Management Lessons for Growing Revenue

Adding incremental revenue to core products is imperative for expanding the revenue base, which can be achieved by adding value-added services that are relevant to the customer base. 

In a subscription environment of telecommunications world, these value-added services enhance customers’ connected world. This approach relies on providing customers with viable products that are in harmony with the core business offering. I have spoken about bundling but what makes it a successful strategy largely depends on management focus on the following:

1. Ideation (identify complementing products that enhance your core service experience)
2. Preparedness (invest in Operational capability and develop internal resources such that bundled products and/or services are integrated with the systems thereby enabling a seamless consumer-facing experience)
3. Selling (start thinking Big Data and customer analytics to understand and segment your customers for the products identified above; AND Sales Effectiveness to encourage sales channels and also monitor for "quality" customer acquisition)

Intuitive, yet the organizations often fail to implement all 3 at once. A coherent strategy with equal emphasis on "Ideation, Preparedness and Selling" will build a lasting skill-set within the organization and will invariably help build an excellent customer experience. These are the keys to sustaining growth and realizing the full potential of strategic shifts that markets demand.