Wates, founded in 1897, is one of the UK’s largest, privately owned construction and development companies. A family-owned business, Wates employs in excess of 1500 people throughout its national network of eleven delivery centres, providing specialist product and service delivery to its customers. The first non family Chief Executive Officer was appointed in 2000.
The challenge:
The new CEO was intent on getting traction on performance. The business was profitable but the returns for shareholders were low. Customers were complaining. Hard decisions were not being taken. The CEO formed an ‘innovation team’ to establish what the organisation needed to do. Markets and competitors were analysed. Performance contracts were introduced.
The MSL solution:
Marketing Statements encouraged the innovation team to examine the history of Wates to rediscover its core values and core purpose. Senior executives in the leadership team were challenged and persuaded by Marketing Statements and the innovation team to ’stand in the shoes’ of Wates’ customers and think of all the potential benefits and value that Wates could deliver to these customers. Ideas about how process enterprises really work were introduced to help the team develop a strategy around the key assets, market segments and processes of Wates that deliver outstanding benefits and value to its customers.
The benefits:
Performance and value delivery have been transformed. Profits and customer satisfaction have increased. Staff turnover has more than halved. The Wates brand has been renewed.
The testimonial:
Marketing Statements’ help in forging a new set of relationships with customers lead ultimately to a re-evaluation of the values and mission statement of the Group, to far reaching changes to the Wates brand and what it stands for and, most importantly, to corporate governance changes… Performance and value delivery were transformed. Profits of £13 million before taxation were achieved in 2003 versus an average of £1 million p.a. in the previous ten years. Value and customer endorsements improved and safety related incidents were reduced by 35 per cent. Customer satisfaction increased. Staff turnover was reduced from 27 per cent to 10 per cent p.a. Wates was once again at the forefront of attracting top quality graduates.”
Struan Robertson, then CEO, Wates Group
http://www.wates.co.uk
To arrange a meeting with Marketing Statements, please contact Jenny Patterson on 07957 473 270/020 8983 3984 or jenny.patterson@marketingstatements.com
