New Growth Opportunity Identification

New growth opportunity identification is the practice of exploring new markets, customer segments, product categories, and business models. The process can be used to support existing business units or to identify expansion areas for new ventures that are outside the scope of the existing business. An opportunity scan should typically be approached from both a macro and a micro perspective. The macro perspective will focus on assessing market sizes, growth rates, and trends that will impact future demand such as demographics, government regulations, and technology adoption trends. The micro perspective will focus on assessing the pain point and needs of specific customers through interviews, site visits, and focused research.

There are also several other perspectives that provide insight into potential opportunities. These include: assessing developments at competitors (especially startups or non-traditional competitors), exploring indirect opportunities through collaboration with partners, and analyzing foreign markets or out-of-scope industries that are further ahead in the adoption curve for new technology or business model. Triangulating data points from multiple perspectives can reduce the risk of making a wrong assessment due to a small sample of biased inputs.

DURATION

Engagements can be short (within one month) or long (several months) depending on the objectives and scope.

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