Grow revenue with these strategies
If you are trying to grow revenue, are you looking in the right places? That’s a question I ask during most of my client strategy sessions. In my experience most organizations seek to grow revenue but pay very little attention to the opportunity that exists to grow revenue within existing customer accounts.
Unstoppable Organizations capitalize on existing customer accounts by venturing deep into their customers business. By increasing knowledge of their existing customer needs, they can provide new ideas to grow revenue.
Consider for example a company like Bayer. A large player in the pharmaceuticals industry, Bayer has focused for years on building strong relationships with doctors and hospitals. These relationships allow Bayer to understand their customer needs and learn about new product ideas. These ideas are then realized when Bayer invests hundreds of thousands of dollars in research and development. These R&D efforts then convert to new products which serve to satisfy the very needs identified by their customers.
Make Wise Investments
The doctors and hospitals that Bayer serves are at the forefront of all investments in new products. By following this simple formula, Bayer is able to build the most effective marketing vehicle to grow revenue. A customer focused strategy, all resulting from taking a deeper dive into their existing customer’s businesses.
What opportunities exist for you to venture deeper into understanding your customers business? How can you build a stronger relationship with your customers while increasing opportunities to sell?
Here are some questions to help you find new sources of revenue growth:
- What potential relationships exist in your customer accounts today that you have not yet serviced?
- How might you tap into additional opportunities or additional relationships? Who should you connect with or who can connect you?
- What companies or service providers currently support your customers? Which of these might you also provide products or services too?
- What other companies are in your customer’s network that might benefit from the value you are offering?
Before you invest any money or time in acquiring new customers, ask yourself whether you have ventured deep enough into your existing customer relationships to deliver more value. I think you’ll find untapped growth opportunities in places you might not have considered before.