The Idea: 4 Fundamentals of Revenue Generation:
- Focusing on your customer
- Focusing on the value they receive
- Getting the message to the right market
- Investing in your brand so that you gain pricing power
Let me hit on each one of these quickly.
- Customer focus: Sounds simple, but you need to make sure you are focusing on the person that is the real buyer. They need to appreciate your value and be willing to pay for it.
- Value from the Customer’s POV: “You are not your customer!” What you think matters is not important. In fact, it is likely dangerous. Focus on the value that the customer sees, wants, and needs.
- Getting the Message Out: I’ve joked about if you see me advertising on Pinterest you’ll know I’ve been hacked. This joke hides the serious need to get your message in front of people where they are likely to see it not just where it is easy to get the message out. Go to where your customers and prospects are.
- Build Your Brand: Your brand is a short-cut for your customers. It helps them make a decision. This typically leads to loyalty, faster sales, and more price integrity.
“Price is what you pay. Value is what you get.” — Warren Buffett