Digging up new revenue generating ideas is no easy feat, especially when management feels as if it is their sole responsibility to do so. We at SoapBox prefer to harness the creative powers of everyone on our team to come up with the easiest to implement and most profitable ideas possible.
But you cannot just sit around in a room fumbling around with vague and indefinite ideas. You need a plan, which needs to begin with:
1. Focused Goals
When an organization creates targeted goals, employees can easily see what metrics need to be improved upon and how this will generate more revenue. This serves as inspiration for the employee to not only become more productive, but also, to seek solutions.
Let’s say you are looking for ideas on banking transactions and how they can be made easier for customers. A focused and specific goal would include:
- Achievable metrics for employees to reach
- An explanation as to why employees should care
- A deadline
- Maximize the value opportunity at your Gemba
Your goal may then be:
“Increase transaction revenue by 10 percent over the next quarter by making it easier for banking customers to perform transactions.”
This is a great goal for a number of reasons:
- The metrics (“10 percent”) are clear and achievable, and it allows employees to track when the goal has been successfully reached.
- A tighter deadline (“over the next quarter”) puts the pressure on for employees to come up with simple ideas that can easily be implemented and will lead to quick results.
- It explains the target process types that you want to improve (increase banking transactions).
- The goal hones in on where value is created for the customer, where transactions occur either online or at the teller’s kiosk
When these points are all coupled with logical reasoning that shows why this goal is important in revenue generation (i.e. the bank makes money through transactions, and if transactions are easier to perform, more clients will perform them), then you have got yourself a profitable goal.
2. Focused Discussion
At SoapBox, we have found that our best ideas arise when:
- Everyone is in the same room contributing and discussing how things can be improved (having some snacks available always helps!)
- Everyone has a positive and open attitude
When everyone goes into a discussion with a positive attitude, we all learn from the experiences we have had that relate to the problem and are able to discuss how to build processes or concepts together. This goes a long way in generating multi-dimensional conversations and supports cross-functional learning.
The most crucial outcome of a focused discussion is that everyone comes out of a meeting having actually made a decision. This has to be a priority and has to be done during the meeting and not be left for a later date. The longer you wait to make a decision after a meeting has come to an end, the less likely a decision will be made. Just as an idea is nothing without execution, a discussion is nothing without a decision having been made.
These are the two key ingredients to getting revenue-regenerating ideas and techniques that can be applied to all industries, functions or organizations when searching for better ways to increase revenue.