Effective Strategies For MyCo Pty Ltd: Customer Retention And Strategic Brand Management

Challenges faced by Management Consultancy Firms

Question:

Discuss about the Corporate Strategy and Business Leadership.

The strategic analysis is one of the basic tools that are used by all business organizations in the process of implementing the business plan(Zott and Amit2013). The process of strategic analysis is often associated with that of identifying the internal strengths and weaknesses of an organization that can be used in the process of making marketing plan(Langley et al. 2013). For MyCoPvt. Ltd, it is essential to make use of effective strategy, which is needed in the process of dealing with the tough level of competition in the market of management consultancy firms. The major challenges that are faced by Management Consultancy firms are mainly due to the structure of the business (Langley et al. 2013). There are several forces of change that are faced by the Management Consultancy firms, which are the cause of major strategic challenges.  

Things to be avoided	Things that should be practised Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
Ambiguity	Flexible, transparent and open minded approach
Selfishness	Solidarity and greater unity
Philosophy undertaken during merger	Shared ideology
Any kind of business practise before merger	Unified and strategic business plans
Dominant behaviour and dictatorship	Shared and New corporate culture
Internal politics and Self-preservation	Equitable and shared decisions
Segmentation of human capabilities	Enhanced level of capability
A strict domain of superiority and inferiority	Proper motivation and Enthusiasm
Debt differentials and retaining of resources	Debt preservation and Unique resources

(Source: Galliers and Leidner2014)

Organisations make several efforts in order to retain their customers and to attract a fresh group of customers for escalating their profit margin(Boulding et al., 2013). They implement competitive strategies; propose implementation of the flexible supply and demand management with a goal of delivering their valuable customers consistent and high level of supply(Mithas, Krishnan and Fornell, C., 2013). However, despite their constant effort, customers do not stay loyal to one particular organisation for time immoral. The same thing has happened in case of MyCo Pty Ltd. Their group of trusted customers have been undertaken by the ‘The Hackett Group’ this may be due to competitive price and better offering of services. In order to outnumber ‘The Hackett Group’ in profit margin, MyCo Pty Ltd must move beyond the common thought of customer satisfaction and think something new in the grounds of customer retention via customer relationship management. The important areas of customer retention management are relationship marketing efforts, service failure management and service recovery efforts, compatibility management and defection management(Khan 2012).

In order to build stronger relationship with the customer, MyCo Pty Ltd must employ strong relationship marketing(Nguyen and Mutum2012). Customer relationship marketing promotes long standing business success. Compatibility management promotes the concept of customer to customer interaction. In customer to customer interaction, the company must establish the concept of upbeat encounters while avoiding other unnecessary encounters that deals with dissatisfaction among the customers(Martin and Martin 2016). In the ground of defection management, the company must look into innovative in approach to minimise the chances of customer defections(Riebe et al 2014).

Customer Retention Strategies

Service Failure Management is one of the important aspect lying behind customer retention. Service failure in case of management consultancy can be defined certain inability to meet the expectation of the customers in term of the propose service. This intangibility in the service gives rise to service failure. The nature of business in the management consultancy firms demands rigorous interactions with the clients. Such interactions offer the chances of service failure. One of the best possible ways which MyCo Pty Ltd. Must undertaken in order to prevent service failure is plan things properly from the beginning and avoid relying on the service recovery management to keep the customers loyalty. Doing things right and managing the action plan properly from the beginning of the service can only be achieved via identifying the possible pitfalls of the delivery process. Other way of identifying the pitfalls of the service delivery plan is to vouch for customer’s suggestion and to learn from the previous faults. MyCo Pty Ltd. Must also reduces complexity of the service procurement, promote positive word-of-mouth communication and concentrate on supplying high quality service. In the domain of dealing with the quality services, their inseparability and perception must be taken into consideration. Here the management consultancy must try to split their nature of service and manage the dealing between the service providers and the customers and thereby improving the delivery system. Another chord behind the service failure is lack of proper communication between the employees and the customers. Here the employees must be trained in their communication skills. Since MyCo Pty Ltd. is merging with Canberra Pty Ltd, lobbying firm, it must take the communication skills of the Canberra Pty Ltd employees into consideration too. If they are efficient in communication skills then building a team with permutation and combination with Canberra Pty Ltd employees and old MyCo Pty Ltd. will lead to the development of effective communication skills(La and Choi 2012).

Table: Other strategies that must be undertaken under the banner of customer retention

Strategies

Designing of interviewing method in order to identify employees with potentially efficient skills in communication. Such employees must be assigned to serve the important yet trusted customers in a proactive approach

Organising training programs in order to sensitised existing and newly merged employees to communication issues

Proper training of the employees in the front line. They must be trained in such a way that they listen to each and every customer needs and act accordingly. The employees of Canberra Pty Ltd who are excellent in communication must be hired for this process

Total revamp of the organisation structure allowing the employees to be more responsive

Allowing the customers to log complain in case of dissatisfaction and then methodically monitor those complain cards and design the best possible plan to fix the same

There must remain specific exist interviews or exist forms in which the customers after receiving the service will be requested to highlight pitfalls of the service if any

(Source: Casadesus?Masanell and Zhu 2013)

MyCo Pty Ltd has faced a huge loss in front of their competitors and the main reason behind this is lack of proper brand awareness and negligence in brand management. The in order to thrive in the competitive market, the principal target for this firm willbe proper brand management. Brand building is no doubt a difficult job and hence demands a prior solid planning. These advance brand building planning falls under the strategic brand management. The principal role of the strategic brand management is to escalate the brand equity of the company is a completely new level which is definitely better than before. MyCo Pty Ltd needs to follow four basic steps for brand building(Santos-Vijande et al. 2013).

Strategic Brand Management

Brand positioning: Brand positioning is the first and the foremost step in brand management. It determines the exact brand positioning in a way in which the firm wants. The managing authority here needs to find and differentiate crucial factors in their brand, something which projects their consultancy service unique among the other market contemporaries. Via indentifyingtheir unique trait, they need to position their brand, or in this case their service accordingly. This unique positioning will provide the brand of the company a much needed boost and this will in turn affect the overall performance. Thus the first step towards strategic branding is defining the position which the brand wants to project in the market(Hassan and Craft 2012).

Brand Marketing: Once the brand positioning has been framed then they need to implement this brand positions and this will be done via brand management. Brand marketing can be done via several media like social media marketing, print media marketing, erecting banners on road side etc. Via brand marketing, MyCo Pty Ltd will actually make their presence felt in the market. Productive brand marketing will also project MyCo Pty Ltd and Canberra Pty Ltd as a merger brand. A merger brand and its promotion have positive impact on the customers. The value of the brand marketing must be built with proper research.  MyCo Pty Ltd is now no longer a management consultancy. It is now an amalgamation of a management consultancy and a lobbying firm. So the brand marketing must project the thoughts and value of business of both the firm. In this way, the prospective customer will gain a new and innovative message regarding the newly created brand, helping the company to gain brand awareness(Wirtz et al., 2013).

Brand Performance and Analysis: Once the brand has been marketed properly, then comes the task of analysing the brand performance in the market. In order to analyse the brand performance in the market, through brand audit needs to be conducted and that too on a periodic basis. This will help in the elucidation of the real performance of the brand. Thus brand audit will also try and analysing how the brand has performed with respect to their competitive brand “The Hackett Group”. The performance of brand with respect to their competitors with help the company to evaluate their current stand in the market and how they can improvise their plan in the future(Freling and Forbes 2013).

Four Basic Steps for Brand Building

Building Brand Value: This is the last step of strategic brand management. In this step, the value of the brand is being created via undertaking several measures. Since after merging, this company is heading for a new start, company may not be able to offer too much value to their customer. MyCo Pty Ltd and Canberra Pty Ltd have their own brand values previously. However, MyCo Pty Ltd brand value was previously decreased leading to merger acquisition. MyCo Pty Ltd needs to on work on their brand value from sketch while taking inputs and strength from the brand value of Canberra Pty Ltd to project their new brand in all new way. Moreover in order to increase their brand value, the company needs to into new markets. A brand manager is the one who will help the company in spotting and market and possible strategy of entering that market. The brand manager needs to keep adding value to the brand while repeating the previous steps in order to maintain a constant change brand position as per the changing market demand or the demand of the prospective customers(Tuškej, Golob and Podnar2013).

Table: Other Brand Management Strategies

Individual Branding

Multi Product Branding

Sub-branding

Co-branding

Iconic Branding

Inviting a new yet creative logo where name or the signature of both the organisation is being reflected

(Source: Rosenbaum-Elliott, Percy and Pervan2015)

No matter what the sign of the company is, deals like merging between two big companies affect every employee as they come across innumerable questions. Mergers or acquisitions are not as simple as penning a contract and then turning around the table. Employees are the asset of the company. In the transition phase of merger, the employees can get a bit lost or may become frustrated leading to significant disruption and downtime. Downtime means loss in sales percentage. On the other hand, the existing customers’ demands prompt and quick service despite major company changes occurring in the back ground. Inorder to meet the expectations of the customers as well as sales, employees must be thoroughly trained and the training process must be quick and efficient(Shiryan, Sheeand Stewart 2012).

Each and every department of the company requires some degree of training in order to ensure that the transition of organisation is smooth and hassle free.  MyCo Pty Ltd is a management consultancy and on the other hand, Canberra Pty Ltd. is a lobbying firm so expertise and the job role of the employees differ and hence proper training is mandatory in order to make the merging deal a successful and economical(Elnaga and Imran 2013). Myco Pty Ltd employees needs training as it is under their regime that Myco Pty Ltd has experience a loss. This training program must be directed towards communication skills, maintaining business contact, prompt and efficient service or working under stress(Mishra, Boynton and Mishra 2014). Such training can be provided by the employees of the merging organisation and in this case it is Canberra Pty Ltd. This process of employee training via the new employee of the merging organisation will not only help in the flow of the skills but will also generate contacts among the in-house people. Such contact among the employees will help them to work in unison, and deliver their best even during adverse condition. The principal key towards successful training program is to avoid treating the program like an afterthought. Training program must be treated like it is the ideal time to integrate the workplace culture and to curve out latest initiative that will help to retain and refine the star performer(Wang, Waldman and Zhang 2014).

Other Brand Management Strategies

Table: Other promising training programs

Online training Program: Online training program where videos or online interactive presentations will be distributed among the employees via sending them an official mail

Onsite training Program: this will provide the employees a first-hand experience regarding how to deal with the situation and complex condition

(Source: Ji et al., 2012)

As a CEO of the company, I think that the policy of customer retention is valuable in terms of profit. Loyal customers are profitable. Moreover, acquiring new customers is costly. Discounted items are the first step towards attracting new customers. At this point of MyCo Pty Ltd may not afford discounted service (Sarwar, Abbasi and Pervaiz 2012). Moreover, Customer retention will indirectly promote branding as the loyal and old customers with attract fresh new customers via mouth referrals. Such publicity happens free of cost and is beneficial for the company (Sarwar, Abbasi and Pervaiz 2012). However, there are certain risks associated with the implementation of the concept of customer retention. In order to retain the old customers, competitive prices are must so that they may not get drifted towards competitors. However, offering discount will be a loss for MyCo Pty Ltd (Boulding et al. 2013). In the aim of customer retention, the new customers will remain neglected and will get more inclined towards the competitor company (The Hackett Group’s) leading to loss in the overall customer base (Boulding et al. 2013). Not only this, in the near future it can impose few threats. At this point MyCo Pty Ltd has extremely smaller customer base. If Canberra Pty Ltd fails to successfully adhere to customer retention, it will amount to huge loss.

As a CEO I cannot ignore the importance of brand management and brand promotion. Both of these help in brand recognition. Proper brand management will promote proper brand recognition in the market. It will make the customers aware of the brand and the nature of the service. Moreover, branding via promoting both the management consultancy service and lobbying in amalgamation will act as a unique tool to attract new customers (Huang and Sarigöllü 2014). In spite of its huge positive opportunity, it has certain pith falls. Brand management after merger can generate conflict between regarding marketing efforts. Since both are company has different job profile there may occur certain serious conflict out of different marketing strategy and efforts. While Canberra Pty Ltd marketing strategy will facilitate lobbying as principal, branding theme and MyCo Pty Ltd will promote consultany (César Machado et al. 2012). Another drawback of brand management is cost issue to finance the marketing projects. MyCo Pty Ltd has newly merged with Canberra Pty Ltd and hence ta this point spending a huge sum of money for marketing and promotion can cost negatively to the overall sales number the company (César Machado et al. 2012). Moreover, customer at times may become confused about the brand new presence of a new brand altogether, leading to customer confusion and loss of customers (César Machado et al. 2012).

The effectiveness of employee training is skill exchange. Training program organised between the employees of MyCo Pty Ltd and Canberra Pty will promote exchange of skills, ideas and thoughts. Such productive exchange of expertise will aid in better performance of the employees (Parsons, Rollyson and Reid, 2012). However, it may lead to loss of time and resource. training of employee during the office hours will lead to los of man power. Moreover training of the employee beyond office hours will lead a huge loss in resource (Parsons, Rollyson and Reid, 2012). It can also account for low Employee retention due to low employee engagement. The majority of the senior employee at times may take this training program procured by the juniors in a negative way leading to generation of unrest. Moreover some employee may not welcome the concept of training beyond the office hours (Parsons, Rollyson and Reid, 2012). Moreover, the concept of employee training via the employee might not be welcomed by the higher authority of the Canberra Ptv and the senior employees providing training may demand certain financial privilege leading to further financial loss (Parsons, Rollyson and Reid, 2012).

The CEO is an acronym for the chief executive officer of a company. It is the position designated to the senior-most officer or leader of a company. The CEO position requires a lot of qualities and is not easy to achieve. Quick decision making, resilient, relentless, curious, risk taking, communication skill, optimistic, realistic, visionary, courage, honest are some of the qualities of a CEO (Menz 2012). However, one of the finest qualities of a CEO is leadership quality (Dinh et al. 2014). The ability to manage the people and take decisions diligently for the welfare and growth of the company is one of the critical roles of a CEO (Menz 2012). The company stands on the shoulder of a CEO. Other staffs and individuals are equally important for the growth of the company; ultimately, the final decision is undertaken by the CEO. With proper leadership qualities, a proper solution for the problem can be achieved in a company.

As stated in the Contingency Leadership Theory, there is no single quality that defines a leader and depending on the situation, every leader has its own unique style of dealing with a situation (Battilana and Casciaro 2012). Hence, with every problem is an opportunity for the leader to grow and learn and improve. As seen in the present case, the CEO has to critically analyse the competitor company The Hackett Group. It is the role of the CEO to estimate the strength and weakness of the competitor company and then analyse the opportunities and threats posed by the company. By proper SWOT analysis, a meaningful approach can be taken to deal with the situation. As the Hackett Group is a renowned company and is well recognized by the people, it is important for the CEO to discuss and engage with other people of the company to provide services that are at par or better than the rival company.

Leadership is a form of art where the leader should be able to motivate and influence others in order to achieve the goal. Interpersonal influences have a great impact on the leadership role of a CEO. In order to persuade the Canberra Pty Ltd to work together, it depends on the leadership quality of the CEO. In one of the famous theories such as Transformational Leadership Theory, it states that a leader is recognized by its ability of interaction and communication. It is necessary for the leader to build trust and maintain a good and healthy relationship with other people to inspire people to work with the company (García-Morales, Jiménez-Barrionuevo and Gutiérrez-Gutiérrez 2012). In the present scenario, it is the duty of the CEO to follow and imply this theory in order to influence and persuade Canberra Pty Ltd to work in collaboration. In order to persuade to work in collaboration, the CEO must be able to exhibit the benefits and opportunities obtained for both the company by working together. It is also necessary for the CEO to analyze the impact of merging on its own company. In order to provide new and better services to the client and compete with the competitor firm, it is important for both the firms (MyCo Pty Ltd and Canberra Pty Ltd) to have common goals and objectives so then it will be able to devise a common plan and strategy to overcome the situation.

Curiosity and intellectual is other traits observed in the leader (Dinh et al. 2014). The CEO should be able to apply logical and scientific and open mind approach to the problem. As required in the present scenario, the CEO should be able to make sound judgment of what is good for the growth of the company. This is achieved through proper knowledge and high intellectual (Vaccaro et al. 2012). The decision to merge with Canberra Pty Ltd exhibits high intellectual capacity of the CEO. Intellectual curiosity is an important requirement of a leader. As the CEO is responsible for all the decisions taken in the company, it is the duty of the CEO to convey the message to the followers and those affected by the decision. Merging two companies is a very big step and consent from all the individuals is necessary to make the decision into effects. However, accepting change is a difficult task. It is the CEO role to communicate and explain to followers the reason behind the change and the benefits associated with it. Communication helps in the development of interpersonal skill of the person, which is required for the leadership role (Schoemaker, Krupp and Howland 2013).

In this case, visionary trait is exhibited by the CEO. To be able to foresee the dangers posed by the competitor company and develop strategic planning to combat the problem is another quality of the leader (Lukac and Frazier 2012). The CEO was able to anticipate the problems and decided to build strong bonds with Canberra Pty Ltd so as to better face the problems. Accepting flaws and negative feedback is also important for a leader (Yukl 2012). The CEO analyzed the incapacity of the company to compete the competitor company alone. After carefully studying the potential of Canberra Pty Ltd and evaluating the prospect of the company, the decision to merge the companies was taken. This shows the visionary and resilient attitude of the CEO.

The leader should also be aware of the rules and regulations presiding in the company and should keep a check of any update in the laws or rules followed by the company (Yukl 2012). The CEO in the case was aware of the recent legislation changes in the lobbying firms in the UK. Same changes were also expected to occur in the lobbying firms of Australia. The CEO was prepared for such changes to occur and developed appropriate plan and strategy to deal with such changes. As stated in the Behavioural Theory, there are certain behaviours specific to the leaders that exhibit leadership quality in the person. These behaviours are core inherited among the leaders, which is seen in the CEO of the company (Gavetti et al. 2012).

The CEO is recognized as a skilful person and performs a number of roles in a company such as informational role in which the CEO keeps everyone in the company informed about the whereabouts of the company and is himself aware of all the internal and external happenings of the company. Apart from this there are decisional and interpersonal roles performed by the CEO. The CEO exhibit a number of skills such as technical skill, conceptual skill, and even human skill (Peni 2014). The CEO should be able to easily socialize with others so as to influence people to work for the growth of the company(Galpin and Lee Whittington 2012).

The CEO is the role model of the company. In order to make any changes or transformation in the company meaningful, a leader should be able to work diligently and passionately (Schoemaker, Krupp and Howland 2013). The decision taken by the CEO will have a direct impact on the company and the people related to the company. Hence, it is important for the CEO to critically analyse the situation and perform its role with utmost care and dedication. The effort applied by the CEO directly impact the growth and welfare of the company.

Innovativeness and sociability are important characteristics of the CEO (Peni 2014). As seen in My MMAP Profile and Feedback, I have 95% of innovation skill. This indicates that I can provide creative ideas and innovative services to the company. Innovation leadership is important for the growth of the company. In order for professional development of the individual and company, achievement drive is a necessity. The commitment and desire to achieve and meet the goals of the company is required in the CEO as this will drive will motivate the leader to work diligently and relentlessly. As shown, I have 99% of achievement drive. The combination of innovation and achievement drive helps me to work relentlessly in developing new and better innovative ideas for the better growth of the company. These are important traits required in the CEO in order to achieve desired goals of the company.

Apart from this, I have 99% of sociability as shown in my MMAP profile. This is a very important quality of the CEO. The CEO is responsible to motivate and persuade the person to work for the company. The CEO should be able to communicate freely and independently about the ideas and objectives of the company. If implementing any changes in the company, it is the duty of the CEO to convey the message to other individuals related to the company and explained the reason behind the changes and the benefits obtained by such changes. I have excellent communication and sociability skills that will help me to better socialize with professionals and officials of other company and also represent my company effectively.

Humility is another trait important in the CEO. The CEO should be able to accept feedback and take it as a positive point. Working upon the feedback helps in improvement and growth of the leader. I have 84% openness to feedback, which represent my readiness to work towards my flaws and take it as an effective tool for my personal growth and development. The CEO should be approachable to the individuals so that he is able to connect with the people and understand the problems and work towards it. This is achieved through communicating with a humble attitude. One can only provide solution to the problems, if he knows how to listen. With a humble approach, the CEO understands the value of others people in the company and get maximum cooperation from others. With my humble behaviour, I will be able to connect with the other people and thus will be able to understand and provide better solutions to the problems.

Anxiety and stress has negative effects on the quality of the work. As the CEO is ultimately responsible to take all the decisions in the company, it is necessary for him to stay calm and control. The ability to manage and cope up with stress is much required in the CEO ad the work of the CEO is not an easy task and is full of stress and tension. It is shown that I have only 3% of tension, which shows that I have increased ability to cope up with stress and pressure. This is very effective for the company. It will not only help the CEO to perform better but also support other staffs that are under pressure and face anxiety issues.

Apart for these positive points, my MMAP also shows negative characteristics such as only 17% competitiveness and 65% dependence. This can cause hindrance in my leadership role in the company. However, as I am open to feedback, I take it as a positive point so that I can work on my flaws and improve myself in the future. This will be helpful for me and the company both.

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