It is pretty simple, to maximize your revenue and your business, you need to do two things exceptionally well:
- You need to create profitable opportunities.
- You need to capture the opportunities you create.
All too often, we can become tied up by extraneous concepts or thoughts that distract us from our mission.
But the more that I work with clients on their projects and challenges, I see that most of their issues fall into one of the two places above.
Creating profitable opportunities:
That’s really about 2 things:
- Having a great product or service that people are willing to pay you for.
- Being willing to price and market your offering in a way that you create unease with the status quo in your prospects.
If you are suffering in this area, you can find out what the problem is pretty easily by asking yourself a couple of questions:
- Do I have something that is valuable to the market?
- Do I know what the unique value is?
- Have I identified the right buyers for this product or service?
- Am I pricing myself too high? Or, too low?
- Does my sales and marketing offer up a compelling vision of the future?
- Am I able to produce dis-ease in the target prospects and companies?
If you aren’t able to answer this questions affirmatively, you are likely on the wrong side of the divide between creating opportunities and not.
To solve this challenge you will need to understand why this is happening.
Is it because you misread the market?
Are you in the right market?
Are you targeting the right kinds of buyers?
Is your marketing strongly worded enough?
How is your pricing?
Is your pricing off due to the people you are targeting?
All of these questions and ideas will lead up to a new way of thinking about the possibilities of creating new opportunities.
This is usually the area of revenue that has to do with selling.
Capturing opportunities is about several things:
- Understanding how to speak the prospects’ language.
- Understanding and be willing to manage the sales cycle.
- Have an understanding of how to know and react to the likely objections your prospects will offer up.
- Be willing to ask for the business.
When you think about the revenue process in the context of two distinct pieces, it makes it a lot less daunting and it enables you to actually create better focus and forward movement because you aren’t stuck in the middle of some unyielding process that has many inputs and outputs.
Instead, you can focus on two things:
- Are you creating opportunities?
- Are you capturing those opportunities?