In today's competitive landscape, finding new revenue streams is the key to unlocking sustainable growth. While the idea of generating additional revenue may seem daunting, a structured approach can uncover hidden opportunities within your existing operations. In this blog post, we'll explore a step-by-step process to help you identify and capitalise on incremental revenue streams for your business.
Step 1: Zoom Out
The first step in discovering incremental revenue streams is to take a step back and examine your entire customer journey. From the moment a lead enters your sales funnel to the point of renewal or follow-on, map out each touchpoint and interaction. Understanding the end-to-end journey will provide valuable insights into areas where revenue may be leaking or opportunities for optimisation exist.
Step 2: Find the Friction
Next, pinpoint areas of friction within your current processes. Where are leads dropping off? Are there inefficiencies that could be addressed with technology? By identifying pain points and bottlenecks, you can uncover opportunities to scale up and drive increased efficiency, ultimately leading to revenue growth.
Step 3: Find the Gaps
Once you've identified areas of friction, explore where technology could provide an incremental edge over your competition. Could an app, portal, digital twin, or other form of technology enhance the customer experience and drive more revenue from existing customers? By leveraging innovative solutions, you can differentiate your offerings and capture additional market share.
Step 4: Map It Out
With potential opportunities identified, it's time to map out the potential impact on your business. Take a single sheet of paper and estimate the effort and payback using industry averages and best practices. By quantifying the potential return on investment, you can prioritise initiatives and focus your efforts on those with the greatest potential for revenue generation.
30 minutes = £1.5m
By following the steps outlined above, we were able to uncover £1.5 million in incremental revenue in just 30 minutes for one of our clients. To say they were delighted would be an understatement. We’ve tried and tested this process with multiple clients in varying industries and it’s yet to fail us. Imagine what we could do for you!
Ready to Unlock Your Potential?
If you're looking to drive growth in a sustainable manner, we encourage you to get in touch. Our 30 minute innovation calls are currently free, so the only investment is your time. Given our success rate, we would say that’s a pretty healthy ROI!
Choose a time that suits you by clicking the ‘BOOK A CALL’ button at above.
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