Do You Have Any Idea How to Project Revenue Streams for Your Company?
A few years ago, I started a digital marketing agency . The managing director at my previous employer asked me the following question:
Who is your ideal customer and what product or service do you sell to them?
At the time, my answer to him was: I HAVE NO IDEA!
Over the past two years, our agency has been able to create an answer to that question based upon what I am calling the Fishbone Revenue Stream Theory (brought to life by the crude drawing above), which simply states:
Your ideal customer, product & service is based upon what you get somebody to pay you hard cash to do.
When people begin acknowledging your skills and paying you money in exchange for products or services, you have identified:
- a) what your company is good at
- b) more importantly, what people will pay you to do.
Using the idea of a fishbone, you can begin to split products/services off of your main base (the spine of the fish) that are profitable for your business.
In the young life of a new company, nothing matters more than identifying the who you sell a particular product or service to.
Mike Krass | CEO
MKG Media Group
Aside from being the CEO at MKG Media Group, Mike is a dark beer aficionado with a healthy appetite for travel and pushing personal boundaries. A proud graduate of Washington State University, Mike currently calls San Francisco home.