Discovering Your Next Growth Opportunity

Adjacent markets are often the answer when a business leader is asked “what’s next?” But identifying those markets often isn’t as straightforward as it seems. New Blue Canyon research provides a framework and guidelines for helping a business discover its next growth opportunity in adjacent markets.

Our systematic approach involves carefully defining your current market along three dimensions: product, customer and application and exploring each of these pathways for potential adjacent markets.

Focusing on the following key questions guides the discovery of adjacent market opportunities along each of the dimensions. (For further information, click here to read Discovering Your Next Growth Opportunity: Adjacent Markets, which includes examples of how the questions below led firms to identify potential adjacent market opportunities.)

New Products
• What are the substitutes for our current product (technology, design, price points)?
• What are the complements for our current product (used alongside, appear on the same bill of material, are purchased by our direct customer’s customer)?
• What are the activities (processes, services, etc.) that occur around or with our current product?
New Customers
• What other industries have similar product and application needs?
• What other geographies have similar customers?
• What other channels to market exist?
• What other purchase occasions exist (e.g. new vs. aftermarket)?
• What customers aren’t being currently addressed?
New Applications
• In what other systems, equipment, or locations can our current product be used?
• In what other types of environments can our current product be used?
• In what other ways can our current product be used?
• What other customer needs can our current product meet?

For a more detailed exploration of these questions, including examples of how answering these questions led to the discovery of successful adjacent market opportunities view Discovering Your Next Growth Opportunity: Adjacent Markets here, or email us for a copy.

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