The greatest risk is not the introduction of new products, but the development of new markets and customers.
Steve Blank, Silicon Valley Entrepreneur
I have successfully scaled up a business into a global operation several times, and of course this option remains a choice to SME’s. Businesses can scale quickly internationally at relatively low cost, but there is a price to pay in that a brand often loses control at a market level. A more controlled international expansion can be great way to expand, and margins are often higher outside a home market. We can show you how you can do this, whether in Europe, USA, Asia or the Middle East.
But in recent years I have looked at different ways to diversify and build new channels rather than just geographical expansion. I am a strong believer in disrupting, and this can be done on a local level with SME businesses.
Looking at new tech-driven businesses, what can we learn from Tesla, Uber, Airbnb, Spotify and Netflix?
Each of these businesses have looked hard at the existing market, identified where the ‘problem areas’ are and then worked on solutions to overcome these.
Uber for example, identified that passengers go through ‘pain’ using traditional taxis in having to find cash each time, often being reminded of the high cost. Plus, where is a taxi when you want one? People used taxis as a last resort. Uber resolved this with their app, which removed the pain in having to locate a car and pay the driver and made the user experience far more pleasant and in fact cheaper. They also attracted millions of ‘non-customers’ – those who would never have used a taxi before.
We can help find non-customers for you. This may be through new products, channels or innovations. We have adopted a methodology called ‘Blue Ocean Strategy’ which identifies markets not where you already operate, but where you could and should. It may sound rather complicated but it’s not; it identifies opportunities which unlock untapped value.
Plus, any new market must drive additional profit growth.
Here is how we can help your business grow channels and markets
International growth models
Channel growth models
Marketplace (B2B and D2C)
Blue Ocean growth model
What your customer sees
3 tiers of non-customer
Scoping out the options