Pilot Fish: Clever Strategies for Meeting Planners by Peter Fisk at EMEC 2012

Peter Fisk

Budapest, January 2012

Summary … find out more at www.PilotFishLab.com

Most businesses reach the point where further growth is difficult.

Going beyond their existing markets is full of risks and

uncertainty. Entering new markets, geographies or categories, is

the moment when many successful companies fail.

“Pilot Fish“ is a strategy for more effective growth in today’s

turbulent markets.

The best opportunities for growth are in deep blue oceans, but few

smaller companies are able to reach them, compete in them and

thrive. Except the „pilot fish“ …small, special and very strong.

However the most difficult part of growing a business is when you

seek to enter new markets. They are hostile and different,

demanding new knowledge and capabilities, and requiring

significant investment and resources.

“Pilot Fish“ strategies are counter intuitive. Instead of becoming

bigger to grow, it is about remaining small. Rather than

diversifying into new products and services, it is about focusing on

less to achieve more.

In nature, pilot fish (naucrates ductor) swim with the big fish, doing

the things they can’t or don’t want to do, whilst being protected

and sustained. In business, “pilot fish“ work with strategic partners

providing a small number of specialist ingredients, but with huge

potential scale. Cont …

Intel is the ultimate “pilot fish” attaching itself to the technology giants,

becoming an indispensible component. Jibbitz created decorations to

Crocs shoes and was acquired by latter for USD 20 million. So in

addition to create scaling opportunities, Pilot Fish strategy opens up

great exit opportunities. And there are many others. Small, strong and

specialist companies that found that they can have huge impact through

focus and partnership, doing less to achieve more.

Like Estonian mobile phone operator EMT that has little chance to

compete against orange, Vodafone or alike but has lucrative

international business by providing roaming pre-paid cards to all of the

major telecom players. It also works at individual level: Cath Kidston,

the designer grown through licensing from her kitchen and co-

operating with Tesco, Nokia and others.

If you are not big but you wish to swim with big, benefit from their

presence and strength, you need to become a Pilot Fish. The process

itself is simple:

1. First you identify your core competence or experience – what is it

that you are really good at?

2. Then you search for a candidate, that might have a need for it.

3. Then you manage your company and this relationship so that it is

mutually beneficial.

4. And then you decide, whether to make a next push to grow into

“shark” or sell your business to one.

Pilot Fish can help any kind of business to grow. This presentation is

specifically for meeting planners to grow their own businesses,

however the concept can equally be used as a “total concept” for an

event for business too.

How will you grow your meetings business?

Most companies reach a point where growth is difficult ...

... entering new markets, geographies and categories ...

... is when many previously successful companies fail

Where are your biggest opportunities for growth?

New meetings

New locations

Entering new markets

New meetings


New locations


Entrepreneurs

Product launches

New meetings


New locations


Entrepreneurs

Virtual conferencing

Community building

Product launches

New meetings


New locations


Entrepreneurs


Community building

Managing change

Driving innovation Product launches

eLearning

New meetings


But in the deep blue oceans of a changing world ...

... The big dangers are waiting for you

and in global markets ... everyone is hungry for new growth

Many companies turn to partnerships to survive ...

... working in partnership to add specialist capabilities

... working in partnership to reach new audiences

Growth partnerships can take many different formats ...

Higher impact

Lower risk

Exporting

Joint Venture

Acquisition

Consortia

Alliances

Licensing

Co-Distributing

Co-Branding

?

So what about you? How should you grow?

Instead of competing against the big companies ...

... how can you learn to work with them?

Intel became the indispensible partner to PC manufacturers ...

... and Lycra became famous for its distinctive added value

Little fish who learnt to swim with the sharks ...

We call them ... pilot fish

pilot fish ... a new breed of business

pilot fish ... a new breed of business

Uniquely different

Mutual support

Growing together

Growth is difficult So how can you become a pilot fish ?


1. Focus uniquely


1. Focus uniquely 2. Find shark


1. Focus uniquely 2. Find shark 3. Grow together


1. Focus uniquely 2. Find shark 3. Grow together 4. Realise value

phase 1. Find your uniqueness ... what you can do better


We know markets have changed forever ... phase 1. Find your uniqueness ... what you can do better

Differentiation Growth

Profit Strength

What are your

most valuable

products?

What are your

strongest

capabilities?

For example … Focus growth on new markets, eg China

New locations


Entrepreneurs


Community building

Managing change


eLearning

New meetings

For example … focus growth on entrepreneurs, eg start-ups

New locations


Entrepreneurs


Community building

Managing change


eLearning

New meetings

For example … focus growth on change management

New locations


Entrepreneurs


Community building

Managing change


eLearning

New meetings

pilot fish ... YKK

pilot fish ... Dolby

phase 2. Find your shark - the right partner, the right market


We know markets have changed forever ... phase 2. Find your shark ... Evaluating the adjacent markets

Category

Customer Country


Business

School

Advertising

Agency Government

Bodies

For example … Potential sharks to help you enter new markets

You You You

Government

Bodies

For example…Potential sharks to help you reach entrepreneurs

Entrepreneurs

You You You

Business

Magazine

Government

Bodies

For example … Potential sharks to help you manage change

Managing change

You You You

Management

Consultant

pilot fish ... Wieden+Kennedy

pilot fish ... Johnny Depp

phase 3. Grow together ... Creating a symbiotic relationship


We know markets have changed forever ... phase 3. Grow together ... Creating symbiotic partnerships

Adobe Acrobat


Advertising

Agency

For example … How could you work together with your shark?

You

Advertising

Agency


You

Business

Magazine

Entrepreneurs

Advertising

Agency


You

Business

Magazine

Management

Consultant

Managing Change

pilot fish ... Adobe

pilot fish ... Visa

phase 4. Realise the value ... the potential of pilot fish


We know markets have changed forever ... phase 4. Realise the value ... cost, revenue, profit, potential

Inc Revenue

Red Costs

Potential to double

economic value

within 5 years

Source : Impact of Intel strategic alliances

1995-2005, Wharton, plus other analysis

How will you turn your best opportunities into better growth?

Advertising

Agency

You

Advertising

Agency

You

Business

Magazine

Advertising

Agency

You

Business

Magazine

Management

Consultant

pilot fish ... Goretex

pilot fish ... WuXi PharmaTech

How can you win in your “blue ocean” opportunities?

... how can grow faster, cheaper and with less risk?

Become a pilot fish

pilot fish ... clever strategies for business growth

pilot fish pilot fish

clever strategies for business growth

pilot fish

Pilot Fish is a total meeting concept … that can be customised by an event organiser for a client or local

market … it is typically held as a one-day conference, followed by a one-day workshop, followed by physical

and online networking and support …

Blue Seas is an inspirational event that presents the pilot fish idea. It will be delivered as “ready made” where

Pilot Fish team:

• creates a unique “aquarium” format

• develops all the content: keynotes and talkshows

• brings together experts and local contributors

• designs and implements the visual and technical aspects of an event (if needed)

Deep Dives are hands-on strategic workshops where pilot fish facilitators help

small mixed teams, in-house teams or individuals to create their own pilot fish strategy

and implementation plan. Pilot Fish team provides:

• unique process, and set of tools and templates

• expert facilitators who understand the process and your markets

• framework for unique pilot fish strategy of your business

• international best practice and local market insight

Fish Nets take pilot fish strategy into action. These are intensive match-making events,

both physical and viral, facilitated by our impartial experts who

• bring together potential sharks and pilot fish

• facilitate the right interactions based on your pilot fish strategy

• explore options for pilot fish to enter new markets with help of sharks

• help shark companies to find high value added pilot fish partners from your market

Find out more at www.PilotFishLab.com

[email protected]

www.PilotFishLab.com

Pilot Fish: Clever Strategies for Meeting Planners by Peter Fisk at EMEC 2012

Business

Transcript of Pilot Fish: Clever Strategies for Meeting Planners by Peter Fisk at EMEC 2012