Opportunities for growth are everywhere, but few are more tempting than moving to nearby markets: pursuing new customers, entering new geographies, or developing new products or channels. And with good reason—many companies have created a market adjacency strategy or strategies to deliver sustained growth. Of the fastest-growing companies from a group of 2,250 studied by Bain, 72% pursued market adjacencies; 28% did not.
But before you develop your next market adjacency strategy, consider that adjacency moves are also very risky. In fact, according to Bain, only one in four met long-term expectations. The others either failed to achieve their goals or were deemed outright failures by senior management.
The good news is, there are things you can do to beat those odds.
Market adjacency strategy: How to enter and win in new markets
Business Talent Group asked me to outline seven essentials that can boost the success of your next market adjacency strategy.
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, assess, 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
Richard Kaung is a trusted global advisor who helps companies grow, even in the most difficult environments. He is highly experienced in creating superior growth strategies and assuring successful strategy execution. He has helped BTG clients build winning strategic plans, improve marketing programs and competitive positioning, and refine product development approaches.