Tools & Solutions—Vector Revenue.Engine™
The Goal: Sustaining double-digit revenue growth—here’s how, and what to focus on:
KEY REVENUE GROWTH DRIVERS
- Focusing on Pricing—i.e., customer profitability (CP), both to pass along higher input costs and to address low profit customers e.g., make each customer profitable (MECP) initiatives
- Innovating—New/improved products. “Build an on-going pipeline of new and improved products.” Drive new volume [use the engine!]
- Expanding in new geographies—use local sales forces to sell products tailored to the local markets…
AND, TO SURPASS THE BASELINE [FORECASTED] INDUSTRY GROWTH RATES
- Introduce new products that enable customers to reduce costs
- Use cost-to-serve data to more effectively negotiate price adjustments*
- Improve sales messaging/training to effect across-the-board price adjustments
- Sell existing products into new industry vertical
- Expand international sales capabilities
- Implement lower cost sales & service models to reach new customers
- Identify/implement new processes to generate more highly qualified leads
- Add impactful distributors and/or strategic partners
* Note: Always “adjust” prices, don’t “raise, or lower” prices! Scripting, wording, positioning, etc. is critical on this subject.