Well, the first thing I recommend is to really spend some time getting to the bottom of things. Instead of shot-gunning blame that may be misplaced, or impetuously blowing up established pillars of the business--conduct a real, objective analysis of the nature of the slowdown. I don't suggest paralysis by analysis by any means, but do take the time to gather some data, so that your actions will be based on more than knee-jerk reactions.
Past that, it's hard to generalize on a course of action, because the proper action will depend upon what you find in your analysis. But for the sake of discussion, let's say that while there are a few factors that you find which could be leading to slower growth, no there isn't a "silver bullet" reason that can be "fixed" to get the revenue curve again pointed up and to the right. Below are some general ways that I've found may enable you to "restart growth". I might add that many of them are most effective if you begin them prior to actual revenue flattening:
Try marketing programs you haven't used before Usually when you get in a period of high growth, there is a workhorse program or two that has worked well for you, and there is a tendency to "keep doing what works". Unfortunately, even the best conceived marketing programs eventually run out of steam. One of the keys to having consistently good outbound marketing, is too be constantly testing new ideas, placing small bets, and fine-tuning them if there is enough success to continue. As I've said many times before, product marketing is part art, and part science--with the art portion unfortunately upfront. You need to do a little trial and error to find a good program, and then the science kicks in, using data you've gathered to optimize it. But the key is to be constantly testing new ideas, in good times and bad. If you wait until your growth has already slowed, you may scramble for quite a while, trying to find an answer.
Have an internal "growth" brainstorming session Ideally you are doing this before you fall into a revenue rut. But regardless, do bring together people in your organization, to bring out the ideas they may have to give the top line a kick start. Do hold these sessions in an open, non-threatening and non-political environment. It's important that people are able to speak freely, and not be ridiculed, if they come up with an idea that's "too far out of the box". That is often where strategic breakthroughs are made. And don't just limit these sessions to executive managers. Remember, the people at the bottom of the org chart are often the ones closest to the business, and are sometimes able to more easily spot a big opportunity that the company could capitalize on.
Hire some outside help Consultants have a very bad name in some areas--unfortunately, sometimes with good reason. But bringing in someone with deep marketing or management expertise, with a different viewpoint than the internal management team, can sometimes be the quickest way to new approaches that will turn the ship quickly. I'd recommend staying away from folks that that have a cookbook formula, have only been consultants and not operating executives, or take too much of an academic approach. Every company, market and point in time is different, and needs to be analyzed as such. But hiring the right outside consultant or firm who is creative, analytic and "been there and done that" can have a big impact. PJM Consulting has often worked as a change agent in these situations, and increasing or restarting traction is an area of specialty.
Look at entering an adjacent market If it's determined that your current market space is getting saturated, one of the first things to do is to look at adjacent spaces. Preferably, look somewhere that you can leverage your current marketing, distribution and brand, but also possibly where you can apply existing company technology to a different customer's problem. The key here is don't go to a complete green field, that looks attractive because it's large or growing fast, but where you have no real business competing. Again, it's best to be taking this step in anticipation of slowing growth in your current business--rather than waiting until it happens. Getting traction in new areas can take some time.
Consider M&A to fill out your product line or distribution system If you've been caught by a surprise slowdown and you need to do something quickly, a strategic acquisition can sometimes be the answer. I warn you to proceed with caution here. M&A is fraught with danger--statistics show that most acquisitions don't work out well. You need to think it through, proceed carefully, and don't get overly excited by the thrill of the deal chase. If done well, however, a strategic acquisition can be a real shortcut to entering an adjacent space, filling out your product line for an existing strong distribution system, or adding sales channels to your strong product offerings. This is another area where PJM Consulting has strong experience, and can offer assistance.
THINK IT THROUGH BEFORE YOU START SHOOTING
There are obviously endless other potential ways to explore, when attempting to jump out of a revenue rut. I wanted to suggest a few to stimulate your thinking--and more importantly, steer you away from some "knee-jerk" reactions, that often make your situation even worse.
What have you done in the past when you need to restart growth?
It would be absurd and ridiculous to suppose that any person, however great, or learned, or wise, could employ language correctly without a knowledge of the things expressed by that language. No matter how chaste his words, how lofty his phrases, how sweet the intonations, or mellow the accents. It would avail him nothing if ideas were not represented thereby. It would all be an unknown tongue to the hearer or reader. It would not be like the loud rolling thunder, for that tells the wondrous power of God. It would not be like the soft zephyrs of evening, the radiance of the sun, the twinkling of the stars; for they speak the intelligible language of sublimity itself, and tell of the kindness and protection of our Father who is in heaven. It would not be like the sweet notes of the choral songsters of the grove, for they warble hymns of gratitude to God; not like the boding of the distant owl, for that tells the profound solemnity of night; not like the hungry lion roaring for his prey, for that tells of death and plunder; not like the distant notes of the clarion, for that tells of blood and carnage, of tears and anguish, of widowhood and orphanage. It can be compared to nothing but a Babel of confusion in which their own folly is worse confounded. And yet, I am sorry to say it, the languages of all ages and nations have been too frequently perverted, and compiled into a heterogeneous mass of abstruse, metaphysical volumes, whose only recommendation is the elegant bindings in which they are enclosed.
And grammars themselves, whose pretended object is to teach the rules of speaking and writing correctly, form but a miserable exception to this sweeping remark. I defy any grammarian, author, or teacher of the numberless systems, which come, like the frogs of Egypt, all of one genus, to cover the land, to give a reasonable explanation of even the terms they employ to define their meaning, if indeed, meaning they have. What is meant by an "in-definite article," a dis-junctive con-junction, an ad-verb which qualifies an adjective, and "sometimes another ad-verb?" Such "parts of speech" have no existence in fact, and their adoption in rules of grammar, have been found exceedingly mischievous and perplexing. "Adverbs and conjunctions," and "adverbial phrases," and "conjunctive expressions," may serve as common sewers for a large and most useful class of words, which the teachers of grammar and lexicographers have been unable to explain; but learners will gain little information by being told that such is an adverbial phrase, and such, a conjunctive expression. This is an easy method, I confess, a sort of wholesale traffic, in parsing (passing) language, and may serve to cloak the ignorance of the teachers and makers of grammars. But it will reflect little light on the principles of language, or prove very efficient helps to "speak or write with propriety." Those who think, will demand the meaning of these words, and the reason of their use. When that is ascertained, little difficulty will be found in giving them a place in the company of respectable words. But I am digressing. More shall be said upon this point in a future lecture, and in its proper place.
I was endeavoring to establish the position that all language depends upon permanent principles; that words are the signs of ideas, and ideas are the impressions of things communicated to the mind thro the medium of some one of the five senses. I think I have succeeded so far as simple material things are concerned, to the satisfaction of all who have heard me. It may, perhaps, be more difficult for me to explain the words employed to express complex ideas, and things of immateriality, such as mind, and its attributes. But the rules previously adopted will, I apprehend, apply with equal ease and correctness in this case; and we shall have cause to admire the simple yet sublime foundation upon which the whole superstructure of language is based.
In pursuing this investigation I shall endeavor to avoid all abstruse and metaphysical reasoning, present no wild conjectures, or vain hypotheses; but confine myself to plain, common place matter of fact. We have reason to rejoice that a wonderful improvement in the science and cultivation of the mind has taken place in these last days; that we are no longer puzzled with the strange phantoms, the wild speculations which occupied the giant minds of a Descartes, a Malebranch, a Locke, a Reid, a Stewart, and hosts of others, whose shining talents would have qualified them for the brightest ornaments of literature, real benefactors of mankind, had not their education lead them into dark and metaphysical reasonings, a continued tissue of the wildest vagaries, in which they became entangled, till, at length, they were entirely lost in the labyrinth of their own conjectures.
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