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 new market 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:
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 market adjacencies that fail to meet long-term expectations.
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
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.