Generating profitable and sustainable revenue growth is difficult.
It often requires challenging what has worked in the past.
And thinking about markets, products and business models in new ways.
It often will mean using a new process that is outside the usual channels and structures.
If is for this reason that we have developed a new revenue growth process that consists of the following 8 steps:
1. Identify the revenue growth gap
This represents the difference between the current growth trends and the desired results.
Identifying the gap creates a sense of urgency and focus for the team.
From our experience it is better for one team to really concentrate on one specific opportunity or gap.
2. Form a growth team
From my experience this works best when it is made up of a diverse range of people.
Some close to the problems and others outside it.
Ideally the team should meet once a week from 8 to 12 weeks depending on the problem or opportunity at hand.
3. Generate a range of breakthrough growth ideas
This requires new thinking, tools and ideas.
Everything should be on the table and open to be challenged.
4. Evaluate and prioritise the best ideas This step is concerned with trying to identify the high potential ideas to that might be able to best leverage the growth opportunity.
5. Start validating the high potential ideas.
Once the best ideas have been selected then they need to be validated.
This can be done via market research or talking to some users or customers or some basic analysis.
6. Develop an action plan Providing the ideas stand some critical analysis and scrutiny the team should develop an action plan for each high potential solution.
The action plan should include how the ideas should be tested.
Ideally these tests or experiments can be conducted quickly, easily and cheaply.
7. Presentation of the action plans to a senior leadership team.
I love this step.
From my experience having an end goal of presenting to a senior leadership team gives the entire project a sense of drama and urgency.
8. Reflections
The last step is for the team to reflect on its journey — what has happened, what held them back and what they have learned.
It should also include their vision and list of recommendations for the implementation team of their idea.
I have used this process with revenue growth teams from many different industries and it works again and again.
The challenge is to give team members sufficient time and recognition to dedicate to this challenge.
After-all if you want a non business-as-usual result you need to use a non business-as-usual process.