There are rivers of gold sitting in most companies totally unrealised.
Over the years we have worked with large multinationals, big locally based corporate’s and mid sized local businesses.
They all have one thing in common. They leave a lot of untapped revenue on the table.
Why…? Maybe because they have been conditioned to think that the way to grow is through new customer acquisition or to introduce new products or services.
And while these are both valid growth measures they both come at a significant cost and risk.
More often than not existing customers are easier to focus on.
They know you, are presumably reasonably happy with what you are providing them… plus you have a whole lot of knowledge about them.
And it is in the area of knowledge and their buying behaviour that you can exploit to gain an increased share of wallet.
In the case of a major finance company we found that by identifying the repayment behaviour of customers we were then able to profile those that represented better up sell potential, and conversely those that were effectively of little value to the business.
The knowledge then allowed us to frame products and messaging only to those customers that presented future value.
Resulting in an improved level of lifetime value per customer.
For an eCommerce business in the IT space we profiled customers by range of products purchased in the past, and identified categories not previously purchased or lapsed.
The opportunities were then evaluated to ascertain the unrealised revenue not being achieved just from the current customer base.
It presented the business with an account plan by customer, requiring minimal marketing cost or risk to achieve.
Typically a company has most of the data required to analyse its unlocked value of opportunities.
It may be housed in different data sets or it may be in different formats.
Bringing it together into an overview by customer, customer type and by aggregated current and future sales is the basis upon which we then seek to develop insights and actions to better harness the customer base.
Our bespoke solution is a comprehensive Growth Probe that presents you with the sales composition of your customers, an estimate of the share of wallet that you enjoy and a forecast of the untapped revenue.
A small B2B company in Adelaide is now re structuring its sales strategies as a result of a Growth Probe (see graph above) identifying there were many cross sell opportunities not being captured, and many smaller transaction types that could be migrated into a self serve platform. The latter being more cost effective to service and potentially offering increased frequency of purchase.
The Growth Probe analysis is an inexpensive way to get an objective, clear picture of the unlocked revenue value in your business.
It comes with a guarantee that if the Growth Probe cannot demonstrate at least a $400,000 of additional sales revenue then it will be provided for no charge.
If you are interested in seeing first hand how a Growth Probe is presented, and the level of depth it covers we are only too pleased to take you through a sample version.
It may well be the most important analysis that can accelerate your revenue growth quickly.
To find out more about how a Growth Probe might help you visit www.mandtgp.com