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Using Innovation to Challenge an Industry’s Traditional Business Model
Guest: LeAnn Boyd, President & CEO at Southern Scripts, which is a rapidly growing provider of pharmacy benefit management services throughout the United States.
Overview: Some entrepreneurs look at a market dominated by two or three major players and see an insurmountable barrier to entry. Others see a stagnant business space that’s vulnerable to new thinking and BIG disruption. On today’s show, LeAnn Boyd describes how she and her entrepreneur coach, Jaime Cohen Szulc, used our Making BIG Happen System to create a culture of innovation that redefined her company’s value proposition and grabbed the attention of her target customer base.
LeAnn Boyd on Using Innovation to Stand Out in a Crowded Industry:
“Innovation is key to everything we do. We’re a small player in an industry dominated by three really, really big companies. So to stand out, we definitely have to innovate. And so that’s always been a cornerstone for us. In fact, one of our core values is to foster a culture of innovation. We have the mission, we have the core values, but we do really try to live those. And we look to those to really guide our decision-making. It’s never the spirit of, we do this because that’s the way we always do it. We should always be asking ourselves, how do we do it better? And because we are fee-based, we have to innovate not only our internal processes of how do we service clients that want unique features, how do we scale that through innovation. It’s also, how do we find ways to show additional value and produce real value for our clients through those more innovative services?”
LeAnn Boyd on Creating Differentiation Through Programs and Services:
“One way that we really differentiated ourselves is that on top of that very base set of services, we’ve really designed our more innovative programs and tools and strategies around how do we help that employer get successful at lowering costs when appropriate? So we’ve done some very unique things about being able to maximize manufacturer coupon dollars, for example, or how do we help maximize opportunities to source the drug differently when the plan elects to do so? So we are sticking to our philosophy and our model of controlling utilization and helping that plan find those lowest net cost therapies for their members.”
LeAnn Boyd on the Value of Implementing a Strategic Planning Process:
“We’ve actually learned, through the help of my CEO coach, a really focused strategic planning process that we do. Our senior leadership team, we meet annually and quarterly as a large group. And then we continue to meet weekly on those key initiatives that help us build these big projects that lead up to how we’re going to achieve some of our big objectives. And so through creating that focused energy on what that problem or that market opportunity is we’re trying to lean into and solve, it really helps push people week to week about what are we going to achieve next in small steps and creates that spirit of innovation when we’re trying to make those big wins happen.”
Links:
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About CEO Coaching International
CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, CEO Coaching International has coached more than 1,000 CEOs and entrepreneurs in more than 60 countries and 45 industries. The coaches at CEO Coaching International are former CEOs, presidents, or executives who have made BIG happen. The firm’s coaches have led double-digit sales and profit growth in businesses ranging in size from startups to over $10 billion, and many are founders that have led their companies through successful eight, nine, and ten-figure exits. Companies working with CEO Coaching International for two years or more have experienced an average revenue CAGR of 31% (2.6X the U.S. average) and an average EBITDA CAGR of 52.3% (more than 5X the U.S. average).
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