Subscribe
Share
Share
Embed
Welcome to The Chemical Show™, where chemicals mean business. If you're looking for insights from business leaders of mid-market to Fortune 50 companies, this is the place to be.
Featuring interviews with industry executives, you’ll hear about the key trends impacting chemicals and plastics today: growth, sustainability, innovation, business transformation, digitalization, supply chain, talent, strategic marketing, customer experience and much more.
Episodes are published every Tuesday.
Host Victoria Meyer gained her industry experience at leading companies, including Shell, LyondellBasell and Clariant. Before taking those insights and experiences to launch a strategy & marketing consultancy, Progressio Global, and The Chemical Show podcast. Victoria brings a informed and engaging perspective, making this podcast not just about the chemical business, but about people, leadership, business challenges and opportunities, and so much more.
The Chemical Show brings you the latest insights into trillion-dollar chemical industry. You will hear from leading industry executives as they discuss their companies, business, markets, and leadership. You’ll learn how chemical, specialty chemical, petrochemical, material science and plastics companies are making an impact, responding to the changing business environment, and discussing best practices and approaches you can apply in your business.
This podcast is a must-listen for executives and business leader everywhere, leading B2B process businesses and industries, driving strategy, harnessing customers and suppliers, and driving business innovation.
Victoria Meyer: Hi, this is Victoria
Meyer, welcome back to the chemical show
where chemicals means business today.
I'm bringing you the second of
short episode, bringing you some
nuggets of insights from day two
of the chemical summit, which was
held on October 8th and ninth.
Day two of the summit focused
on customers, relationships,
and global economics.
So we had a number of great speakers.
In fact, the feedback that we got
has been insightful, inspiring.
Transformational.
So if you missed it and are feeling
a little sad or a little FOMO,
you know, if you're missing out,
head on over to thechemicalsummit.
com and get your virtual ticket.
That virtual ticket will allow
you to access recordings of the
speakers and panelists, plus any
slides or content that they shared.
You'll get the chance to connect
with other leaders in our exclusive
Chemical Summit community.
And you are going to gain actionable
insights to move your personal
leadership and your business forward.
So as I said, day two of the
summit focused on customers,
relationships, and markets.
We started with Melina Palmer,
who is a behavioral economist
and CEO of the brainy business.
She was talking about.
Customer nudges and what your
customers want and can't tell you.
Let me just tell you, she is a
dynamic and insightful speaker.
So many nuggets.
I'm only going to share one or two
with you today because frankly, um,
the whole episode could be about that
and that's not my intent, but if you
want to listen in, honestly, Head
on over to, um, thechemicalsummit.
com to get your ticket because
you don't want to miss that.
We ended with economist and
futurist Jason Shanker of Prestige
Economics and Futurist Institute.
So Jason discussed economics.
Current and future state of global
economy geopolitics, what he calls the
cold world, the cold war two, and what
the chemical industry needs to watch for.
It was Intense, intense, that's how I
can really say, um, and in between we had
some great speakers and panelists talking
about customers journey and customer
segmentation, as well as the importance
of strategic business relationships.
So, you know, on stage on day two
alone, we had something like, I don't
know, 150 years of experience in
the chemical industry collectively.
Plus our expert speakers from
other markets, Melina and Jason.
So really powerful and impactful
what was happening on stage and
also the conversations and the
insights and connections in the room.
And that frankly is one of the
things that makes the chemical
summit so special and so unique.
So that's that.
Um, let me talk to you
right now about some of the
outstanding insights of day two.
So the first thing.
Melina Palmer was talking about
this, the importance of creating
delight for your customers.
Your customers want to be delighted.
Um, and she brings some great examples,
both of, how anticipation, and
anticipation of the reward and of the
great experience that you're going to have
is what drives that, um, anticipation that
may or may not happen when it does occur.
Um, You're truly delighted.
And I'm going to integrate a
little clip from Melina right here.
Melina Palmer: so, you want to think about
what it is that you're incentivizing those
team members to do and think about those
more thoughtful questions that you can
be asking internally and with customers.
So, if you were to instead of saying,
were you satisfied with your service?
Which, meh, right?
But if instead to say, were you delighted?
at the bank today?
Like, Oh, was I delighted?
One, if you have to think about
it like that, no, you weren't, but
it's a very clear difference, right?
And when we look at, like if I'm
working with a client and we're looking
at redoing some internal processes
or something and asking team members
say, what would make you love this?
Like I know you hate
the website right now.
How would you just love it?
We hate these customer surveys.
What would make them amazing?
What are we really trying
to find out here too, right?
Because again, it's a lot of like
10 pounds of sugar in the 5 pound
bag that we get with those sorts of
surveys, which is why we hate them.
It's 8 pages long and a bunch of
things that nobody cares about.
It's exhausting.
You're not getting good
data from it anyway.
So if we say, what, if we can only
do one thing with this, why are
we even asking anybody anything?
What is it that we're trying to do?
And is there just like one thing we can
ask or two that's going to help us to
understand this and do that really well.
And then we can move on to the next thing.
Those are some opportunities
to not be stuck in that status
quo of what we've always done
and look for the opportunities.
Victoria Meyer: Then second strategic
and outstanding insight that came
from day two also comes from Melina
and it's about the nudge and you
guys have experienced this, right?
So you go to a restaurant and you're
looking at your menu and they have things
on there that are maybe chef special.
Most popular.
I kid you not most popular.
We've all seen this and
we're like, Oh really?
Is it the most popular?
And how many times do you personally
look twice or maybe just buy
what the most popular item is?
Imagine adding.
Most popular to your business's
website, or as you think about
targeting for a specific formulation.
So let's just say, um, surfactants
and laundry detergents, right?
So, you know, putting on
your website most popular.
For laundry detergents.
Right.
How cool is that?
You provide formulations.
I know that you do, um,
in many cases, right?
With one of the services that many
chemical companies and distributors offer.
But what about just that visual nudge of.
Most popular favorite best product, right?
So we've seen this, we see
those a lot on a consumer basis.
It's certainly, um, something to
consider doing on a business basis.
And, um, here's another comment of Melina.
Here's a little clip from
Melina talking about just that.
Melina Palmer: one thing that's
really important too, when we
understand human behavior is that we
humans are a herding species, just
like sheep and cows and guppies.
We look to others like us to know what
is safe, how we should act, what's right.
We want to know someone else
did the due diligence so our
lazy brain doesn't have to.
This is why ratings, testimonials,
social proof, knowing someone like
me did this and they had the same
concern I had, but they love it.
But I would love it too, right?
There's safety in that even listing
something on a menu that was most
popular and actually just writing
most popular over the top of it
increased the likelihood that
people bought that 20 to 30%.
Victoria Meyer: The third strategic
insight comes from the topic savvy
segmentation with Jeanine Hurry of Xenon
arc and Shelly Linkerhof of Clariant.
And these two ladies teamed up to provide
a really great hands on conversation about
customer journey and customer experience.
And the thing that stood out for
me, in fact, this nugget that Janine
shared, is around segmentation.
Is a catalyst for growth, right?
So we don't often think about that.
I know chemical companies from time
to time have struggled with how do
you really segment your customers?
We've all gone through it, we do
it, and then it lags, et cetera.
But I'm going to share just a
nugget here from Janine and Shelley
talking about the importance, number
one of your brand story, right?
So what is it that your company stands
for and how do you demonstrate that?
And The importance of segmentation
and that segmentation is
truly a catalyst for growth.
Here's Janine and Shelley.
jeanine: And the beginning of
that bridge is your brand story.
That is the creative and the emotional
connection to your customer that
some of the engineers I've worked
with in the past have been a little
bit uncomfortable with, right?
And why is that?
It's because it's sometimes
hard to calculate.
And engineers like their
Yeah, they like the data.
Indeed.
And so, but we all know that a brand,
a strong brand like Coca Cola or Apple
really does connect the customer and
it helps build that brand loyalty,
which is the other side of the bridge.
And Melina was talking about
that this morning as well.
So that's one reason why the
brand story is Super important.
Super important.
I'm just curious.
How many engineers are in the room?
Yeah, that's not as many as I thought.
Yeah.
So as the engineer in the room,
I definitely had to learn how
important that brand story is
and it's strategically important.
Doesn't stop there though.
No, it really doesn't because that brand
story should make sure it articulates your
purpose and it connects the customer with
why they want to do business with you.
It's your voice and it's your
identity and it's your differentiator.
And so.
Even though it's hard to quantify, if you
don't have it, you'll get lost out there.
But what's also very important is
the customer loyalty aspect of it.
If your employees know your brand
story, and they're living it day to
day, then the customer experience
isn't just the customer service desk.
It's everybody in the organization
really trying to build
that, that customer loyalty.
Okay.
SJeaninene, how about we
make it stick for everybody?
So you guys are going to have some
homework here in a few minutes,
but to make this stick, uh,
segmentation is a catalyst for growth.
So hopefully just a couple of stories.
Help you believe that, um, it is the
first step toward growth, but it has
to be paired with the journey and
experience completely aligned with Milena.
You guys all have the capacity
and capability for a good
segmentation analysis.
Most of us here have, we've talked about
this too, data, we're drowning in data.
We now have integrated platforms.
Many of us do and access to AI, which
should help you with that analysis.
There's real value in helping
the customer across that bridge.
Sometimes that that bridge there's
it's opaque to get across that bridge.
But I'm building that pathway
is way more than a brochure.
So lastly, revisit these steps
at a frequently frequency that
makes sense for your team.
It's not just once and done.
So you need to iterate,
evolve and improve.
So let's wrapping it up.
Customer segmentation, start
small, prove results, customer
journey, build the pathway.
A customer experience,
it's more than a brochure.
Victoria Meyer: the fourth strategic
insight that I want to share from
day two of the chemical summit
is the importance of consistency.
In building trust with your
suppliers and your customers.
And okay, that kind of makes sense.
It also, we all recognize, right?
That sometimes that doesn't always happen.
So this insight, and, and again, it
was a power hour of insights from
Michael Siever of Integrity Biochem.
Jamie Creamer of Carpenter company and
Frank Fisher of South Carolina chemical.
All of those folks have tremendous
depth of experience in the chemical
industry, in managing relationships, in
building trust and building consistency
with their customers and suppliers.
And so here is a snippet of Jamie
Creamer from Carpenter talking just
about that, how you build trust.
Listen,
Jamie Creamer: The next thing I think
is super important is consistency.
You have to be consistent with your
customer or with your supplier, because
that's what builds trust over time.
we spoke earlier this morning about the
peaks and the valleys, and a lot of times
that's what builds that trust, right?
You may have a situation that happens,
and, your supplier comes to you and
they say, Hey, listen, we messed up.
They're transparent about the situation.
They give you details on how
they're going to fix that.
And that goes a long way in
building that trust and that loyalty
Victoria Meyer: Our final speaker
of the day was so powerful.
Jason Shanker, who is an
economist and futurist.
He brought so many nuggets of wisdom,
um, insights about what's going on in
the economy globally, broadly, the effect
of The current election cycle that's
going on in the US, what it means if
we do and don't have a really clear,
consistent answer, um, to that on November
5th, which I think is our election day.
Anyway, so, so many, so many great
insights there, but the number one
thing that I'm going to talk about here,
and I think the takeaway for leaders
to really think about is, Is, um,
recognizing the variability of geographic
spending and demand differences.
Right?
So if we think about U S North America,
Europe, Asia, and just what the
current economic strengths are and
how that is driving trade tensions.
And really the importance of having
scenarios in place so that you and
your company are ready to respond.
As the geopolitics and other
tensions flare and impact and
affect trade, affect, trade affect,
supply chains, affect business.
So here is Jason talking about some of
those geographic demand differences.
jason schenker: On the upside, right now,
we think about what's going on in the U.
S.
economy.
Good news is, U.
S.
GDP is good and growth
data have been solid.
Inflation rates, which have been a major
cause for concern, they have fallen,
although they still remain elevated.
Interest rates are poised to fall further.
They've started falling.
And of course, consumer
debt delinquencies are low.
So that's the big news, right?
GDP growth is solid.
Jobs have been pretty good.
Inflation rates have fallen.
Interest rates are on the way down.
Consumer debt delinquencies are low.
Now that's really important
because 70 percent of GDP.
It's driven by the consumer.
It's people buying stuff.
I'll dig into all of these a little
bit more in detail in a second,
but the downside risks are also
significant because job gains have
slowed, even though they're positive,
they are slower than what they were.
Consumer inflation is still elevated.
Interest rates are still high.
And Cold War II is ongoing and U.
S.
political uncertainty is high.
And if you ask me what the big spoilers of
the outlook could be, it's those last two,
Cold War II and the political uncertainty.
So let's start with the
economic growth, right?
Most recent quarter, we have
data for Q2 GDP was 3 percent
based on the data out today.
Q3, this is from the Atlanta
fed is likely to be 3.
2 percent compared to the growth
rates in other advanced economies.
And I know this is small in the back,
but the big takeaway is that if you
look, the U S growth rate last year of 2.
5 percent was the fastest of
any advanced economy this year.
US GDP expected to be 2.
6.
Same deal expected to be the fastest
growing advanced economy in the world.
Next year, the forecast is for it to be 1.
9%.
These forecasts from the IMF.
If you do business as a chemical
business is often want to do in Europe,
the folks in Europe would absolutely
like I see jaws dropping mouthwatering
over the prospect of two and a half
to 3 percent GDP numbers, right?
These look more like emerging market
growth rates than advanced economies.
And then you've got though other concerns,
some of which is tied to Cold War II,
which is that China's slowed down.
So last year Chinese GDP was 5.
2, this year it's expected to be around 5,
expected to slow further next year to 4.
5.
And I would argue there's upside to the U.
S.
outlook and downside
to the Chinese numbers.
I'll talk about who the beneficiaries are
of this ongoing conflict between the U.
S.
and China, but it's probably those
unaffiliated countries like India,
Mexico, that are neither in sort of the U.
S.
and its military allies, or Russia,
China, and its military allies.
So, the U.
S.
labor market's been
positive, but it has slowed.
This is really the big thing, and the
reason I'm going to talk about labor
market data again is 70 percent of U.
S.
GDP is consumption.
It's people with jobs buying stuff.
And don't tell anyone, this is a big
secret, people with jobs do buy stuff, and
right now we have record high payrolls,
Victoria Meyer: all right.
That's a wrap guys.
Five insights from day two
of the chemical summit.
Thank you for listening.
If you want the full story, the speakers
and their insights, hearing their
speeches, um, and talks and hearing
the questions and answers that they
were able to provide to people in the
community and in the conference itself,
head on over to the chemical summit.
com and get your virtual ticket.
So Limited access on that.
We're only going to have it open for a
short while, so you don't want to miss it.
Also, you're going to get access to
all the recordings plus access to a
community of engaged chemical industry
leaders, the people that were in the room,
engaging, convening, and gaining insights.
Really super cool, unique opportunity.
Also pre sales for next
year's event have started.
You don't want to miss it.
Seats are limited.
Get your seats early.
So that's my pitch there.
Anyway, thank you for
listening to the chemical show.
Keep listening, keep following,
keep sharing, and we'll
talk with you again soon.