Developing a hybridized revenue strategy is a solid way of getting your company unstuck from spinning your revenue tires in status quo muck. This strategy allows companies and the business professionals who work for them to broaden and deepen their perspective about business.
Regardless of whether you are selling or engineering for your company, shifting your financial gaze towards new markets and new customers takes strategy and planning. Look before you leap.
Developing a hybridized revenue strategy redefines the industries, marketplaces and customer types which are “fair game” for your product and service offerings. The discovery process engages your entire company with fresh ears and eyes. The prospective customers you encounter may be similar, or different, from those you are used to doing business with.
Don’t get me wrong here.
Choosing a hybridized revenue strategy isn’t the latest version of a Ready-Fire-Aim business strategy. You don’t go down this path because you have been unsuccessful generating sufficient revenue from your original target marketplaces. Rather, developing a hybridized revenue strategy is predicated on your company having a solid and stable track record generating business in your original marketplace.
Hybridizing your revenue strategy is a growth and expansion strategy. This strategy capitalizes on what you current do successfully. The strategy engages your team in hypothesizing the types of markets, verticals and customers whom might also benefit from similar business value creation.
A hybridized revenue strategy catalyzes you and your team to think more holistically about how your current markets and customers perceive you. This strategy allows you to leverage positive customer experience and customer success stories as you sail towards new business horizons.
Simultaneously develop your hybridized revenue strategy roadmap by focusing on those operational efficiencies, core business competencies and human capital assets which are stabilized and predictable. Those are your building blocks to carry you into new marketplaces or industry verticals.
Simultaneously identify gaps in skill, competency, knowledge and capital investments required to make your company competitive in these new markets. Otherwise, your hybridized revenue strategy is nothing more than wishful thinking. In order to be successful, your hybridized revenue strategy requires operating capital to fund your company as you ramp up and fill in those gaps in pursuit of growth and expansion.
Simultaneously discover whether your current arsenal of product and service offerings are aligned with targeted new markets and customers. You may be way off target or, literally, right on the money. Keep your eyes and ears open for the Voice of the Customer before committing tons of time and resources to a marketplace or customer type who are not interested in your offerings.
Adopting a hybridized revenue strategy as your company’s growth and expansion strategy is a cautious process. Develop a master plan which allows you to review and revise your plans while making this shift. Engage your internal teams in continuous communication, including your front-line teams. Identify areas where your assumptions are spot-on or way off the mark.
Targeting a hybridized revenue strategy is a productive and often profitable means of taking your business to the next level. It is a conscientious, thoughtful process rather than a mad dash. Along the way, you will discover many ways in which you can improve your own core business and make it more adaptable and compatible with your new markets and clients.
To learn more about this strategy, contact me.
Babette N. Ten Haken is a strategist, coach, analyst, author and blogger. Her focus: the interrelationship between teams, leadership and culture in technology and manufacturing. Her Workshops target excellence in the execution of strategy. Her Playbook of collaboration hacks, Do YOU Mean Business? is available on Amazon.com.
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