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Timex Summary

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by

Don Woodring

on 6 August 2014

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Transcript of Timex Summary


TECH SAVVY

*Implemented 10 websites learning the power & impact of social media, UX/UI issues and eCommerce.

*At SDI, technology was integral to a unique competitive advantage. Hired one of 100 top CIOs in the country.

*Doubled the revenue under this model, while improving operating income from 7% to over 33%.

CHANGE AGENT
*I come from a family owned business, have owned my own businesses and was the CEO of a public company.
*At SDI, we were able to create a turnaround of $11 million on the bottom line while rationalizing the customer base. *Implemented a new strategy and successfully marketed and sold it.
*Successfully created and implemented a new culture in the company, including Gererous Listening and Standing for Each Others' Success.
*Consolidated 5 brands under one single brand and recreated an industry leader.
*Our new technology and marketing strategy changed the industry.
REGROW PROFITABLY

*Managed over 300 retail locations across North America.
*Created and implemented industry changing strategy that increased revenues and EBITDA. Operating income improved from 7% to 33%.
*Worked for the largest and world class supply chain companies in the world.
*Increased EBITDA by $11 million while rationalizing customer base by about $200 million. Revenue recognition model changed significantly.
*Reduced capital intensivity of business and risk associated with growth. ROIC improved from 17% to over 250%.

By: Don Woodring
The Re-emergence of Timex
MARKET RESEARCH
I performed some research including:
*interviewed over 50 people ranging from ages 19 to 76
*40% were in the 20 - 30 age range
*interviewed people from 8 different countries ranging from North America, Asia, Latin America and the Middle East
*Interviewed with former employees including a former President, CEO and Chairman of the Board of Timex..

FINDINGS
*80% of 20-30 year olds didn't know the brand at all
*More than 90% of the 20-30 group wanted fashion or tech
*Over 30% of the over 50 group hadn't seen advertisting for Timex or thought they were out of business
*Over 60% of the over 50 group wanted simplicity and large numbers for visibility
*Walmart = cheap

Refresh Timex Image
Timex could set a new direction by creating a contest of its potential customers, asking them to create the new image of Timex.
-Use of a very cost effective tool, SOCIAL MEDIA
-Offer a cash award
-Use videos heavily as they have greater SEO value & are popular
-Create possibly viral videos
-Engages the customer
Timex could create a much more user friendly and engaging eCommerce site which will greatly increase ecommerce sales. See:
-www.NiteWatches.com
-www.Spyder.com
-www.Store.Sony.com

MARKETING IS BECOMING MORE AND MORE PERSONALIZED, LOCAL AND PREDICTIVE!

Marketing and Advertising
Clearly, the biggest issue that faces Timex is the lack of visibility to the customer and the recognition of this world class brand. The following is not intended to be the answers, but rather only my ideas. Timex must implement changes in order to enhance its branding, image and improve its profitable growth. These are the result of my informal market research and gut feel. Both are required to make a marketing & advertising campaign successful.

These ideas are highly cost effective and are designed to get in and get out of quickly if they don't succeed.

They are also designed to generate the marketing ideas from the global consumer base. This will not only ensure that it meets the consumer need, but gets our customers actually engaged in our new process.

Sales is the key. Not marketing or advertising. They are simply ways to generate sales. That is how I approached this objective.
Refresh Timex Image
*Establich relationships with other brands trying to revamp their brands:
-Buick - joint marketing, giveaway with new car
-Carhartt - making more relevant with improved style
-Coca Cola - personalizing
*Establishing more relationships with:
-up and coming athletes, designers, bloggers, singers and stars
-themes & activities like poker, NCAA, schools, NFL, MLB, NBA,
travel, cruiselines, countries, corporations for new employees
-organizations like NCAA, GLAAD, olympic committee
*Sell accessories with watches to evoke more interest and collectibility
*More emphasis on social media
-Timex has 150,000 likes vs Swatch's 3.5 million
-Develop a YouTube channel. Even Rolex has one.
-Your Twitter use of photos and products is superior to Facebook's
-Timex has 1/10 the followers on Twitter than Swatch

INITIAL IDEAS

*Personalize your marketing..."As Individual As You" for example.
-Create an interactive ecommerce site that allows you to choose:
casing
face
hands
band
-Send emails to the creators of the watch, informing them of how rare or common the watch is
-If, after a year, no one has chosen that watch, then retire that combination and notify the designer that it is a one of a kind

*Compete on the health issue with Medical Alert and diabetes

REQUIREMENTS:
*$25O million plus in revenue
*>1000 employees
*C level person with an interesting story, Prefer diversity.
I a member of a minority group that would be the first in
Undercover Boss history and have a very interesting story.
*Company must give at least $200k in prizes to employees
*Perform a sizzle video
*Cost is less than (2) 30 second spots
*Exposure is between 8 to 10 million plus reruns

*The visibility and exposure you will get will greatly exceed the cost and time spent.
*It will new the interest in Timex as we present a terrific image
*It is the perfect time as you are looking for a new CEO.
Undercover Boss
SKILLS TIMEX NEEDS
SKILLS TIMEX NEEDS
MULTI-CULTURAL & GLOBAL UNDERSTANDING

*Lived and worked outside of the US for 8 years.
*Negotiated labor contracts in Mexico in Spanish.
*Performed business across the globe, sourcing products.
*Country manager at age 29.
*CEO of public company at 39

SKILLS TIMEX NEEDS
SKILLS TIMEX NEEDS
Inital Ideas
*Bring jobs back to the US after a financial review.

*Promote a contest for best technology use with watches on social media.

*Enhance the "Wear It Well" campaign with others such as "Watch Out" "Watch This," or "Time Out" which could become a viral video like Happy.
-encourages you to wear your watch with pride

*Go onto Undercover Boss with new CEO
Now is the time for Timex to embrace a fresh set of eyes from outside of the industry to improve their image and secure their financials. I believe I have those skill sets to accomplish this. Thank you.
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