Successfully diversifying your company into a new market or markets is no slam dunk.
There are often many potential markets to enter. Making a good decision requires knowing the market and having data on size, growth rates and potential customers. Successful entry means defining your company’s competitive advantage and translating that into a compelling reason to buy from you. Lastly, companies that successfully diversify into new markets have a well thought-out plan and execute against that plan.
Our basic approach includes development of research objectives and questions. The market assessment that follows includes a scan of available research on three potential new market segments to estimate size, market growth rates and define potential customers.
Our enhanced approach adds up-front strategic work in defining the value proposition, core competencies and competitive advantage. Potential market segments are systematically evaluated to select the top three. Primary research completed on one segment results in a formalized market diversification action plan.
Market Diversification Benefits Include:
- The data driven approach focuses your company on the best potential market segments.
- A well-defined Value Proposition based on core competencies and a competitive edge brings clarity to your entire organization and sets you apart in the marketplace.
- Working with the WMEP moves you from thinking about market diversification to making it happen.
- Diversifying your company reduces both market and customer concentration risks and can lead to a more stable cash and profit stream.
Get to know Eric Decker, Business Development Leader
“The organization’s mission to help improve and strengthen Wisconsin’s manufacturers aligns very closely with my own. I’ve known the WMEP and its staff through my various roles over the years and have always had a lot of respect for the organization.”
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