How we grow revenue, you can too!

by Jim June 6, 2019

Back from Retail Global where I met some fantastic retailers and garnered lots of interest in our Revenue Growth model. I covered the three things you should focus on to double your revenue and explained the criteria we need for a client to come on to the revenue model. Some attendees expressed concern over all the tech talk flying around the conference, if that’s you, just drop me a line and I’ll be happy to help.

What I learned

  • Retail Global is still the must-attend event
  • The 3 secrets to doubling revenue
  • What you have to be to come on the revenue model
  • Questions? I’m here to help!

Transcript

Hey, welcome back Rankers. I’m back from the Gold Coast. Went to Retail Global. That’s probably, I don’t know, my 11th time, something like that. Awesome conference once again. Big shout-out to everyone I met there. Sorry we didn’t get to talk to everyone. I think we were pretty much the busiest stand at the show.


Always think speed

I ran a workshop the Wednesday prior to the show starting. And that was going through how to double your revenue. So we went through all these techniques, and this one’s for Sean who attended. I said three things to double your revenue where you could pick any three things. Just pick the right three things, right? The main one is always going to be speed. Speed, speed, speed, speed, speed. Whenever you need to think about anything, try to think of speed. How can you make the site faster, how can you make the process faster for the user? It’s both speed for the actual physical site, and also for the user themselves. That’s the big one.

And then, just make sure that you have got fantastic user experience throughout the site. It’s easy to transact. And then also, just make sure you got traffic, right? Then it’s … It’s not hard. These aren’t hard things to do, but the problem is that most people aren’t doing the speed thing right, and they’re not doing the UX thing right.

There was something that seemed to resonate with a lot of people at the live site review sessions that we did. That was basically don’t make me think, okay? When you’re a retailer, I’m already inside your shop. Your home page is not a shop window. Does that make sense? Your home page, most retailers treat it like a shop window saying, “Oh, sale, come in. Look at this stuff that we’ve got over here. Specials. Woo-hoo.” I’m already in the shop, all right? That’s the equivalent of me going to Bunnings and trying to get past all the billboards just to go into the aisle. That’s what you’re doing to your users when you do stuff like that, okay?


Revenue model persona

So, fundamentally that is what we do. The clients that we work with now, and we turned a few people away last week at the conference who wanted to become clients, and some still want to become clients and we’ve said no, sorry. The reason for that is that we’re very specific on the sort of client that we want. It needs to be a retailer that’s probably been in business two to three years. They’re probably doing around one to five million, so not a large organisation. This is for the revenue model that we’re working with. We’ve got other models for larger clients. But, for retailers that are hungry, agile, looking to grow, they’ve got to be in that one to five million mark. We’ve got to be able to deal with the director specifically, or a director of the company. We can’t be going through a CMO. It eliminates a lot of other businesses.

The reason for these restrictions, or the type buyer persona if you like, is because when you’re working with revenue, and you’re working with these things, and you’re looking at speed and you’re trying to get a feedback on the changes, you need to do a thing which is called fail fast, meaning that try the thing out. If it doesn’t work, move onto the next thing. It’s very difficult to do that with large organisations. There’s been some fairly celebrated cases in the media of late, locally and internationally, of what happens when SEO goes wrong in large retailers. I look at some of those sites and I think, “Yeah, that’s easy to fix.” But to actually get into a process, and get it fixed in a large organisation can take a long time.

That’s why when we work on a revenue model, it’s specifically small org charts doing one to five million, looking to double our revenue over the next 12 to 18 months. And if we can’t double the revenue over the next 12 to 18 months, and they’re doing that sort of range between one to five, they’re probably not the right client for the revenue model. It simply just won’t work, the money isn’t there.

So hopefully that’s helpful. And hopefully that clarified a few things. If you attended any of the site review sessions, I know some of you were very confused with some of them, because there was a bit more techy talk with some of the site review sessions. Just ping me if you have any questions. I’ve already hit a few people up who had some concerns about what was said about their sites. But just ping me, and I’ll let you know. And, if you like the show, please subscribe. Please share. And we’ll see you next week. Thanks very much everyone. Bye.

Jim’s been here for a while, you know who he is.

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