Want to Grow Your Business?
Look "Before and After"
"Before and After" is a classic
"Wheel of Fortune" category. And it's also a really good strategy for both product management and revenue growth.
At a Local Board meeting, the idea of "Look Before and After" was suggested as a way to identify opportunities with existing customers.
After" refers to looking at what a customer does or what products or
services he uses just before or just after he uses your product or
service. You may be able to pick up that business, help your
customer, and grow your revenues.
on how to make this idea work for you......
Looking for New Market Opportunities?
Consider Unfulfilled Customer Requests
Do you have a process for
capturing customer requests you didn't quote or couldn't supply? Several
CEBI companies do, and they're very successful in converting those into new
products and service offerings.
We many times focus so hard on
selling what we have, we forget to pay attention to what we don't have.
What are customers asking for that we can't or don't respond to? What
could be easier than selling something else to a customer who already knows and
likes you? Yet many companies don't have good ways of tracking this
unrealized business -- it isn't even considered "lost" -- we just
ignore it because "we don't do that."
what CEBI companies are doing to identify new and unmet customer needs....
Is Your Company Really Performing
as Well as it Should?
Do You Know What That Performance Level is?
One CEBI member recently made a profound observation from his experiences looking at hundreds of potential portfolio companies for investment by his private equity group.
He said: "Small businesses have an uncanny ability to operate right at or
just above the breakeven
line." I looked at him somewhat quizically, and he explained that "For some reason, people will do almost anything to keep from losing money. For some even stranger reason, they won't go ahead and do enough to actually make some real money."
I'm regularly surprised at how hard some
business owners work, without actually earning what they should for that
effort. Part of that problem is that they don't have good metrics on what
"good" looks like in their industry, and also that their own financial
instrumentation lacks both timeliness and accuracy.
Late and mistaken financial metrics can cost
you a lot of money.
are 3 ways to improve your company's financial instrumentation...
Gift Cards --
Key to Instant Recognition and Reward
CEBI Members received an Alert this past
month about how large companies are using small-denomination gift cards (really
small -- $15, $25 and $50 denominations) for their "spot"
We've talked a lot about the different world
view of GenX and GenY employees, and this is a way to meet that "right
now" feedback/reward need of this age group.
that Alert went out, we've had replies from CEBI member companies who are
successfully using this strategy, and also a service provider who's in the
business of designing and fulfilling these kinds of reward programs.
on spot recognition programs...
Reminder -- our Spring Summit
is in Chicago, April 23-24. April 22 is CEBI Bowling Nite at Eaglewood
Chief Executive Boards International