Your Revenue Driver
Attached are the handouts that were provided in the workshop or that are provided in response to questions that arose during the workshop.
Here are the questions related to Revenue Growth that came from the attendees at the very beginning of the workshop and the answers that I am providing after having had time to give them more thought:
The “bias” behind my ideas is that in general I believe there are three ways to grow your revenues:
Each of the above questions will be entered into this discussion as a separate comment so that you can follow the stream that most appeals to you.
1. How do you narrow done your opportunities and find the best ones to pursue?
This answer assumes that you have a list of opportunities to start with and really want to focus on finding the best ones. I suggest you use the “Differentiation vs. Difference” method (on the 99 and a half ideas handout and pages 15-16 of the PowerPoint.) Score each of the opportunities relative to where you really are different (or wish to be perceived as different) and then score them again in terms of another variable of importance to you (e.g. time, cost, ease…to implement.) Focus on the opportunities that score in the top half of both categories. This technique normally finds the best areas to pursue while reducing the pursuit areas to at most one third of the original list.
2. How do you streamline the effort (i.e. reduce the time) to implement the ideas?
The fastest ways to implement an idea is to find someone who is already working with you and is willing to try something new – take an existing relationship to a new and better level by inviting them to try something new that is appealing to them.
The second fastest way is to present the idea to someone you are working with and ask for their recommendations of who to work with. Getting this “referral” will accelerate access.
Also – start with the client’s objectives in mind – use the “Develop Value” idea (99 and a half ideas) and make sure you are leveraging their previous investments with your new idea. Focus on how your new approach helps them accomplish something they have not been able to do. Identify with them – three reasons that are unique to them that make this work better than what they have been doing. It is faster to use your prospects momentum than to try and move them in a different direction. Once they are moving (you’ve overcome their inertia) you can move with them to a different place.
3. How do you replace dollars lost as a result of government and military reductions in spending?
Identify key markets that you believe would benefit from your services.
Identify accessible companies already known within those markets.
Develop a value proposition for those accessible companies that involves them selling more of what they already have to sell as a result of aligning with you (this is using an alliance more strategically.)
You could also acquire a business that has clients in the market.
4. How do you deal with the impact of travel costs and restrictions?
If your service is “commoditized” then travel and time are working against you. Your only choice is to find those that view your offering as a way to save time and reduce travel associated with using your competitors.
An alternative is to focus on increasing the value that arises from using your services because of the process you’ve implemented that does more for the client than what your competitors are offering. Use Project Management Services (99 and a half ideas; page 25 or the PowerPoint) to increase value.
5. How do you do more with less?
The answer is similar to the answer to question 1.
6. How do you find the right person to contact (i.e. sell to?)
I have used three techniques: