Past blogs in this New Revenue Mining series have hinted previously at the challenges of an internal team launching a New Revenue Mining program. This one specifically looks at 4 Reasons Internal New Revenue Mining Reviews Fail. It doesn’t mean yours will, but note these risks:
- Too Narrow of a Perspective.
à New Revenue Mining requires unbundling the product so that you can reassemble it unencumbered. It’s rare an internal team can set aside personal agendas or passions about the product that will get raised and promoted extensively.
- Too Much Ownership
à Smart people designed awesome features for a reason. These individuals may not be able to see what else they created. Depending on how they are wired, these individuals may find proposed changes so unsettling that they will aggressively resist,
- Too Many Voices
à Lots of team members typically want to insert opinions into a New Revenue Mining initiative. Staying disciplined to a methodology will be hard. Discussions will often slide into the “can’t do that” first responses and every pent-up idea imaginable will be raised.
- The Wrong Voices
à Your leaders of your current product often are not the individuals who can lead you to a New Revenue Mining source. Further, you don’t want them doing that. Period. This approach puts current revenue at risk.
The bottom line – choose the team carefully. Find individuals who can arrive without preconceived notions and who are able to see multiple perspectives. Keep in mind this will be as much about how each individual is wired as it will about how familiar the person is with the product or offering being reviewed.