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The Profit Zone
manuel schwarzAm I managing for volume growth or value growth?nickfury
"Be in high-growth markets." In the old economic order, in the age of market share, volume growth was a guarantor of success. Growth was what we were taught to pursue. It created higher profits for all, including market share laggards, companies with poor business designs, and companies that were a poorly managed. A rising tide raid all boats. One manager articulated the classic view: "There are no management problems that volume growth can't solve. Even if we manage poorly, rising revenue helps cover the mistakes we made."
This maxim, too, has been shaken. Industry growth and a company's value (stock price) growth no longer have a one-to-one correlation. Fast-growing industries such as the PC manufacturing, consumer electronics, telecommunications, and software have each produced scores of terminally unprofitable companies. By contrast, no-growth or low-growth industries have a produced some of the most successful companies in the world. Coca-Cola achieved significant value growth in the low-growth beverage industry, as did General Electric (GE) in a collection of low-growth manufacturing industries, and Swatch in the low-growth watchmaking industry. The two most valuable ideas in the old economic order, the market share and the growth, have become the two most dangerous ideas in the new order. To apply the ideas appropriately (and safely), you must understand the ri of no-profit zones in the economy.
No-profit zones
Companies ud to be able to command a premium price by simply showing up. Becau of there were relatively few players in any competitive arena, and customers hel
d little power? Over the past two decades, however, advances in industrial technology, innovation in business design, increas in global competition, and the tremendous improvements in information technology have altered the game. In the face of inten competition, companies in many industries have leveraged efficiency gains and competed for market share by lowering price. Simultaneously, information has become more accessible to customers, allowing them to conveniently shop for the best deals and the best prices. This forces all contenders to match price reductions or lo customers to a lower-priced competitor. It creates no-profit zones. In the old world, the rule was: Every industry makes money, and the market share leaders make the most money. There have always been one or two exceptions, such as agriculture or pasnger rail travel, but they were few and far between. In the past decade, the rule was broken. Today, no-profit zones are everywhere, and they are growing. The map of the economy is covered with more and larger patches of unprofitability. No-profit zones come in various forms. They can be a part of the value chain (e.g., distribution in computing); they can be a customer gment (e.g., the Medicaid gment in healthcare, or the grocery gment in carbonate
d beverages); they can be an entire industry (e.g., environmental remediation); they can be individual customers (e.g., Wal-Mart or other large, powerful buyers); or they can be entire business models (e.g., hub-and-spoke airlines, or integrated steel mills). No-profit zones are the black holes of the business univer. In a physical black hole, light waves go in, but never come back out. In an economic black hole, investment dollars go in, but the profit dollars never come back out. Paradoxically, the devout pursuit of market share may be the single greatest creator of no-profit zones in the economy. Imagine an industry with ten competitors. By definition, their market shares add up to 100 percent. Read their strategic plans. They all plan to increa market share. Not by a little, but by a lot. Add up the 5-year market share objectives, and you get a number that adds up to 150 to 170 percent of market share. This, of cour, cannot happen. It doesn't make n; but even as you read this, it is going on around you--perhaps in your own industry or in your own company. The vigorous pursuit of market share and the ri in customer power have driven profit from many activities and products, and even from entire industries. More and more no-profit zones have been created. Still, many companies continue to pursue a mar
ket share and volume growth strategy, trying to get a bigger piece of a pie that is losing all of its value. A nior manager at an equipment manufacturer captured perfectly the spirit of market share myopia that dominated the thought process, and the business press, in the age of market share: We are all focud on market share, on units, units, units. Units sold vs. competitors'. 黑衣人3格里芬And it's not just our management team. It's our competitors' management teams.
Market share is dead
英国 留学The number one problem in business today is profitability. Where will you be allowed to make a profit in your industry? Where is the profit zone today? Where will it be tomorrow? The profit zone is the area of your economic neighborhood where you are allowed to earn a profit. To reach and operate in the profit zone is the goal of every company. You've been told how to get there. "Get high market share and the profit will follow." "Get high growth and your profits will expand." As a manager, you were schooled in how the pursuit of market share and growth automatically places you on a direct route to business succes
s. However, the formerly direct roads have become mazes riddled with traps, wrong turns, and dead ends. Many large companies, after taking the turn toward market share and volume growth, have only hit a profitless wall.
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Reinvents
In the past decade, veral business leaders have emerged who have figured out, or intuitively understood, how the rules of the game have changed. Their record of value growth is all the more remarkable when compared to the growth prospects of their industries and the lagging value performance of the market share leaders.
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The reinvents think differently; they e things differently; they act differently. They start with the customer and work their way back. They start with the profit question ("Where will I be allowed to make a profit?") and work their way back. They are constantly focud on how the profit zone is shifting. Where is it today? Where will it be tomorrow?
A decade ahead of their peers, the reinvents saw the move from the old product-centric,
market share world to the new customer-centric and profit-centric environment. They were not alone; the investment community also understood that the sands were shifting. It downgraded the "old order" market share stocks and reallocated its investment dollars to the "new order" reinvent companies. The old order companies concentrated on market share and yesterday's profit zone. The new order companies reinvented their business design every five years to stay relevant to customers and to move into new profit zones. Several hundred billions of dollars of value shifted from companies that had dominated yesterday's profit zone to tho that were finding or creating the profit zones of tomorrow.
Long live market shareprimaryschool
Ironically, the reinvents all created high market share for their companies, but their way of thinking about market share was diametrically oppod to the logic of the conventional approach.
The quence of the conventional approach was:
1. Gain market share.
2. Profitability will follow.
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The reinvents' logic was:
1. What's most important to the customer?
2. Where can we make a profit?
3. How can we gain market share in that space?
This difference in quence reflects two very different ways of thinking. The conventional approach was market share-centric. The reinvent' approach is customer-centric and profit-centric.
Reading about how the reinvent created a record of sustained value growth can help you to learn a different way of thinking. You will gain an expanded repertoire of strategic and tactical moves that you can u to create the next profit zone in your industry. The reinvent' experience can help you to understand:
