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TOP-LINE GROWTH

today & tomorrow

26

Dr Ken Hudson's

Dr Ken Hudson's

ways to generate

REVENUE GROWTH ALPHABET

Click on any letter to switch your thinking, on.And get my bonus tips!

A: ATTENTION

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

People have short attention spans. How are you grabbing and holding their attention? Try using ashort video, an interesting graphic or a new customer story.

Around 2 million small businesses advertise on Facebook.Maybe you should try it...

B: BUSINESS MODEL

Dr Ken Hudson's

Dr Ken Hudson's

Is your business model still relevant? What worked in the past may not work in the future. Are you willing to challenge or overturn it?

REVENUE GROWTH ALPHABET

Zipcar turned the car rental business model on its head by charging a membership fee and allowing renters to pay by the hour.

C. CONVENTION

Dr Ken Hudson's

Snapchat broke the social media convention with a model where content including images disappears after 10 seconds. Hundreds of millions of keen users suggest people like it.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

What convention can you overturn and deliver greater customer value?

D.DIGITAL

Dr Ken Hudson's

Digital is the new customer expectation; ithas to be at the centre of your business. Domino’s is growing their business with digital. 80% of orders are online, most via smartphone.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

You can order a pizza in 4 clicks and track the driver.What can you digitize?

E.ENVIRONMENT

Be mindful of the environment; it's the right thing to do and can make business sense too. Hotels now encourage guests to consider the need to launder towels daily. Less washing, lower costs, better for the environment.

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

How can you demonstrate that your business helps the environment?

F: FRUSTRATION

What frustrates your customers? What drives them mad?The inspiration for Uber came aboutbecause one of the founders could not find a taxi when it was raining in Paris.

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Identify one customer frustration and try to minimise it or remove it completely.Your customers will reward you again and again.

G.GO-TO-MARKET

Dr Ken Hudson's

There are endless ways to go to market, today. It can be online or face-to-face or any combination. The important point is to be where your customers would like you to be.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Is your go-to-market message clear and enticing to thecustomer?Are the benefits and advantages to the customer, clearly defined?

H: HERO GROWTH BRANDS

Keep an eye on your direct competitors but you will learn more by studying hero brands that surprise and delight their customers. If you want to generate top-line growth study the brands that are growing.

Dr Ken Hudson's

Dr Ken Hudson's

K

REVENUE GROWTH ALPHABET

Which are the hero brands in your sector?What are they doing?What can you learn, borrow or adapt?

I: IDEAL

Dr Ken Hudson's

Dr Ken Hudson's

Start with a clear picture of the perfect experience. What does the ideal product, service or experience look like? How does your current proposition compare? Now try and close the gap.

REVENUE GROWTH ALPHABET

‘"We start with the perfect experience and then work backward.That’s how we’re going to continue to be successful.’"Brian Chesky, Co-founder of Airbnb

J: JOB TO BE DONE

Dr Ken Hudson's

What is the customers job-to-be-done? What is the problem that the customer is trying to solve. "Quench my thirst"can be solved via water, juice, milkshake etc.Your task is to deliver a better solution than your competitor.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Professor Clayton Christensen developed the “What is the customer's job-to-be-done?“ approach. I like it because it shifts attention from an existing product to the customer and their need.

K: KEY REVENUE DRIVERS

Dr Ken Hudson's

As a business owner you cannot do everything. So what are the key drivers that will grow your revenue line?It could be, for example, the number of customers or profitability per customer or page visits.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Make sure that most of your time and energy is spent on your key revenue drivers!

L: LOVE

Dr Ken Hudson's

Do your customers love using and owning your product or service?Do they love working with you? Love is an intense emotion but that should be the ambition for every brand and business owner.It’s the new goal, thanks to Apple.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Try to design a product that people will love rather than just like or feel OK about.

M: MARKET RESEARCH

Dr Ken Hudson's

Dr Ken Hudson's

Do you have a quick, easy and simple way of conducting market research?Do you know how your customer is feeling at the point of purchase?Whatare you doing with this information?

REVENUE GROWTH ALPHABET

Use your market research to inform the future design of your products and services.

N: NEVER EVERS

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Who are the customers that would ‘never-ever’ buy your product or service. Perhaps with a slight modification you can represent your offering in a new way so that you can capture their attention.

Think about your never-evers.Revisit the assumptions you made about them.Switch your thinking.

O: ONLINE

Warby Parker is a successful online eyewear business. Co-founder, David Gilboa, said, we "had frustrating experiences buying eyeglasses, so we decided to offer an alternative to the overpriced, uninspiring eyewear on the market.’

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Can you create an online business?Or can you move some of your business online?

P: PROBLEM

Dr Ken Hudson's

Dr Ken Hudson's

What problem does your business solve?Rent the Runway solves the:I have nothing to wear tonight"problem byrenting out top fashions rather than selling them outright.

REVENUE GROWTH ALPHABET

Think about the problem that your business solves and imagine new or better ways to achieve that objective.

Q:QUESTIONS

Dr Ken Hudson's

Finding new ways to boost top-line growth often starts with a critical review. You can elicit valuable answers if you are prepared to ask the tough, disruptive or uncomfortable questions.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Ask yourself the tough questions:How many customers am I losing each month or year?Why are they leaving?Where are they going?How do I win them back?

R.RE- INVENT

Dr Ken Hudson's

Dr Ken Hudson's

Cirque du Soleil reinvented the circus experience; taking a concept that was hundreds of years old and giving it a new life, energy and meaning. They re-invented the circus for a new age and vast new audiences.

REVENUE GROWTH ALPHABET

Think of how you might re-invent your business or parts of it - a new channel, pricing model or packaging, perhaps?

S:SPEED

Dr Ken Hudson's

Dr Ken Hudson's

Can you accelerate your product or service? In a time-poor world, customers will appreciate you even more if you can solve a problem they have – better and faster.

REVENUE GROWTH ALPHABET

What can you speed up in your business?Maybe you can reinvent part of theprocess or get rid of a step to speed everything up.

T: THANK YOU

Dr Ken Hudson's

The ultimate response from your customer is a ‘thank you’. Thank you for making my life simpler, easier, better, cheaper. Think about how your service will make your customer say, "thank you"

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Recently, I booked a hotel with Expedia to Singapore (saving me time and money) and they made a couple of suggestions as to what to do when I arrived. Thank you!

U: UNDERUTILIZED ASSET

Dr Ken Hudson's

Every business has some assets that are underutilzed. Many people had spare rooms in their homes that were not used. Airbnb connected renters with hosts and built an amazing business.

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

What asset do you have that you are not using fully?What asset does your network or your customer base have that could be leveraged/shared?

V: VALUES

What are your values? What do you stand for or believe in?Customers today expect you to live your values in everything you do.This can present opportunities through diversification into allied areas.

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Red Bull moved from energy drinks to adventure sports (promoting and creating new content) because of its brand values.

W: WORLD-CLASS

Dr Ken Hudson's

Start with the goal of creating a world-class product or service. This should be the goal of every business owner -to find one thing that they are world class at. After-all we compete against the world.

Dr Ken Hudson's

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"We’re trying to build a world-class News Feed, messaging product, search product, ad system and invent virtual reality and build drones."Facebook founder, Mark Zuckerberg

X:10 X

Incremental improvements? meh! Larry Page (Google) aims to make key projects 10 times better than the existing or the standard. When Gmail launched, it featured100 times as much storage as the competition.

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

How can you make your customer experience 10 x better?How can you make your PR 10 x better?How about making your options, offers or extras 10 x better!

Y: YOU

Dr Ken Hudson's

Dr Ken Hudson's

Who is looking after you? When you are a business owner sometimes it feels that you have to do everything.This can affect your health, relationships and well-being. Remember to look after yourself.

REVENUE GROWTH ALPHABET

Take time out, eat well, exercise and get enough sleep.It’s important.You’re important.Look after yourself!

Dr Ken Hudson's

Dr Ken Hudson's

REVENUE GROWTH ALPHABET

Z: ZERO-SUM

The old thinking was that I can only win if you lose. This is called a zero-sum mentality. A better way to approach problems is to look for ‘win: win’ solutions. You might look at complementary services or even competitors differently..

Consider a bottle-shop permitting a flower seller to set up on their premises. The customer wins because it’s a great idea and both the bottle shop owner and flower distributor win with extra sales. Maybe this could work in your business.