Identify a set of strategies, be flexible, and adopt the ability to change without changing the core of the business.
These three points were emphasized by ABS-CBN chief executive officer Eugenio Lopez III in his speech at at the One Cebu Business and Sustainability Summit at the Cebu International Convention Center yesterday.
One should master these three points to have a long-term competitive advantage over one’s competitors, said Lopez, who was one of the speakers in the summit organized by the Mandaue Chamber of Commerce and Industry as part of Mandaue Business Month 2012.
“Companies should determine what are their strategies and why they’re doing this,” he said.
Lopez said the “why” factor would define a company’s agility and make it more adaptable to change and achieve sustained success.
“For most, their strategy is to make a profit. Why? You should ask why that is your strategy,” he said.
“Profit is like oxygen. We need it to exist, to live, but it’s not the reason why we live.”
Lopez also encouraged businessmen to develop “ambidextrous” companies that build and protect the core business while reshaping its business for the long-term.
“ABS-CBN has become an ambidextrous company. We are a content company who learns about itself while it mirrors the common values of Filipinos,” he said.
He said that the availability of technology and the Filipinos’ hunger for technology was driving change in the company.
Lopez said the company was preparing for the day when people would use their smartphones and tablets to watch programs and news.
He also told summit participants that companies should be able to change but maintain their core strengths.
Despite being able to adopt new trends and innovations, a company should always be grounded in their core business, he said.
“For ABS-CBN our core is to be of service to the Filipinos. And while we are seeing a lot of new developments in our company, that core remains unchanged. Everything that we are doing is to serve our customers that is the Filipinos,” said Lopez.
Prof. Enrique M. Soriano of Ateneo de Manila University’s Graduate School of Business, another summit speaker, encouraged businessmen to define their niche and differentiate from their competitors.
Soriano said being able to compete meant being able to differentiate yourself and carve out your own personality and win in your own market.
Another speaker, Jonathan Bernstein, Interbrand exective director, agreed.
Bernstein said it’s essential for one to aim to differentiate the brand of one’s business.
Bernstein, who tackled destination branding yesterday, said that Cebu tourism should start looking at what would make Cebu different.
“How different is your beach from that of a Thai beach? You should be able to define that,” said Bernstein.
Destination branding is not only about the advertising logo and the tagline, he said.
He said Cebu stakeholders can start by defining what kind of tourists are desired — visitors for medical tourism, sports or leisure and more.