To drive growth and increase revenue a company must understand current and potential customers and identify uncontested opportunity in the industry. Below are a few tricks for driving growth and revenue:
- Gather more information from customers that hate you, are apprehensive about you, or don’t know you to identify opportunities to enter into new markets.
- Talk to more customers and answer more customer emails.
- Have more lunches with customers.
- Focus on products, services or solutions currently not being offered in the industry because realizing an opportunity in this aspect will prompt first-to-market revenue opportunities.
- Invest in your most profitable products, services or solutions and do away with the ones that erode profitability. For example, Southwest Airlines differentiated itself by not getting into the food business (low-cost business design) like its competitors instead it focused on providing customers with a great experience instead.
- Gain strategic dominance in atleast 2 or more of the following (e.g., branding, patent, copyright, value chain control, 2 year product lead, 20% cost advantage, control distribution, supply control, customer information flow, unique organizational culture, et cetera) “The Profit Zone by Adrian Slywotzky”
- Stay abreast of industry and customer behavior and purchasing changes for the purpose of redesigning your business design to meet these new demands.
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