The Top 5 Dumb Things That Will Kill Your Revenue
The waste is called the “Cost of Chaos” for producing revenue. This revenue “Cost of Chaos” results from one of two things: “Spending your money to compete with yourself” or from you fighting the science of Revenue Generation.
This post is about “fighting the science.” In other parts of your life, you have seen “fighting science.” You see people who are sure they can eat all they want of any type of food and still lose weight with the right latest TV gadget. You know people that believe football pools, bingo and the lottery are the key strategies for retirement. These are examples from life of where people should just “Stop doing dumb stuff.”
Here are five places where the science of Revenue Generation says stop doing the dumb stuff:
- Don’t go south on purpose – Every company’s direction is determined by its actions. Actions show an intentional direction or chaos. When you have an intentional direction and are committed to that direction, there is a True North. All decisions must move toward the True North – never go south on purpose – EVER.
- BellCurve 1 track right or left – The CRO BellCurve asks if you are adding great value by selling brain (left side) or selling stuff (right side) at the lowest price. The answer places you on the BellCurve. Science says you will ONLY win doing business one track right or left of your BellCurve placement. So stop selling anything to anyone more than one track right or left.
- Unintentionally riding a bubble – Bubbles happen when companies are in the right place, at the right time, with the right product, and the market wants ALL it can get at almost any price. That is a bubble. Know the difference between a bubble and using Revenue Science to intentionally run a GREAT company. Make sure you NEVER act like Blockbuster and unintentionally ride a bubble – decide to run a science-based company.
- Do someone else’s job – You may be blessed and skilled at selling, marketing, training, doing customer service, and delivery. Regardless, don’t “do someone else’s job” for two critical reasons: First, it will not scale (there are not enough of you who can do everything), and when one person does everything, you can’t tell which parts work well, should be stopped, fixed or which functions are so GREAT they overcome all the dumb stuff. An example is never let sales people do the marketing work – the cost will kill.
- Measure activities – Did you make 100 calls today? The outcome you want isn’t 100 calls. Maybe you want: Five ideal buyers, who have the problem you uniquely solve, are committed to taking the prescribed next steps within two weeks with their key team members. Don’t measure the activities except to see if they are creating the right outcomes. Then ask can the skill and resource invested be modified to create more or better outcomes OR is there a completely different activity that will create better outcomes OR do you need any activity to get the needed outcomes. Invest to support obtaining the end-to-end outcomes for overall goal achievement.
There are dozens of “dumb things” that buy you less revenue and less profit. Stop doing them. Then look to the Science of Revenue Generation to start doing SMART things.