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The Momentum effect: how to ignite exceptional growth

Author: Larréché, Jean-Claude INSEAD Area: MarketingPublisher: Wharton School Publishing, 2008.Language: EnglishDescription: 324 p. : Graphs ; 24 cm.ISBN: 9780132363426Type of document: INSEAD BookBibliography/Index: Includes bibliographical references and indexAbstract: Delivering consistent, profitable growth is the number one non-negotiable imperative facing today's business leaders. Many firms struggle to meet it. Only a rare few consistently achieve it. How do they do it? The answer lies in a tremendously potent but little-understood force: momentum. Momentum feeds on itself: if nurtured properly, it accumulates even more power from its own success, creating new value with unparalleled efficiency. In The Momentum Effect, Jean-Claude Larréché reveals exactly how to build and preserve business momentum, and use it to deliver growth that gets you noticed, year after year after year. Larréché begins by demonstrating the powerful, hidden role of momentum in value creation and why it's more important than innovation, marketing excellence, or even customer focus. Next, one at a time, he introduces eight tightly linked "building blocks" of momentum strategy. You'll learn through dozens of case studies: surprising new insights into familiar companies like IBM and Toyota, as well as remarkable, under-recognised leaders like Rentokil and First Direct. Last but not least, Larréché demonstrates how to build the unique leadership competencies needed to implement and sustain a winning momentum strategy: not just for years, but for decades.
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Includes bibliographical references and index

Delivering consistent, profitable growth is the number one non-negotiable imperative facing today's business leaders. Many firms struggle to meet it. Only a rare few consistently achieve it. How do they do it? The answer lies in a tremendously potent but little-understood force: momentum. Momentum feeds on itself: if nurtured properly, it accumulates even more power from its own success, creating new value with unparalleled efficiency. In The Momentum Effect, Jean-Claude Larréché reveals exactly how to build and preserve business momentum, and use it to deliver growth that gets you noticed, year after year after year. Larréché begins by demonstrating the powerful, hidden role of momentum in value creation and why it's more important than innovation, marketing excellence, or even customer focus. Next, one at a time, he introduces eight tightly linked "building blocks" of momentum strategy. You'll learn through dozens of case studies: surprising new insights into familiar companies like IBM and Toyota, as well as remarkable, under-recognised leaders like Rentokil and First Direct. Last but not least, Larréché demonstrates how to build the unique leadership competencies needed to implement and sustain a winning momentum strategy: not just for years, but for decades.

Digitized

The Momentum Effect How to Ignite Exceptional Growth Contents Preface .................................................................................... xxi PART I Discovering Momentum........................................................... 1 Chapter 1 The Power of Momentum ................................................................... 3 Where's the Impetus? ............................................................................ 3 What's Holding Us Back? ......................................................................4 Pushers, Plodders, and Pioneers ........................................................... 5 Momentum-Powered Firms ................................................................... 9 The Power of Momentum in Action ................................................... 11 Wal-Mart .................................................................................... 11 Toyota ......................................................................................... 12 Join the Momentum League ............................................................... 14 Chapter 2 The Source of Momentum ....................................................................... 15 The Day Gary Kildall Went Flying .................................................... 15 The Source of Microsoft's Momentum ................................................16 How Value Is Created ........................................................................ 17 Where Is the Unlimited Potential? ..................................................... 19 Drivers of Momentum Strategy .......................................................... 21 Exploring the Customer's Space ................................................. 21 Crafting "Power" Offers .............................................................. 22 Mobilizing for Growth................................................................. 23 Momentum Strategy at Work: The iPod ............................................. 24 How Momentum Growth Opens a New Efficiency Frontier .............. 25 Moving from Compensating to Momentum Strategy . . . ........... 26 Less Is More, More for Less ....................................................... 27 Unlock Your Unlimited Potential ....................................................... 28 Chapter 3 The Road to Momentum................................................................... 29 Vasella's Eureka Moment.....................................................................29 The Momentum-Powered Firm in Action ........................................... 30 The Results Momentum Can Deliver ........................................ 31 The Twin Engines of Momentum ....................................................... 32 Momentum Design .................................................................... 34 Momentum Execution ............................................................... 36 Momentum Design at Skype ............................................................... 38 Momentum Execution at Skype........................................................... 41 Making Momentum Systematic........................................................... 44 PART II Designing Momentum .................................................................... 47 Chapter 4 Compelling Insights ......................................................................... 49 IBM Is Listening Again........................................................................49 The Value-Origination Blind Spot ...................................................... 50 Virgin Atlantic ........................................................................... 51 Customer Insights ................................................................................ 52 3M: Post-it Notes ....................................................................... 53 Alcoa Packaging: Fridge Pack ................................................... 53 Dassault: The Falcon 7X Aircraft .............................................. 54 The Systematic Discovery of Compelling Insights ............................. 54 The Knowing-Doing Discovery Path ........................................ 57 The Listening Discovery Path ................................................... 58 The Learning Discovery Path .................................................... 58 The White Discovery Path ......................................................... 59 The Exploration Process ...................................................................... 60 Guiding Exploration ................................................................... 60 Enabling Exploration ................................................................. 63 Explore the World for Insights ............................................................ 65 Chapter 5 Compelling Value ............................................................................ 69 What Women Want ............................................................................. 69 What Does a Customer Value? That Depends .................................... 70 Customer Myopia ................................................................................ 72 The Customer Value Map ................................................................... 73 Delighting Customers ................................................................ 74 Abusing Customers ....................................................................76 What's It Worth? How Customers See Value ..................................... 77 The Customer Value Wedge ............................................................... 78 Financial Customer Value ......................................................... 80 Functional Customer Value ....................................................... 81 Intangible Customer Value ........................................................ 82 Emotional Customer Value ........................................................ 82 Let the Customer See Better Value ................................................... 84 The Golden Pathway to Increased Customer Value ..................85 Go Deep, Be Compelling ................................................................... 87 Chapter 6 Compelling Equity ........................................................................... 89 The Man Who Taught an Old Dog New Tricks ................................ 89 The Concept of Compelling Equity ................................................... 90 Transaction Myopia ........................................................................... 92 Lifetime Value: The First Step in Correcting Transaction Myopia ................................................................... 94 The Customer Equity Wedge .............................................................96 Financial Customer Equity ........................................................ 97 Functional Customer Equity ...................................................... 98 Intangible Customer Equity ....................................................... 99 Emotional Customer Equity ....................................................... 100 The Customer Equity Map ............................................................... 102 Optimizing Customer Equity ........................................................... 104 The Three Paths of Customer-Equity Optimization . . ............ 104 Zero-in on Customers Who Drive Momentum ................................ 106 Chapter 7 Power Offer Design ........................................................................ 109 A Bank That Doesn't Like Banking.................................................. 109 What Is a Power Offer? .................................................................... 110 Exploring for Customer Traction ..................................................... 112 From Exploration to Design of a Power Offer ................................. 114 The Compelling Value Path to the Power Offer ...................... 115 The Compelling Equity Path to the Power Offer ..................... 118 The Pillars of a Power Offer ............................................................ 120 Compelling Proposition ........................................................... 123 Compelling Target ................................................................... 124 Power Crafting ......................................................................... 125 The Virtuous Circle of Power Offer Design .................................... 127 Design for Traction .......................................................................... 129 PART III Executing Momentum ............................................................. 131 Chapter 8 Power Offer Execution ................................................................... 133 A Tape Recorder That Didn't Record .............................................. 133 The Execution of the Power Offer ................................................... 134 From Product Focus to Value Focus ........................................ 135 Momentum as a New Business Model ..................................... 135 The Dynamic Evolution of Power Offers ................................ 137 The Business Value of Momentum .................................................. 140 The Chain Reaction of the Power Offer .......................................... 143 The Virtuous Circle of Momentum .......................................... 143 Breaking the Vicious Circles ................................................... 146 Building and Sustaining Momentum ................................................. 147 Understand the Emotional Drivers of Momentum .................... 147 Implement a Systematic Action Roadmap to Momentum ............................................................................ 148 Turn Traction into Momentum .......................................................... 150 Chapter 9 Vibrant Satisfaction ......................................................... 153 Moments of Truth .............................................................................. 153 Why Vibrant? ............................................................................ 154 The Emotions Beneath Satisfaction .................................................. 155 "Dissatisfaction Inside" ........................................................... 155 Why Intensity Matters ............................................................... 156 Champions and Desperados ...................................................... 158 Satisfaction Metrics ........................................................................... 159 Top Box Ambition ..................................................................... 160 The Impact of Vibrant Satisfaction ................................................... 162 Aiming for Vibrant Satisfaction ........................................................ 163 Strategies for Vibrant Satisfaction .................................................... 164 Mobilize for Vibrant Satisfaction ............................................ 165 Detect Sources of Dissatisfaction ............................................ 166 Convert Unsatisfied Customers ............................................... 168 Nothing Less Than Vibrant ............................................................... 172 Chapter 10 Vibrant Retention .................................................................. 175 For Want of a Key.............................................................................. 175 Loyals and Runaways .............................................................. 176 The Emotions Beneath Retention ...................................................... 177 "Freedom Inside" ..................................................................... 177 "Temptation Outside" .............................................................. 178 Retention Metrics .............................................................................. 179 The Business Impact of Retention .................................................... 180 Vibrant Retention ............................................................................... 182 Passive Retention ..................................................................... 184 Forced Retention ...................................................................... 185 Vibrant Retention ..................................................................... 187 Strategies for Vibrant Retention ...................................................... 188 Mobilize for Vibrant Retention ................................................ 188 Detect Sources of Defection .................................................... 189 Convert Defecting Customers .................................................. 190 Nothing Less Than Vibrant .............................................................. 192 Chapter 11 Vibrant Engagement ............................................................... 195 Harry Potter and the Exceptionally Engaged Readers ..................... 195 Advocates and Detractors ........................................................ 196 Why "Vibrant" Engagement? ................................................... 197 The Human Nature of Engagement ................................................. 197 "Belonging Inside" ................................................................... 197 "Broadcasting Outside" ............................................................ 199 Ambitious Engagement Metrics ....................................................... 200 The Business Value of Engagement ................................................ 201 Accelerator I: Boosted Compelling Value ............................... 201 Accelerator II: Boosted Compelling Equity ............................ 202 Accelerator III: Boosted Customer Acquisition ...................... 203 The Richness of Vibrant Engagement ............................................. 204 Paid-For Value and Ambient Value .........................................205 The Customer Engagement Portfolio ............................................... 206 Strategies for Vibrant Engagement ..................................................208 Mobilize for Vibrant Engagement ........................................... 208 Detecting Sources of Engagement ........................................... 209 Converting for Vibrant Engagement ........................................210 Competing in the Momentum-Powered League .............................. 212 Nothing Less Than Vibrant .............................................................. 214 PART IV Total Momentum ....................................................................... 217 Chapter 12 Internal Momentum .................................................................... 219 Give Me a Squiggly! ...................................................................... 219 Mobilizing the Energy Within ....................................................... 220 Building Internal Momentum .........................................................221 Compelling Employee Insights .............................................. 221 Compelling Employee Value ................................................. 223 Compelling Employee Equity ................................................ 224 Employee Power Offers ......................................................... 224 Vibrant Employee Satisfaction .............................................. 225 Vibrant Employee Retention .................................................. 226 Vibrant Employee Engagement ............................................. 227 The Momentum Culture ................................................................. 228 The Customer Spirit: "The Real Battlefield Is Outside" .............................................................................. 230 The Competitive Spirit: "Outsmarting Your Opponent" ..................................................................... 231 Internal Momentum in Crises ......................................................... 231 Wal-Mart's German Fiasco .................................................... 232 Johnson and Johnson and the Tylenol Crisis .............................. 232 The Best of Human Nature ............................................................ 235 Harness Your People Power .......................................................... 236 Chapter 13 Momentum Leadership ............................................................... 239 Can You Ski the Face?........................................................................................................................... 239 Generating and Directing Momentum ........................................... 240 The Momentum-Leadership Ladder .............................................. 241 Momentum Leadership *** Momentum Leadership **** Momentum Leadership ***** 243 245 248 Tips for Aspiring Momentum Leaders ............................................. 252 Commit to Value Origination .................................................. 253 Practice Momentum Concepts Continuously with Your Contacts .......................................................................... 254 Have Respect for People .......................................................... 255 Spend Quality Time with Customers, Employees, and Stakeholders ...................................................................... 256 Be Momentum Consistent ........................................................ 257 It Starts with You ............................................................................. 258 Chapter 14 Epilogue ........................................................................................ 261 Seizing the Unlimited Potential ....................................................... 262 The Momentum Journey .................................................................. 262 Our Momentum Future..................................................................... 264 Bibliography ........................................................................... 267 Endnotes .................................................................................. 281 Index ....................................................................................... 313

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