizational capacity requirements: • Create and sustain a process for managing the vertical strategy • Strengthen the business development and marketing capability • Create financial model with tighter pricing and expense policies • Develop a comprehensive talent management program
What we are pursuing in 2012 … • 7 work groups were established to pursue these priorities • We were too excited, “biting off more than we could chew” • So our efforts now focus on 4 work groups: • Identifying and building vertical industry specialization • Integrating new “Reputation Valuation” practice into firm • Determining best course on business development • Developing a more disciplined approach to revenue
What we are pursuing in 2012 … • What we decided to do about vertical industry specialization • Aviation, and energy and natural resources • What we decided to do about Reputation Valuation practice • High priority, with investor relations and crisis management • What we decided to do about business development • Hire a top talent whose sole responsibility is opening doors • What we decided to do about new model for revenue growth • Impose 7.5% administrative fee to capture costs, investments
What we are pursuing in 2012 … • First, here are our next steps on vertical industry specialization • Identify airlines with which we do not currently work • Formalize relationship with Chartis Aviation (insuror) • Expand relationships with top aviation law firms • Start marketing effort, e.g. speeches, sponsorships • Pursue “thought leadership” through media, blogs • Second, we are interviewing for business development specialist
What we have achieved so far in 2012 … • Third, we are tightening our focus on priority practices: • Investor Relations clients / targets • Bob Evans, Brinker, Cliffs Resources • Crisis Management clients / targets • Boart Longyear, Akzo Nobel, Cardinal Health • Reputation Valuation clients / targets • McDonald’s, Coca Cola, Campbell Soup
What we really expect to achieve in 2012 … • Establish differentiation from our biggest competitors • Create awareness of vertical industry specializations • Get, and “turn loose,” business development specialist • Attract more “dream clients” in vertical industry targets • Recruit and retain more top talent from across the US • Grow client base, now 40% outside area, to more regions • Position Dix & Eaton as “national firm … based in Cleveland”