Published August 13, 2020 | Updated January 10, 2023
In a market full of stiff competition, an industry undergoing rapid change, and a highly challenging business environment, the path to long-term growth can’t be successfully navigated with old ways of thinking.
Here are three fresh ideas for strategic revenue growth:
The subscription-based, as-a-service world is growing quickly. Companies that find a way to get there first are winning, and giving customers as-a-service solutions with monthly payments that fit their budgets can be a powerful revenue driver. Creating a roadmap of customer needs and strengthening the connective tissue between your solutions can generate unique opportunities to build differentiated as-a-service programs that drive new channels of revenue.
Major Account Development
An effective primary account growth strategy is the first key step in unlocking new revenues from your largest customers and opportunities. This strategy can include business-plan-level analysis of customer profitability, current services, past solution proposals considered and then abandoned, and even a calling chart of the parties that influence potential new solutions. Start by assembling a scrum of cross-functional team members (financial, executive, sales, operations, service, marketing, etc.), along with critical partners like your customer finance program provider. Conduct twice-yearly brainstorming meetings to discuss tactics, campaigns, relationships, and business dynamics that can help you develop new opportunities. This strategic technique has proven successful in penetrating high-value targets and driving revenues across several industries.
Most sales teams express hesitancy when it comes to challenging the financial status quo. We all understand that no matter how much customers may love a technology solution; opportunities fail if it doesn’t fit into the financial framework. Building a strategic effort to boost your sales leaders’ financial acumen can open doors that were closed previously. An added benefit to selling financially is that it leads to a higher level and more strategic business discussions with your customers and prospects. This line of dialogue, when managed well, leads to more opportunities.
At LEAF, we help dealers and vendors think bigger and offer solutions that reach far beyond customer financing.