In this podcast, industry leaders Lisa De Bonis, Nick Baker, and Caroline Johnson discuss transforming business models. They explore shifts from billable hours to value-driven models, aligning marketing strategies with business goals, and the evolution of companies towards client-centricity. They also highlight the importance of leadership commitment, proving the value of marketing work, and refining strategies for success.
Shift from effort to value-based models for increased client satisfaction and work efficiency.
Addressing cultural challenges is crucial for successful business model transformations by empowering employees and aligning values.
Deep dives
Challenges in Traditional Business Models and Need for Transformation
The podcast discusses the challenges faced by traditional agency models in the marketing communications industry, focusing on the shift from effort-based to value-based approaches. It highlights how agencies struggle with declining growth, lack of profitability, and maintaining effective partnerships with clients. Examples are provided from different agency experiences that led to the realization for the need to transform their business models.
Transformation Journey at Huge: Holistic Approach and Core Changes
The episode delves into the transformation journey of Huge, a design and innovation company, emphasizing a holistic approach to change. Key changes include shifting from effort to value-based models, focusing on outcomes over outputs, investing in new capabilities like data and tech, and restructuring the organizational model. Huge's renewed focus on offering design and innovation solutions has led to increased client satisfaction and improved work efficiency.
Cultural Challenges and Overcoming Resistance to Change
The discussion explores the cultural challenges faced during business model transformations, highlighting the need to address mindset shifts, values, and behaviors within the organization. Both Huge and Stick and Twist shared experiences of overcoming resistance to change by empowering employees, building new skills, and fostering acceptance of the new models. The importance of aligning cultural transformation with commercial ambitions and involving employees in the journey to ensure successful adaptation is emphasized.
Future Directions and Recommendations for Business Model Transformation
The episode concludes with insights on future directions for business model transformation, focusing on the continuous evolution and refinement of offerings. Huge and Stick and Twist plan to simplify their positioning and narrative, enhance talent transformation, and refine service areas to deliver excellence in outcomes. Recommendations include getting involved in the transformation process, prioritizing client needs alignment, and embracing change to stay relevant in the evolving industry landscape.
In this second episode of a two-part series, WARC’s SVP of content David Tiltman talks to Lisa De Bonis CEO at Huge, Nick Baker, founder at Stick & Twist, and Caroline Johnson, co-founder at The Business Model Company. Showing how change is possible by looking at two different types of company that have evolved their client relationships.
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