The biggest cause of flat revenue is lack of market demand. This is painfully true at professional, scientific or technical services companies with 100 or fewer employees.
Ouch! You’ve poured yourself—and considerable financial resources—into starting and managing your company, and yet, you’re looking high and low for a customer or client.
You Can Quickly Reverse Flat Revenue
The key is how you think about “market demand.” With over 4 million companies in these sectors, you know there is demand in general. You’re wondering “How can we ensure that our company continues to fulfill market demand and generate revenue?
Answer: Forget “the market.”
I. Create an intense sliver of focus on your existing customers and clients. That is the single best tactic to reverse the plague of flat revenue because it allows your company to learn what these buyers want or need and then provide exactly that. While other companies are searching for market demand, your company is creating it with your intense sliver of focus on their pain points and aspirations.
II. Go deep, deep, deep into your relationship with your existing customers and clients. Listen to them, ask them plenty of questions, explore options, don’t guess! Don’t jump to a product or service you already offer. Explore what else you could do to give them the outcomes they are seeking. Your company will far exceed the revenue and profits of the generalist.
- III. Position your company as visionaries instead of as experts. There are many experts but most get mired in processes and methodologies. Visionaries create new and fresh each time to meet client aspirations
IV. Avoid all the causes of flat revenue:
- Loss leaders
- Unfavorable payment terms
- Competitive analysis
- Digging in on your current offerings
- “Because that’s the way we do things.”
- Industry norms that make your company just like every other one
- Social media marketing. By definition this is marketing to create prospects, not marketing to existing customers and clients.
If you’re used to putting your marketing energy and dollars into attracting new prospects—“the funnel” –creating an intense sliver of focus on existing customers and clients will feel awkward at first, and could produce some anxiety. Don’t let fear and discomfort prevent your company from reversing flat revenue!
Schedule a discovery call with Susan Trivers to learn how big your opportunities are with existing customers and clients.
About Money Matters: Envisioned by Susan Trivers, Money Matters provides everything you need to secure your company’s money. It’s your one stop for the best advice about cash flow, profits, growth, taxes, and costs. You can choose to focus on one area or a combination. You can also choose to go deep with customized services from Trivers Consulting Group. Request a complimentary discovery call to get started making more money. 703-801-0345.
We ourselves are specialists serving companies whose primary asset is intellectual property they’ve built into valuable intellectual capital. While we have the occasional retail or consumer products client, and have served many government contractors, our specialty is in the knowledge work industries. If that’s your company, we’re here for you.