Revenue maximisation is amongst the top priorities for any founder / CXO / business leader.
Revenue maximisation can occur largely in two ways:
- Either you invest in acquiring new customers
- You invest in innovation / creating more value for your customers from your existing services
The second part is tough
This is when you challenge your existing services, ideas, solutions. You challenge your teams and you push and inspire your customers to get more feedback on how to be more valuable for them. Sometimes this feedback could be tough to feed in.
How can you create a system of revenue maximisation in your company?
Revenue maximisation is not a one time trick. It has to be a system that is set in place consistently. The steps that most successful organisations take are:
- Figure out your most valuable services, products, solutions
- Figure out your most valuable customers
- See what value have you created with your existing services and customers
Step #4 is the most important in the chain. This is when you host the revenue maximisation workshops with your customers. This is a highly curated workshop that you host to understand how could you be more valuable for your exact customers. (who is your customer in your customers business)?
The day you get this system in place, your business will be a lot more valuable for your customers and their customers further.
About the author:
Time and Growth Advisors helps companies maximise revenue with training people, introducing technology and initiate customer involving initiatives.