Growth and Opportunity (GO)
Double or triple your company’s revenue and profits
Use the GO Scorecard to maximize offerings and buyers
Release these revenue-limiting traps!
- Focusing on “low-hanging fruit”
- Charging for inputs such as time and materials
- Having low tolerance for risk; you want to fit in with others in your industry
- Lacking ambition; seeking only to pay the bills
What happens when you put the pedal to the metal to attract best buyers for your Exceptional offerings?
Success story: A corporate caterer
Situation: This caterer was chasing low-hanging fruit: the small businesses in a couple mile radius. Orders placed at the last minute; extremely price-sensitive; and sales were irregular to the point that revenue could be $100 one day and $750 the next.
Solution: The chef created a menu that offered a variety of food types that compared favorably with brand name ethnic foods in the area. The two-person sales team made personal calls to every business with over 100 hundred employees. They offered variety, timeliness and white glove service to any company that bought one catered meal per week, pre-purchased at the beginning of each month. Scheduling would be as needed.
Impact: The number of buyers remained about the same (around 65) although the specific buyers changed. The new effort attracted more Regulars buying Uncommon offerings. About 15% became Enthusiastic Fans buying Exceptional, high-value offerings at even higher prices. Revenue became steady at close to $1000 per day.
The chef owner released the traps and achieved her ambitious revenue goals.
How much more revenue could your business generate when you get out of the traps?
What are the key attributes of Common, Uncommon and Exceptional offerings?
Common offerings are easy access, sensitive to price competition and generate very low profit margins.
Uncommon offerings require more investment from buyers; they are leaders in the market, and generate significant profits margins for 1-2 years before competition drives them down to Common status.
Exceptional offerings are perceived to have very high value and are scarce. Buyers are willing to pay more for them because of the value they enjoy. Exceptional offerings generate high profit margins for 3-4 years.
How do we use the data from the GO Scorecard? (Retain/discard; Improve; Invest and Invent)
- Decide which of your offerings you will market in the coming year. The higher the GO Scorecard value, the more you’ll invest in these offerings. (Retain)
- Decide what offerings to drop; makes room for new offerings. (Discard)
- Examine which of your offerings fits the strategic direction and which do not. Invest in the ones that are congruent with your strategic direction. (Invest and Invent)
- Can you create innovations or improvements that could move Uncommon offerings up to Exceptional? (Improve)
- If you’re surprised some of the low scores, ask why? There may be obstacles hidden in plain sight that are responsible for the gap between your feelings and the reality. (Discard or Improve)
- Look for ways to enhance the perceived value of an offering? (Improve, Invest)
- Invest your marketing and sales efforts in attracting different buyers to your Uncommon/Exceptional offerings. (Invest)
- Ask how you can attract buyers of your Common offerings to higher value Uncommon/Exceptional offerings. (Improve)
- What new Uncommon or Exceptional offerings can you create for your existing buyers at this level? (Invent)
- Engage an outside expert who will apply relentless focus on growing the quality and quantity of your offerings Uncommon and Exceptional offerings. (Improve, Invest)
How to use the GO Scorecard:
- List all your company’s offerings, both products and services, across the top. If you generate revenue from something, list it. Use a blank sheet to list everything.
- Assign a score between 1-5 for each buyer and seller factor. 1= not at all; 5=strongly yes
- Add up the scores for each offering and place the total number at the bottom of the column.
Buyers’ perspective factors:
- Scarcity (limited supply; non-renewable; access is limited)
- Social status (what others think)
- High perceived value
- Feel entitled (I’ve earned this with my hard work, clever financial management, talent)
- Aspirational (if I have this, I will be perceived as equally exceptional)
Seller’s perspective factors:
- Scarcity (time/access)
- Competitive advantage (the top of the top)
- Outstanding brand reputation (extremely desirable uniqueness)
- Revenue per sale far exceeds cost per sale (high profit margin)
- Moderate risk (some risk; return commensurate with risk)
Understanding the Value of Each Offering
Common offering has a total score of 30 or less
Uncommon offering has a total score between 31 and 42
Exceptional offering has a total score between 43 and 50
Plot Your Offerings on the GO Curve:
Plot your offerings on the GO Curve. This gives you a powerful visual of the array of your offerings. Then invest more resources into Exceptional offerings; somewhat less on the Uncommon; and very little on the Common.
Take Action Today
The GO Scorecard only has value when you take action.
Some companies call me the minute they finish the GO Scorecard and enjoy results within a couple of months. Others put off the call and many months later they find that revenue and profits have not improved.
What will you do? Which will you be? There is simply no time like the present to begin increasing your revenue and your profits with Uncommon and Exceptional offerings. I look forward to your call or email: 703-790-1424 or firstname.lastname@example.org