Question: How do we tap market expansion opportunities to drive revenue?
To drive consistent, sustainable revenue with growth margins is of the biggest challenges for business and marketing leaders. To identify these growth opportunities and determine the most viable path(s) to move forward while striking the right balance between short- and long-term prospects is part of the challenge. Our approach to client's growth strategy is what we call the “tree trunk with branches’ approach. We do not recommend going too far out on a limb, that the burden (or the weight) would be too heavy for the tree branch and its trunk to hold. Rather, we suggest incremental growth in 1) a base approach (existing markets with existing products), 2) same market but competitor’s clients, 3) expanding market with same products, 4) tangential markets, (markets that are similar but not exact), or 5) completely new line of business (products, services, and new markets).
Mapping out the strategy by using techniques like brainstorming, assists the process as we review the risks, advantages, SWOT, resources, and expenses involved with growth. In entrepreneurship, it has a certain level of risk dependents that are involved but generally is considered more agile then a normal pace of business.
The idea of value today and in post COVID, is more important than ever before. The opportunity is also at our fingertips. Timing is now to swiftly move business models closer to the digital transformation. In some cases, stakeholders must be at the table to make this happen.
We have entered the age of collaboration. The supply chain to include the manufacturers, distributors and others are forming networks. In some areas, innovation centers, centers of excellence and outsourced R&D affiliations have been developed as collaborative initiatives where costs have been reduced, and the burden of risks spread throughout the ecosystem. These effective partnerships are designed to cultivate relationships while improving experiences. Some of these collaborations have included government programs that focus on different areas and enable technologies as well, where the common goal is the output rather than a competitive one with you gets there first.
To identify these opportunities and develop the road to success, contact email@example.com.