Research by Revenue©
Penetrate new markets in phases with a process of Research by Revenue developed by First Name Basis. This next-generation business development process allows rapid growth into many markets simultaneously.
Qualified prospects fund deployment of industry-specific applications. We then replicate successes and abandon any markets that do not perform to the desired level. It lets First Name Basis and our clients fail small and win big.
The Business Challenge
Engaging an unknown market segment in search of new business opportunities can be a costly waste of time, even when preliminary research indicates the return is worth the pursuit.
In slowing economic times the business risk becomes heightened as a looming penalty to the management team making these decisions. The specter of heading too far into “wrong market quicksand” can influence management toward the other end of the mistake spectrum: abandoning what may be a great opportunity.
Research by Revenue© is a sales engagement strategy that enables us to generate revenue in a new vertical market while evaluating the revenue potential and infrastructure demands of that market. Once a vertical market is selected, the sales team engages with a small group of prospects in that industry segment.
Fail small, Win Big
A consultative sales approach lets us rapidly determine the perceived value of our solution in the target market, and leads to immediate production volume and revenue as the strategy and solution are launched. A small set of customer engagements, optionally combined with participation at selected industry trade events, allows us to accurately determine the potential and either pursue the selected market or move on without further investment.
Research by Revenue is a healthy belief system that stems from the acknowledgment that failure is all but guaranteed somewhere along the line, rather than just a possibility. The formula is simple and straight forward: Fail small, win big. The key is to control where it happens by aggregating comparatively minor losses into an optimum approach yielding big gains. Fail with the minnows, then go catch a whale.