New Revenue Mining can be very rewarding … AND … VERY distracting to company focus. That might have crossed your mind if you read the first blog in our New Revenue Mining series. That’s why before engaging in New Revenue Mining, it is important to start with 6 Quick Take Questions on the how easily the product or service being considered can adapt. If its not obvious, move on.
- Is your product configurable? Can it function as “parts” not the whole?
- Would any of your Top 5 features be able to be a niche product on its own?
- Can you easily change how the user experiences your product (packaging or user interface)?
- Can you quickly name three compelling features that are rarely used?
- Do you have adjacent audiences that don’t but could use your product? (For example, kids use but parents don’t? Accounting does but Customer Service doesn’t?)
- How many industries or audiences use your product? (More may not be better in this case.)
Answer yes to four or more of these and you may be on to something worth exploring. But the key word there was MAY. Our next blog in this series will outline the 9 Initial Steps for New Revenue Mining Review. These steps shed light on what is or is NOT worth the risk New Revenue Mining can create for your team.