At times, virtually all companies face growth challenges. Whether it’s simply stalled growth or the bigger issue of declining revenue. Growth can be affected both by a company’s ability to generate new customers as well as a company’s ability to retain and grow existing customers.

A valuable first step companies can take is a quick audit of their ability to generate new business as well as retain and grow existing business. Via Strategy Group developed the Revenue Audit and Scorecard System (RASS) in order to help companies quickly assess their current situation and develop a plan that can help them quickly and materially ramp up revenue. It’s important to note that every company is different and the successful application of RASS needs to be adapted for each unique situation. RASS has allowed some companies to double their growth rate and others to reverse a decade-long decline. The impact on the bottom line is profound.

RASS involves a quick but thorough audit of all factors within the organization that affect revenue. Based on the audit recommendations are then developed along with balanced scorecard that will ensure successful execution of the recommendation. The audit covers three general areas-the Market, Sales and Marketing, and Customer Experience. Briefly, the types of issues the audit will cover in these three areas include:

Marketplace.

Several techniques can be used analyze the current market. Once the market situation is better understood, appropriate actions can be taken. Some of these techniques include market research and competitive analysis. Once the current and future market is well understood, the company can formulate a strategic response. Possible actions include product modifications, new products, new distribution channels, product eliminations, expanding geographies and price changes.

Sales and Marketing

Both new and mature companies often face challenges in effective sales and marketing operations. More often than not, the focus is on the sales organization and the sales process. Rather, companies need to consider all steps inn what is generally called the “customer journey”. This involves every interaction that a customer has with the company beginning with their initial search for a product or service and continues through their continuing experience as a customer. An audit of this journey, will help companies identify any number of issues and opportunities that are the subjects of entire books themselves. Briefly:

1. Does the company have a good understanding of their target market?
2. Does the company have a good understanding of what their best prospects look like?
3. Does the company have sufficient presence in the market that they can participate in a prospect’s initial research? This may include useful online content, participation in independent market research or traditional public relations.
4. Are there effective mechanisms in place for suspects to self-identify as prospects or for company marketing activities to identify them?
5. Is sales execution effective? Any number of issues can affect sales execution.
   • Are appropriate salespeople hired and trained?
   • Is incentive compensation appropriate?
   • Are sales processes appropriate including the use of tools such as a CRM?
   • Are the sales forecasts accurate?
   • Do all parts of the organization support sales including finance and legal?

Customers

More often than not this is the most important area. As mentioned earlier, no matter how effectively companies acquire new customers, if they have significant turnover in their customer base, revenues will suffer accordingly. So how do companies that face the significant customer satisfaction challenges inherent in their businesses improve? Here are five steps that companies can take to significantly improve customer satisfaction and gain substantial improvement in financial performance.

1. Seek constant feedback and measurement.  In order to have a comprehensive customer satisfaction program, companies need constant feedback on how they’re performing and need to establish a baseline measurement.
2. Establish a customer centric corporate culture. Companies need to establish and continually reinforce a culture that places the customer and the customer experience the center of all activities and decisions.
3. Establish multiple regular points of contact.  In order to drive improved customer satisfaction and experience, companies need to maintain multiple points of contact in the customer organization and in particular, these points of contact need to be at all levels.
4. Create multiple opportunities for engagement. Companies need to establish multiple mechanisms through which they can engage customers.  Very effective traditional approaches include Social media, advisory boards and user groups.  .
5. Make your company easily accessible. Companies need to be easily accessible through as many channels as possible-phone, chat, e-mail and in person.  In person can range from a visit by a salesman to a local company or user group events.

RASS

RASS involves the three steps shown below.

To explore RASS further or to request the Revenue Growth White Paper, contact me at jtreleaven@viastrategygroyup.com or 708-306-1825.