Startups

The Secret The Best Businesses Know About Finding The Right New Market

If you have developed growth strategies, you’ve probably heard about—or even explored—opportunities to enter adjacent markets. But how can you be sure that you’re looking at the right opportunities? And how can you proactively identify promising market adjacencies, rather than simply adopting what seems popular across management?

Unsurprisingly, identifying and defining your new market is a critical factor to winning.

The answer is to systematically map out and define all adjacency opportunities.

Start by thinking about all the possible axes along which you might expand. The most successful adjacency moves start from a strong business base to:

  • Pursue new customer segments
  • Develop new channels
  • Create new products and services
  • Enter new geographies
  • Move up or down the value chain
  • Create new businesses

If you define and categorize each potential opportunity, you can create a map that makes it easier to see what’s possible—and harder to miss the most valuable moves. A complete map defines nearly all possibilities, even those previously dismissed. Here’s a generic example:

sample opportunity map

To learn more, check out the eBook I wrote about how to find and execute on the best market adjacency moves—and ensure that your next move isn’t one of the 73% of adjacencies that fail to meet long-term expectations.

Get the eBook »

Filled with data-driven tips on what works and what doesn’t—and advice you can put to work for your next market move—this eBook will help you:

  • Find, evaluate, and execute on the most valuable adjacent opportunities
  • Maximize your chances of success in new markets
  • Make better-informed and more confident decisions about growth

Source

Business Talent Group

Suzie Kronberger is an accomplished growth exec leading operations and strategy, marketing, and sales teams. She has past experience as a P&L owner and product manager and a record of exceeding revenue targets through team leadership, user-centric strategy, and operations management. Suzie is the former VP of Marketing and Revenue Operations at Boost Media in SF where she reported to the CEO and was a member of the exec team. At Boost Media, Suzie led a global team of 13 across 3 functions - marketing, sales operations, and sales development and led corporate strategy initiatives such as choosing the location for the company's new office. Her experience encompasses top tier global consumer goods companies (Kraft Foods, Danone Yogurts) and tech (LinkedIn, Boost Media). Suzie was a featured speaker at the 2016 UBS Global Tech Investor Conference as a digital advertising thought leader. She earned her BA at the University of Michigan and her MBA at Cornell University.

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