TL;DR – The fastest way to grow your revenue is to expand what you’re offering to your clients.
In the early stages of a company, you have to become hyper focused on the one thing you do better than anyone else. It doesn’t have to be a unique idea so much as it has to be uniquely delivered. Clean the gutters more thoroughly. Do the planning more transparently. Be faster or cleaner or just win on service. All of these can catapult you to success.
As time passes, and your user base grows confident in your ability to deliver, it’s likely your revenue generation will shift.
Take Apple, who recently announced that selling computers – the thing they originally set out to do – was just 10.4% of their revenue last year. 20 years ago? Selling those blue transparent computers was 86% of their revenue.
(Gestures broadly) Well, obviously, a lot.
Computer sales increased over the past 20 years by 400% but the rest of the business has absolutely boomed – by 3000%.
So there it is. The thing they set out to make, is now just a small fraction of what they offer.
Why should advisors, fintech and financial services companies care?
Because you want to win just as much as Tim Cook does.
Your largest opportunity for revenue isn’t in the pockets of people you don’t know at all. The fastest way to grow your revenue is to expand what you’re offering to your clients. You’re an RIA? You need more wallet share. You’re a TAMP? You need more assets on your platform from the advisors you already serve. You’re an IBD? You need to invest in your advisors to give them transparency and better service.
Make a Plan
What is your plan to maximize your relationship with your current clients to grow your bottom line?
Do what Apple did. Look at your clients and find where you can provide additional value to them. Focus on new things to sell your current clients and be intentional about it.
But where do you start? What do you offer? How do you go to current clients and even those you used to work for and convince them that you can provide more for them?
Well, that starts with how you’re demonstrating value right now. Can they see what you do for them? Are you showing them and not just telling them?
Demonstrating your value to your current clients builds trust with them to do more with you. The moments where you show up and blow their minds with thoughtfulness and service are when they tell their friends about you. If you’re ready to grow, incredible results start with communicating to your current clients now.
Editor’s Note: This article was originally published here.