Focus in business is typically a good thing. However, a side effect of focus can be tunnel vision, which alternately can be a bad thing.
Enter New Revenue Mining.
At PMPathlights, we define New Revenue Mining as the process of examining how products and services you already have today can be used to generate revenue from completely new sources … simply from taking a fresh look at how and where to apply your solutions.
The act of New Revenue Mining can be challenging for those who are “too close” to the product or service and properly focused on current business. Further, it can be distracting to many team members you need fully focused on current operations. But it needs done. Today’s market landscape with constantly changing capabilities and competition demands a continual look at all options, a readiness at a minimum for quickly pivoting to new revenue sources.
To that end, this blog series will provide New Revenue Mining questions for you to consider. We trust you will find them useful.
Today, we start with When You Should Consider New Revenue Mining. These four questions should get your thoughts flowing (and help you decide to open or skip our next blogs):
- Are your customers underutilizing key features/value props of a product?
- Is a key revenue-producer product now in a mature market and showing fatigue?
- Do you have a stable, full-featured product that should be performing better?
- Do customers use your product in interesting and unconventional ways?
A “Yes” to any of those questions and you may be sitting on a new revenue opportunity just waiting to be unleashed … an opportunity that DOES NOT require new product development.
Our next blog in this series will look at characteristics that make a product a strong candidate for New Revenue Mining. Think through which products might make sense for you. Maybe there is a good New Revenue Mining opportunity just waiting to be noticed.