Business Improvement Techniques IMPROVING THE PRODUCT REVENUE STREAM Business Improvement Techniques 3.0

REVENUE - COSTS = PROFIT The equation is simple. Lets talk about the hard part! Business Improvement Techniques 3.0

FIRST Are we selling products or services or both? Today we are talking about product revenue What business are we in? Business Improvement Techniques 3.0

Every company is different Every product has its own characteristics Every product has its own market challenges costs price functionality change Time to market Market share Some factors to consider competition Same old, same old? Business Improvement Techniques 3.0

Every product / revenue formula has its own unique characteristics Spend only minutes, not hours or days describing the influencing factors. In my experience, most of the relevant information will be identified in the first few minutes and all of the important factors will be present A Truth : Use templates such as the following slides as merely thought provokers The objective here is not a long or exhaustive list of revenue increasing ideas A Strategy: In reality, most of them are likely being utilized right now What you want are 2 or 3 new ideas or that old idea that has finally found its time A Working Strategy The Objective: Business Improvement Techniques 3.0

Revenue The challenge is to increase revenue without increasing the costs proportionally. Increasing revenue: Increase the number of units sold Increase the value of the units sold Add other products to sell … and to focus on increasing revenue instead of cost cutting. Increase product awareness Business Improvement Techniques 3.0

Increase the number of units sold New territories that will increase the potential customer base New product features that will increase the potential of current customer upgrades New products that will increase the potential of sales in the current customer base Redefine the customer base to increase potential sales Up and down the organization Suppliers and customers of your current customers Some thoughts … Business Improvement Techniques 3.0

Increase the value of the units sold Add new product features Redefine product in terms of current customer needs Pricing strategy that encourages multiple sales Prepare studies to support product value Some thoughts … Business Improvement Techniques 3.0

Add other products to sell New support services for the current product line Emerging product needs Product market changes Customer product challenges Some thoughts … Business Improvement Techniques 3.0

Increase product awareness Social Media A thought… Business Improvement Techniques 3.0