Some say that the grass always looks greener on the other side of the fence. Business leaders and marketers often wish to play in markets in which they don’t currently compete, or even create new markets, wistfully imagining themselves like pioneers in the wild west, scooping up incremental volume like gold from untouched streams in the hills of California. After all, spending years slugging it out in bloody battle for market share, well… anybody might do a little daydreaming.
At some point, most businesses will seek growth by looking carefully at their capabilities and entering a new market. This approach is often flawed, however. Organizations tend to think in terms of internal capabilities as success criteria – their brand, processes, distribution, speed, agility and entrepreneurial spirit. The secret to success, however, is in the honest assessment and understanding of the market being considered, and what is needed to solve an unmet need in the market.
There is a simple approach to examining a new market…..
Unlocking Growth in Your Business