On May 7th, 2021, the Customer Value Club hosted Marjo Miettinen as the star guest, discussing Customer Value from an owner’s perspective.
Marjo Miettinen is the chair of the board of the international technology and family business Ensto. She also serves on the board of the state investment company Solidium and is the chair of the board of Technology Industries of Finland (Teknologiateollisuus ry). Ensto designs and offers intelligent electrification solutions for power distribution networks and buildings. Founded in 1958, Ensto has grown into an international company with 1350 professionals, achieving a turnover of 250 million euros in 2020.
According to Marjo, the owner of a company must take care of four things: the business – where the business will be in 5-10 years; capital – ensuring there’s enough money in the cash register; people – as a company can’t thrive without skilled people; and reputation – continuous trust-building.
You need a skilled workforce to take care of customers. For me, the staff comes first, Marjo reflects on building customer value from an owner’s perspective.
Marjo describes the state investment company Solidium as a major Finnish family business. The focus of the board in this family business of all Finns is on developing owner value. Creating customer value and focusing on it falls on the boards of the companies in Solidium’s portfolio. That naturally affects our common family business as well, Marjo explains.
Focus on the Customer
In Ensto’s new strategy, the company was divided into two different business areas. The division was based on the distinct customer bases of the business units. Ensto DSO’s customers are electricity distribution companies, while Ensto Building Systems focuses on building electrification solutions.
With a clear focus, it’s easier for the staff to create new innovations and deliver value to the customer, Marjo explains regarding Ensto’s new strategy. Ensto listens to and hears its customers even in its strategy work. Our board always has an update on the situation of the top 20 customers on its agenda, Marjo says.
From 100-Meter Hurdles to Marathon
Electricity will remain at the core of Ensto’s business, but the market is evolving at a tremendous pace. As an owner, you’re simultaneously running 100-meter hurdles, a 1500-meter race, and a marathon, Marjo compares the rapidly accelerating pace, where the extreme endurance of competitors is tested simultaneously.
Technology Industries of Finland has estimated that new technologies and innovations related to solving climate change offer a 30-billion-euro export potential. We would be quite foolish if we didn’t aim for that, Marjo explores the opportunities.
There will be significantly more customer touchpoints and customer demands will increase. As the race transforms into a platform economy, large companies are already accelerating, but the preparedness of SMEs is at risk of lagging behind, Marjo says, expressing her concern in her role as the chair of the board of Technology Industries of Finland, for the opportunity of 1600 Finnish companies in the evolving value production.
