New Growth Revenue Streams:
New growth opportunities need to be considered and should be ranked by attractiveness criteria that are most relevant and important to your business going forward. With our new business climate, this is a critical step in determining where (which playing field ) a company should be focused on.
This spans ideal customer profiles, market segments, tiers within segments, new product/service innovation and technologies, M&A, and other elements. Given scarcity of available resources, it is critical to assess and target only those opportunities that can deliver the intended revenue and profit with the least amount of associated risk.
Sales & Marketing Effectiveness:
There are a number of factors to consider in this area. Examine the basic sales model, structure and role definition of your sales organization as well as their core processes (and activities), tools and support functions. Refinements in use of CRM tools and fine-tuning the pipeline of prospects should also be considered. Learn from successes in 2012 and determine if they are still applicable going forward.
Marketing should follow the same evaluation process and examine key processes that assist sales with new prospects, shortening of the sales cycle and enhancing revenue per sale. The brand and brand message can also be sharpened and refined to ensure that consistent and on- point communications are in play. Looking for new ways to drive awareness and drive demand should be top of mind in the planning process.
Compensation programs, and metrics that capture performance of the organizations may also be in need of change.
Key Customer Plans:
With most companies, key customers represent an important portion of overall revenue. Specific, carefully crafted plans that address the needs of key accounts is critical.
“Where do we add value, who are the key decision-makers and how are we handling all of the “touch points” with the customer?” are a few of the key questions requiring careful consideration.
Increase Share of Customer:
As a corollary to Key Customer Plans are those that address “share of wallet”. Increasing revenue to existing customers is generally the most accessible and cost-effective path to revenue that an organization could bring in the door. Understanding their needs ( or unmet/poorly met needs) more intimately could result in increased share of customer and solidify the relationship even further.
Existing customers should be assessed for value and potential and ranked in accordance with their quality.
Alternate Routes to Market:
Routes to market should be reexamined with an eye toward consideration of alternative partners that can add value and reach to target end markets. Channel partners could extend geographic reach or provide an entrance to markets that are not easily penetrated otherwise. Technology-based conduits such as the Internet could also extend reach and lower cost structures.
The Leadership Team
The leadership team is perhaps the most important element in driving the growth of an enterprise. The leadership team must paint an exciting view of the future and ignite passion and excitement in achieving the programs and initiatives designed to execute the growth. Your organization must not only understand the business strategy but must convert it into their own actions.