The Profit Strategies section of Think Like a CEO App uses a proprietary set of complex algorithms that provide an immediate way to differentiate yourself and your company against your competition. This section helps you understand your prospect’s position and allows you to quickly summarize the position to anyone within your prospect’s company.
This is important, because CEOs focus their language of business around financial returns. Based on this language and the company’s latest financial numbers and trends, CEOs develop strategies for profitability. Therefore, you must have an understanding of these numbers – and what they mean – in order to understand the Profit Strategies on which the CEO is executing.
A CEO’s primary focus is on developing and executing their Profit Strategies. In order to execute these Profit Strategies, CEOs and senior executives know that they must socialize these strategies throughout the organization. Although you may not be calling on the CEO of your potential customer, your customer contact will understand the strategic direction of the company as socialized by his CEO. You must demonstrate from the first call, and at every interaction after that, that you understand their Profit Strategies and how your product or service best aligns with those Profit Strategies.
In addition to a summary, the Profit Strategies section in Think Like a CEO App offers you various questions to ask that demonstrate that you have done your research prior to your call, and therefore you are not wasting your prospect’s time. You can demonstrate that you understand their current situation, you understand their CEO’s Profit Strategies, and that you are able to align your product or services with these corporate strategies. You will be able to communicate in the same manner that senior executives communicate: Clear, Concise, Compelling, C-Level, and CRAYON.
Think Like a CEO App utilizes both your prospect’s financial numbers as well as the numbers of other companies in the industry in which they compete. Based on these numbers, there are literally tens of thousands of possible alternative Profit Strategy combinations. Our proprietary intelligence algorithm presents the two or three most probable Profit Strategies on which your prospect’s CEO is focusing. This gives you a quick understanding of the business and offers up specific questions to ask related to those Profit Strategies. Immediately you can differentiate yourself in the eyes of your prospect and show them that you can Think Like a CEO.
SAMPLE PROFIT STRATEGY
Control the Business Profit Strategy – The organization is starting to lose capital in their supply chain. Production costs are increasing and their cash flow is becoming more and more important. The business situation could be caused by components that are out of the management’s control, such as their industry or commodity pricing. Cash and working capital is the grease that keeps the wheels of the business operating, and without a focus on this piece of their business, the organization will find itself strapped for capital. This syndrome may not be readily apparent to its executives, but if you are seeing this Profit Strategy, you should focus significant selling efforts and value on how your product or solution will drive cash flow in the business. Cash metrics should be discussed front and center, and all sales efforts focused to continuing this in support of their strategy.
Additional Think Like a CEO App Discovery
- Check out the comparison of the company’s Cash Conversion Cycle compared to their competitors in the Cash section of Think Like a CEO App.
- Check the Gross Margin comparison to their competitors in the Productivity section of Think Like a CEO App.
Questions To Ask:
- What types of continuous improvement strategies around supply chain are you executing on?
- What percent of spend is under contract compliance?
- How are you getting the best price, negotiating the best contracts?
- Can you understand what is happening with your inventory?
- How do you do your demand planning?
- How do you align the supply and demand aspects of your business?
- Do you utilize a cash flow analysis when you analyze technology purchases?
- How are you focusing on keeping pricing from your suppliers as your cash cycle has grown?
- Are you currently undertaking any initiatives focused to productivity in the manufacturing of your product?
- What types of special supply chain programs or initiatives are you undertaking?
- What short-term strategies have your executives enacted in order to preserve cash?
- How much Excel is used in this process?