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Session Summary: Ken Wong, Queen's University

An incredible story-teller with a message that was right on target, Ken Wong focused his presentation on one purpose—showing participants how “To detect…to destroy…to avoid Margin-Sucking Maggots!”

Wong led the group through a journey of the four vehicles to improve profitability:  price, costs, market share and market size.  Using examples from many industries, Wong demonstrated the true effect each vehicle has on a company’s bottom line.  One of his most compelling arguments was a visual representation on how a one percent change in each of the four vehicles changes operating profit.  Cutting price to build value rarely makes sense. 

According to Wong, to increase value, you need to offer your product or service at a lower price while maintaining quality or you can reduce quality but then you need to significantly reduce price or you can add quality but maintain the price.  Increasing or decreasing prices is easy to do—not many companies can easily improve on quality.   Focus on the creation of value through sustained customer relationships.

Download Wong's presentation.