Profits should be derived from revenue—not from cost cutting! This is one of the two golden rules given to companies by strategy expert Mumtaz Ahmed, chief strategy officer of Deloitte LLP and author of Three Rules: How Exceptional Companies Think.
Exceptional companies focus on revenue generation and the development of a strong foundation within their organization to generate more revenues as a sustainable competitive advantage. The Revenue Generation Maturity Framework™ developed by The Growth Engine examines 10 critical elements within an organization that impact its ability to improve revenue performance. These elements are like cogs in a well-oiledmachine—free of the rust of backward thinking and other impediments that hinder action, each component seamlessly rotates and sets the entire system in motion.
You want to achieve greater revenues for your business by building on better value propositions, increasing customer spend, cross-selling, shortening the buying cycle, leveraging customer loyalty, and increasing your overall market share. Great goals! But how do you exactly plan to achieve them?
A very good place to start with is to get to know your customers well. This article aims to present you with some insights on how you should go about to target the right customers!
Marketers are playing in an uncertain field.
We have seen tremendous change in consumers’ behavior in the past 10 to 20 years brought about by rapid technological advancement. The Internet has played a disruptive role in diversifying market segments and transforming the way businesses interact with their audiences.
Consumers now hardly listen to the advice of in-store sales personnel—they have conducted their research online and learned about the differences in features of competing products. They immediately recognize a better deal from a good one after browsing a host of online sites offering the same piece. Many are skilled at prying on special promotions that are offered exclusively online.
There are simply too many new elements that marketers should take into consideration in order to thrive in this period of the digital age.