2 customisable OKR examples for Revenue Diversification
What are Revenue Diversification OKRs?
The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Revenue Diversification to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Revenue Diversification OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Our customisable Revenue Diversification OKRs examples
You'll find below a list of Objectives and Key Results templates for Revenue Diversification. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.
Hope you'll find this helpful!
1. OKRs to significantly increase MICE revenue and diversify client portfolio
Significantly increase MICE revenue and diversify client portfolio
Generate 900 billion in MICE revenue through new and existing clients
Conduct meetings to negotiate contracts with existing clients
Develop innovative packages and services for MICE clientele
Implement targeted marketing campaigns towards potential customers
Increase average revenue per account by 10% with customized MICE packages
Organize marketing campaigns promoting customized MICE packages
Develop tailor-made MICE packages based on customers' budget and needs
Train sales team to effectively sell customized MICE packages
Secure contracts of at least 20 new MICE accounts
Negotiate and finalize contracts with leads
Develop and implement tailored sales pitches
Identify and research potential MICE account leads
2. OKRs to expand business operations while ensuring economic sustainability and profitability
Expand business operations while ensuring economic sustainability and profitability
Increase net profit margin by 15% through cost management and optimization strategies
Negotiate with suppliers for lower purchasing prices
Eliminate unnecessary expenses and wasteful processes
Implement energy efficiency measures to reduce utility costs
Improve operational efficiency by 20% with technology-based process enhancements
Upgrade existing technology to newer, more efficient models
Implement automated workflow software for routine processes
Train employees on utilizing technology for increased productivity
Gain 10 new high value contracts to diversify company revenue streams
Directive focused negotiation and closing of 10 high-value contracts
Develop personalized pitch proposals for each targeted client
Identify and target 15 potential high-value clients in diverse industries
Revenue Diversification OKR best practices to boost success
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
Tip #2: Commit to weekly OKR check-ins
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
Being able to see trends for your key results will also keep yourself honest.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to turn your Revenue Diversification OKRs in a strategy map
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs framework. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Revenue Diversification OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to deliver great user experience
OKRs to improve software engineering skills through effective time management
OKRs to enhance digital marketing team's work productivity efficiency
OKRs to to excel in autonomous project management
OKRs to improve efficiency and effectiveness in QA and training workflows
OKRs to deliver feature-rich product releases with minimal bugs
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.