Another impossible growth target to meet?
You’re not alone… Another financial year, another hike in growth targets. Most shareholder owned businesses are under the hammer when it comes to hitting revenue growth targets. And even when you do, the goal posts move. The targets go up again and you’re left scratching your head about where to find growth this year.
Gartner’s recent global CEO survey found that revenue growth is the #1 priority for 58% of CEO’s. Which in itself isn’t surprising, but then consider PWC’s global CEO Survey, which found that 2 out of 3 CEO’s are NOT confident in hitting their revenue growth projections. So, if CEO’s aren’t confident in hitting targets, where does that leave everyone else? Under pressure, that’s where.
Once costs have been cut as far as they can go and suppliers squeezed for every drop, companies are forced to find new ways to deliver growth. Sell more product; find new, innovative ways to connect with customers; meet new customer needs; create new levers to pull… It’s a brave new world and one where the traditional avenues of growth (advertising, discounting, distribution…) are no longer as effective. The reality is, growth must now be fought hard on multiple fronts.
If you’re a regular reader, you will have seen many examples in our posts of progressive businesses leveraging their owned media assets. But sadly, the reality for most businesses is that owned media is the forgotten child. In fact, our own research suggests that 9 out of 10 business don’t even know the value of their media assets, let alone use them effectively.
Now is the time to consider the potential of your owned assets. They can deliver new (unbudgeted) revenue, provide leverage in negotiations with suppliers and reduce wastage in advertising. It’s time to start making better use of what you’ve got and to fish-at-your-feet first. It’s the best ROI you’ll ever make, because the assets have already been created, the costs sunk, you just need to change the way you view them. When you’re ready, let us know.