How to grow Good Revenue.
Dear colleagues. Throughout my life, I've had to clean up some stuff. Smelly stuff. Stuff that others should have known better than to commit to.
To be honest, although there are loose actors out there, that's not (in my opinion) the most dangerous thing to worry about.
People, I'm talking about enthusiasm.
Or at least the need to look like we're perpetually enthusiastic about what ever we're facing.
What if we could know in advance, that a project was going to be a stinker!
What if we could have just not given that last discount that ultimately scuttled this for everyone?
If this is an issue, please read on.
Group Wisdom
Since July last year, I've built my strategy consultancy around a key idea:
Group Wisdom outperforms individual wisdom.
So far, in the customers I've engaged, I've noticed that all teams are individually wise. But almost none are collectively Wise. This is because they are still mixing their 'discussion' voice with their 'decision' voice.
This perpetuates Group Think. The most verbose pushes everyone towards the initiative that they think is the best. Their enthusiasm puts pressure on everyone.
Rapid Upvoting, enables distinct separation of these two important voices.
Our Discussion voice is about openly discussing what we could do.
Our Decision voice, through anonymous interactive voting is about deciding what we should do.
A major advantage of this approach is that we can address those things that we can't speak about. The real risks, the actual weaknesses, the biggest dangers, what the biggest threats are. You name it. The smelly awful stuff that people worry are CLM's to bring up.
I call this Corporate Wisdom (versus corporate isolation) as it shifts us from Group Think into Group Sync. We understand and are trying to make each other successful facing uncertainty and ambiguity.
In this short article, inspired by Sheridan Broadbent (thanks Sheridan!) I break down 4 items that I think reveal what to do, in the pursuit of 'Good Revenue'.
Using Rapid Upvoting to Identify Key Actions, In Pursuit of Good Revenue
1. Revenue = The Customer's Problem
Key Questions:
2. Profit = Intellectual Property (IP) & Delivery Efficiency
领英推荐
Key Questions:
3. Risk Management = Culture & Execution Discipline
Key Questions:
4. Differentiation = Market Position & Brand Impact
Key Questions:
Summary
Team, nothing is easy, Your competition won't roll over and let you just win. They will find a way to throw the maximum number of banana skins your way.
This list isn't designed to be exhaustive. But is an example of how you could take a number of customer pursuits and quickly prioritise where the Good Revenue is coming from and where it likely isn't.
If you walk away from an opportunity, or refuse the last discount request from the customer in order to preserve the above. By knowing that this process was used with integrity, you can all let go of what could have been and move on to the next opportunity.
Post the photo above, I would run a strategy session over multiple days. We brought 44 legitimately good initiatives into a short list of 10 that will have the highest impact on the business while leveraging the best of that company's time, talent and capital.
This process highly compressed the time, while dramatically driving up the quality of insight.
It was awesome!
Final comment (no really.. ! I know I said 'short article!)
Remember, there is something worse than losing.
Winning bad revenue is much worse than losing.
It creates drag on everything you want to do.
It sucks your resources, it destroys moral, it radiates a reputation of being on the back foot.
No-one should be sad when you win, apart from your competition.
If someone (other than your competition) is regretting that 'win', everyone loses.
Please reach out if you'd like to hear the thinking, behind the thinking..
Director The Dog Safe Workplace
1 个月Good points J
Coaching and Mentoring | Leadership Offsite Facilitation | Transformation
1 个月Jeremy - no one likes to think they are chasing “bad revenue” as it is hard to not to pursue ‘any and every’ sale, especially when a business is behind targets. That leads to many bad decisions such as overusing discounts that dilue your product and brand. Your approach articulated in this article to make better decisions leveraging group wisdom will help businesses pursue good revenue. Thanks for sharing!
Web 3.0 Strategic Partnership Builder
1 个月I love this Jeremy Foster! Can this be applied to legislative processes?
Product Management | Innovation | Marketing | Leadership | Business Development
1 个月Jeremy Foster - excellent thoughts