Additional Executive Service Expertise

CHALLENGE –
Over the last 10 years, there have been major changes in the advertising, marketing, and public relations space. A good, overarching description of this change is the transformation of an ADVERTISING MONOLOGUE (where brands were in control of one-way messaging and advertising that consistently created awareness, attraction, and sales) to a MARKETING DIALOGUE (where brands anticipate the needs of their customers and manage/influence the conversation through technology, thought leadership and tactical execution). Two long term, successful organizations, with great reputations had a desire of creating next generation sustainability and value. While both organizations were dealing with preserving legacies, as well as key associates that want/need to roll off, both had market opportunities that would benefit from immediate action (combination).

ACTIONS –
Mergers tend to be more challenging than acquisitions and evaluation work is much broader than how the two companies perform financially. Thus, the initial focus was to understand and define each company’s “true” (vs. perceived) strengths and then place priorities on what would drive the decision-making process. The product of such work enabled PH Consulting to structure the engagement in a customized way based on the priorities agreed upon by management: Detailed Cash Flow Forecasting, Operational Efficiency Analysis, Future Equity Structure and Legacy Partners Transition (exit).

RESULTS –
PH Consulting brought awareness to the need (and importance) for greater sophistication with Cash Flow Planning (Rolling 13 week + Annual Cap Ex) and created tools for management that will be used post transaction. This enhanced financial view also served as the rudder for the revamped equity structure as well as legacy partners exit. Lastly, the extensive analysis created a road map for management execution of the Integration Plan + brought to the surface operational deficiencies which, when addressed, will yield a reduction of waste, increase profitability with improved associate work life that will attract and help retain talent into the future.

CHALLENGE –
The company was facing an external perception issue that originated with the company’s original brand. The fifteen-year-old company had made tremendous strides in capabilities that included technology advancements and enhanced services for clients since inception. Further, the company had recently expanded the sales force by approximately 30%. At the time, the company was making it to the “final” 3 to 5 companies in almost every RFP opportunity in which the company participated. However, the close ratio was not improving!

ACTIONS –
The goal was to alter outside perception of the company without changing the culture inside which was family orientated with a closeness between staff. Due to the fact the initial reaction from internal associates (as well as investors) was met with concern, we established an internal team comprised of associates from each department within the company in addition to an external agency that was selected from our own RFP process. We also included the Board of Directors.

The defining moment was a very simple exercise. We deployed a survey to all customers, suppliers, and employees. For each returned survey we offered a $5 Starbucks card. The results were amazing both from participation as well as additional unsolicited comments that were offered. An overwhelming response showed that the service level we were providing had exceeded expectations from every category but specifically from customers and suppliers. This was a breakthrough moment on two fronts: 1) it solidified that our original name/brand had a connotation of a smaller / more regional brand and 2) the results convinced the internal team that had been assembled that the company should be open to change (rebranding effort) and because we had formed a team – there was a “groundswell” of support to embrace the effort.

Even with the newfound “energy”, the agency that the company had partnered with cautioned us to go through the deliberate year long process to ensure success with the roll out. Given the concern that we did not want to negatively impact company culture, we decided to “announce” the change to the entire company first prior to going to the market – which we did at our annual Sales Meeting.

RESULTS –
The impact was significantly greater than what we had hoped for! First, it completely reinvigorated the Sales Force. It gave them a reason to speak to all clients – large and small, current, and previous. Due to this additional client facing activity, the company’s sales realized immediate growth. Additionally, the close ratio improved immediately which was the primary goal. Oh, by the way – the company realized double digit increases the next four years in a row!