How can pure services and productised service companies maximise revenue?
Revenue maximisation is important especially for services only companies and productised services companies.
Define revenue maximisation – who is the customer?
- Is revenue maximisation related to your customers, investors or your employees or all of them?
Design initiatives that involve the customer very meaningfully.
- Investor relations – before you raise money, aim to gain mutual respect with a great relationship
- Customer relations – before you ask the customer to pay more, ask how you can be responsible for more of their wins?
- Employee relations – upgrade people skills and make them ready for deeper and more valuable journeys in your organisation
Customers today demand more without having to spend more, how can services companies address this challenge?
The smartest way to do this is to think and act like a consulting firm.
- Engage your customer deeply in the customer involvement initiative that you have designed. Let the customer deeply describe what exact value are they seeking and what would they invest to solve this problem?
- Help the customer deeply define the problem statement and suggest innovative solutions that reduce overall cost of ownership and get your customers closer to the results they want to achieve.