Three Ways to Identify New Revenue

Prior to 2009 most of my customers came from organizations that had a particular challenge they were trying to implement. For example, a large energy company that wanted to introduce new technology in all its fields across the Americas. Or, an international agency that wanted to recruit new members from the changing demographic landscape in the USA, embracing African Americans, Latinos, and the aging workforce.

But, beginning in January, as the recent economic turmoil began to have far-reaching impact, a new kind of engagement dominated my portfolio. CEOs and senior managers came to me saying, “The world is changing so fast that we need help adapting. We know we need to change, but we don’t know how. Can you help us? ”

A new kind of framework was required, one that was built around business development. In addition to streamlining operations, I have been sought after to help organizations design new lines of business.

Here are three activities to surface new revenue streams:
1. Identify new markets for existing products:
If you have a solid set of offerings that has reliably generated profit over the years, ask yourself, who else would value these products? Are there adjacent industries or even wholly new market segments that would be willing to pay for these same goods?

2. Evolve current offerings to expand into new markets:
I have a client that has decades of reliable data that has allowed them to develop evidence-based practices for their members. This data has been collected at their expense and used solely for member benefit. Today they are running a new operation to monetize the data, packaging it for new customers outside their organization.

3. Study the changing needs of existing customers to provide new services:
As the difficult economy spreads its effect, find out how it is hitting your customers. New needs are likely popping up as a result. Do you know enough about your customers that you can step in and provide solutions that are both profitable for you and valuable to them?

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