{"id":493,"date":"2015-09-04T17:02:49","date_gmt":"2015-09-04T22:02:49","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=493"},"modified":"2018-09-14T09:45:13","modified_gmt":"2018-09-14T14:45:13","slug":"who-is-in-charge-of-value","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/client-relationships\/who-is-in-charge-of-value\/","title":{"rendered":"Who is in Charge of Value?"},"content":{"rendered":"<p><span style=\"font-weight:400;\">I have had the privilege of posing this question\u2014who\u2019s in charge of value in your organization?\u2014to thousands of leaders around the world. I\u2019m usually met with a momentary <\/span><i><span style=\"font-weight:400;\">staring ovation<\/span><\/i><span style=\"font-weight:400;\">, and then someone will inevitably shout out, \u201cEveryone!\u201d<\/span><\/p>\n<p><span style=\"font-weight:400;\">Really? I live in California, where I\u2019m told everyone \u201cowns\u201d the Golden Gate Bridge. I would like to sell my portion; unfortunately, I encounter what economists call the <\/span><i><span style=\"font-weight:400;\">tragedy of the commons<\/span><\/i><span style=\"font-weight:400;\">.<\/span><\/p>\n<p><span style=\"font-weight:400;\">If everyone owns something, no one does. No one has an incentive to protect and maintain the value of the asset in question.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Pricing is far too important to the viability of the company to be left to mediocre pricers. No other area\u2014not cost cutting, efficiency increases or growth \u2013 can have as large an impact on profitability as pricing does.<\/span><\/p>\n<p><span style=\"font-weight:400;\">It is time for organizations to recognize that if they are serious about pricing commensurate with the value they create, they need to establish a core group of enthusiastic pricers to establish pricing as a core competency within the firm.<\/span><\/p>\n<p><b>Appoint a Chief Value Officer<\/b><\/p>\n<p><span style=\"font-weight:400;\">To understand value, we have to understand the customer. This is not accomplished with more accurate cost accounting, better project management or any other internal initiative. Companies have a wealth of information on how long things take and what they cost; they have a paucity of metrics on the value they create for customers.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Someone needs to be in charge of value. BMW has a Customer Experience Officer, responsible for the entire BMW experience, from decision to purchase, to service and trade-in.<\/span><\/p>\n<p><span style=\"font-weight:400;\">One question that continually comes up is, what are the traits of a successful chief value officer (CVO)? The acronym LACEY is a useful framework for identifying what characteristics are essential for a successful CVO:<\/span><\/p>\n<ul>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Leadership<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Attitude<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Commitment<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Experimentation<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Youth<\/span><\/li>\n<\/ul>\n<p><b>Leadership<\/b><\/p>\n<p><span style=\"font-weight:400;\">An organization will never rise above its leadership. CVOs implicitly and explicitly understand that the firm\u2019s prices are the language in which they strategically communicate value to customers.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Perhaps, the first important characteristic of a successful CVO is high self-esteem; they believe that their company\u2019s services are worth every penny they charge. There is great nobility in being paid what you are worth.<\/span><\/p>\n<p><span style=\"font-weight:400;\">A CVO must have demonstrable leadership skills, while also commanding respect and credibility across multiple functions within the firm. They will be responsible for communicating the importance of pricing and value to the media, thereby negating price wars within the industry.<\/span><\/p>\n<p><b>Attitude<\/b><\/p>\n<p><span style=\"font-weight:400;\">The CVO has to view pricing as an enormous opportunity for the firm to create and capture value, rather than a limitation imposed on them by the market, which they have no control over, just like the weather. Pricing is far too important to assign to narrow minds. Pricers have to be intellectually curious, constantly learning, reading and studying why humans behave the way they do.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Look for a CVO who is moving through the five levels of learning: awareness, awkwardness, application, assimilation and art. Pricing is an iterative process of the mind and it will always require human judgment.<\/span><\/p>\n<p><b>Commitment<\/b><\/p>\n<p><span style=\"font-weight:400;\">A CVO that does not have the support of the CEO is destined to be feckless. Effective centralized pricing has to have total authority, which needs to be vested in one individual so there is one throat to choke.<\/span><\/p>\n<p><span style=\"font-weight:400;\">The CVO should report directly to the CEO, sending a powerful message throughout the organization that the leaders are serious about value and pricing.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Since this is a relatively new skill in the marketplace, talent is presently hard to find, and firms will have to develop it internally. If resources are limited, the best advice is to read. There are many excellent books on pricing. Make every member teach what they learned, and what they think the firm should do differently as a result, to their colleagues.<\/span><\/p>\n<p><span style=\"font-weight:400;\">As Professor Ernest Rutherford, the man who split the atom, said: \u201cIt\u2019s true we don\u2019t have much money so what we have to do is think.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400;\">Also, as with any new initiative, there is bound to be inevitable mistakes, failures and setbacks. The CVO must be committed to the process. Pricing is hard, but so is training for the Olympics, or anything else worth doing. Obtaining a competitive advantage is never free. Determination and commitment defeats diffidence.<\/span><\/p>\n<p><b>Experimentation<\/b><\/p>\n<p><span style=\"font-weight:400;\">The CVO has to take a stand for the customer, constantly asking how the company can provide more value. They have to be willing to experiment and cannot be prisoners of the past. Having the mantra that \u201cThat is the way we have always done it\u201d should inspire nothing but contempt from CVOs.<\/span><\/p>\n<p><span style=\"font-weight:400;\">A CVO will constantly be on the search for new ways of doing things, all the while eliminating procedures and processes that do not add value to the customer. This is the CVO mandate.<\/span><\/p>\n<p><b>Youth<\/b><\/p>\n<p><span style=\"font-weight:400;\">I will admit a certain amount of uncertainty as to the implications of this last characteristic. I am not suggesting that you cannot teach an old dog a new trick. Instead, research on age and <\/span><i><span style=\"font-weight:400;\">innovation <\/span><\/i><span style=\"font-weight:400;\">suggests you should not expect an old dog to innovate a new trick to add to the repertoire.<\/span><\/p>\n<p><span style=\"font-weight:400;\">If organizations want innovation and dynamism, they will have to give more authority and responsibilities to their youthful team members. At the very least, some people in their twenties or thirties should be on the value council. Organizations, like people, tend to calcify with age, and youth can keep the blood pumping at a more vigorous pace.<\/span><\/p>\n<p><span style=\"font-weight:400;\">No doubt they will make more mistakes and incur more failure, yet risk is where profits come from. What is the alternative? Ossification is not an option.<\/span><\/p>\n<p><b>Not Final Thoughts<\/b><\/p>\n<p><span style=\"font-weight:400;\">It is often said that we get what we measure. If this is true, isn\u2019t it time we measure what we want to become? Who in your company is measuring value?<\/span><\/p>\n<p><span style=\"font-weight:400;\">If you are competing against a firm with a CVO, you will be at a severe competitive disadvantage. The Roman God Janus had two sets of eyes, one to see what lay behind and the other to see what lay ahead. A CVO is an outward-looking position, with duties carried out in a world of risk, uncertainty, innovation and faith in the future, where value is solely arbitrated by the customers your firm is privileged to serve. If the only set of eyes you possess look behind you\u2014at historical costs, hours, activities and efforts\u2014you are destined for a perilous future.<\/span><\/p>\n<p><span style=\"font-weight:400;\">So, who is in charge of value in your company?<\/span><\/p>\n<p><b>Editor\u2019s Note: <\/b>Be sure to check out a new <a href=\"https:\/\/accountants.intuit.com\/accounting\/quickbooks\/quickopedia\/training\/value-pricing.jsp\">Intuit\u00ae resource center on value pricing<\/a>, including Ron Baker\u2019s recent webinar series.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have had the privilege of posing this question\u2014who\u2019s in charge of value in your organization?\u2014to thousands of leaders around the world. I\u2019m usually met with a momentary staring ovation, and then someone will inevitably shout out, \u201cEveryone!\u201d Really? I live in California, where I\u2019m told everyone \u201cowns\u201d the Golden Gate Bridge. I would like<\/p>\n","protected":false},"author":107078480,"featured_media":496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[561584],"tags":[646041692],"intuit_collection":[],"intuit_series":[],"coauthors":[509474138],"class_list":["post-493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-client-relationships","tag-firm-of-the-future"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.6) - 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