Introduction to Value Culture 💡 Podcast Ep. 96
Today’s episode will be probably a little bit different than usual, as we’re going to discuss a new project here at Taylor wells, which we are launching. I suppose, to some extent we’ve already done a soft launch of it with particular customers. That is our project called Value culture.
TIME-STAMPED SHOW NOTES
[01:21] Joanna explains several reasons why pricing transformations fail
[02:45] If value culture is embedded in the business, it will keep going. It will grow as your pricing capabilities matured.
[04:39] People in the organisation needs to understand why are they doing things and what needs to be done to achieve the business strategy.
What is Value Culture?
I let Joanna speak in a minute. But I think just a brief intro as to what it is. On our podcast over the last year or two, you probably hear us talking about lots of similar themes.
Those themes are…
- Pricing settings between different departments.
- Pricing is a technical skillset, but also a people business.
- The difficulties in really getting trashed in a corporation.
- Make sure that our pricing transformation takes hold and runs and isn’t just a set and forget but constant iterations and improvements.
I suppose we’ve come to the conclusion that we categorise that as building a value culture in your company. The Value Culture Program through Taylor wells really will address that need.
I mean, as you’re all aware, it can be extremely difficult to implement, execute a pricing strategy into the market.
And not only that, interpreting that pricing strategy from a higher level, or interpreting higher-level business strategy for pricing.
There’s always often a disconnect there. We have a business strategy, but sometimes it gets lost in translation when it comes down to pricing, even sales, marketing activities.
So, that’s just one of the problems we’ve been seeing in the market. Our customers told us, how can we help with that? Miscommunication, as well as that age-old problem of implementation and executing strategy in the market.
As we all know, over 70 to 80% of most transformation and major price change products fail.
A lot of people argued that because of the complexity of the strategy itself, or the complexity of execution. We in our work, have seen that often that’s not the case at all. It’s because there’s no system in place to build an embed capability across departments and within teams.
I think anyone who’s worked with Taylor Wells will know that we’re different to I suppose this podcast is a bit different because we’re actually talking about ourselves for once. But usually, we don’t do that. But I think it’s an opportune time to do so.
I think with Taylor Wells, you’re always aware that we’re helping build capabilities in your business.
So that sooner or later you can run it by yourself. It’s the old teaching a man to fish routine, isn’t it? That’s almost a cliche by now. But actually, I think it’s the definition of a cliche, isn’t it?
But I think when you really embed that value culture in your business, it will keep going.
You won’t need external help at all times. It’s something that will grow by itself through iterations as the market changes as you become more mature and your pricing focus as the entire business starts pushing in the same direction.
A lot of this stuff is just helping companies get started. Helping people know what they’re doing.
One thing we’re aware of is that you have a pricing department. Everybody in the company has a role to play in achieving commercial results.
They don’t need to fully understand the entire pricing approach. They don’t need to fully understand the pricing technicalities, how things are happening? But they do need to implement and they do need feedback and they do need to feed into this process.
I supposed the entire value culture program is making that happen.
Building the system, building the structure so that every department whether it’s your sales team, whether it’s your marketing team, whether it’s you know your finance team, your support team, your product development, product research, whatever it is.
They’re feeding into and running alongside and going in the same direction as the commercial strategy as the value culture in your business.
I mean, often the teams don’t know how to feed into pricing.
A new pricing initiative is announced at quite a high level by key sponsors. Often done quite well as a big bang. People are excited, they’re wondering what it is.
Then there are sorts of a gap. There’s a gap not just in communication.
People go “okay, well, we heard that announcement once, what’s happening with it now?”. But there’s also a gap with “okay, what do we do next?”.
Although Aidan mentioned that not everybody needs to know what the overall plan and strategy actually means higher level. I actually think that’s very important to engaging teams in the overall process.
So even though people need to know exactly what their piece is in the play, they also need to know why they’re doing it. That’s very key as well.
That can be communicated by, not just for executives. It’s done through line management. And also done through coaching and enabling and this various different types of coaching and reminding and nudging.
Just keeping people in the right direction. Reminding them why they’re doing it. Every step of the journey, because people forget.
It can be new when there are new concepts. New ways of doing things you need to be reminded to break those older habits often sort of cost-plus.
So this value Culture Program does all of that within one system.
Utilises obviously project management. Utilises structured change management and people talent management systems, as well as a more technical sort of coaching in pricing and sales.
So all within one system and just letting simplifying it down by person. So they know exactly what they need to do to get things done to achieve an overarching business strategy.
I think we’re not gonna say too much more about it. We’ve already done a soft launch with two ASX listed companies.
So it’s out there. It’s happening with companies who I suppose are probably innovative. Also, a word I find hard to say. And yeah, it’s happening and it’s been very successful.
It will be rolled out obviously at different levels for different customer sizes.
But I suppose people, anyone any listeners interested, maybe even doing better testing based on this for smaller companies. We’d certainly welcome you to come and chat with us.
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