Where next?

Many of the small and medium-sized companies that we work with have built a strong position in a specific market niche. The original decision to focus was most likely based on a particular skill or experience of the business owner. For example one client developed a new product based upon the frustrations of using the existing solutions available.

The opportunities to expand the business may become limited by the scope of the niche and at this point the businesses are faced with the decision - where next?

There are a number of different processes to help the business decide where the best opportunities lie. These clearly have to take on board the existing capabilities and competences of the business but also must be based upon a realistic assessment of the market opportunity. In this way businesses can avoid the risk of assuming that, just because the market is new to you it is a a great opportunity!

• How will the existing suppliers react to a new entrant?
• How happy are the customers with their existing suppliers?
• How will your offer be differentiated from current solutions?
• Are the channels of distribution available to you?
• Will customers value your experience and capabilities in other markets

Businesses need to think seriously about these and many other questions before they consider entering any new market sector.