Every New Revenue Mining process needs to include and schedule key Go/No Go Checkpoints. In this blog our New Revenue Mining series suggests 6 Key Checkpoints for Every New Revenue Mining Process. Here they are:
- Before you start
If you’re early in the product life cycle and revenues are still growing rapidly and the available market opportunity is large, don’t mine at all.
- After breaking down your product into generic feature sets
If you can’t define your product generically, your New Revenue Mining should be recast into efforts to adjust your go to market strategy.
- After comparing industry structure match
It’s not likely, but some products are so aligned to a single industry use case that how to create a value prop for the core product within another industry is not obvious.
- After reviewing competitive saturation
If all the New Revenue Mining opportunities already have established players, you may consider a course change. Keep in mind, though, that in this situation companies entrenched in the market without your solution may still see you as a fast path to responding to their offering gap.
- After completing your opportunity assessment
After you’ve decided you have a New Revenue Mining opportunity, it’s time to find the naysayers. In this exercise, you as the interviewer make a statement like “I can’t see why my team thinks your industry would want this …” If they push back and think it is a good idea, you may have something worth pursuing.
- After you’re fully convinced to move forward
Pivoting resources to a new initiative is a big decision. Do the homework thoroughly and weigh the investment options and ability to increase valuation.
The need to pause and evaluate is why PMPathlights structures its New Revenue Mining engagements in two parts … the light-weight opportunity assessment and the full discovery. Neither should ever happen without the other. Checkpoints must be included so that decisions are methodically made.