Reinstating Revenue Growth After a Long and Steady Period of Decline
Founder and President at OTODO
I was appointed the general manager of an operator company that was running well but without growth. For several years, the revenues had been declining and nobody was really quite sure as to why. Although I had previously been aware of this situation, this was a new position for me, and I was the one responsible for taking the actions that would stimulate growth in the business again.
Step 1: I traveled all around France for several weeks, to some of the 200+ shops that we had, in order to get a first-hand look and feel for how things were going. I also listened to outgoing calls to hear from customers and acknowledge their respective answers. I realized during this period that most employees were not really convinced by the service they were selling. They felt that our products were just average, in line with the competition but too expensive. Step 2: My general impression after this analysis was that we were missing something we could be really proud of. By chance, we had already started a project to renew our set-top box, and I decided to speed up this development and put a particular focus on it, in order to introduce a sort of celebrity product. Step 3: Managing to launch this new set-top box within a short time frame, I decided to put extra effort into communication. Not only did we invest in an advertising campaign, but we also put significant means in an internal communication program. I wanted people to have a visible representation of their work to showcase when they were with family or friends. Whether it be the advertisements we put out on the television or through an interview that they did around the product, it was important to have something they could proudly claim as taking part in building.
- Sales went up as a result of these steps, not only thanks to the new set-top box, which was indeed state of the art, but especially thanks to the motivation of the teams.
- This surge of motivation was enough for us to go back to work and see revenues up within the first year. The year after, we organized the IPO of the company, which was a great success.
- It is important not to go too fast into action. Even if the problem seems obvious, it is always better to go and see the situation yourself and to listen to the employees and the customers.
- Do not hesitate to leverage external, institutional, or commercial communication with strong internal communication, so as to positively increase the pride and wellness of your employees.
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