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Fire Up Your Opportunity Strategy

An opportunity strategy is a key aspect of a company’s growth strategy. The first step in firing up your opportunity strategy is to think about how you define your company and how you deliver value to your customers. Delivering value to customers is the reason that every business exists. Company definition affects the way that you think about growth and new areas of opportunity.  

To fire up your opportunity strategy, we ask three questions:
  • How can we deliver more value for our customers?
  • How can we differentiate ourselves from our competition?
  • Where is the opportunity at the edges?

How Can We Deliver More Value?

The American economy is becoming increasingly sophisticated. As we head down this path, companies will sell more services and fewer standalone products. In a sophisticated economy, services are more important than products. The consequence is that growth opportunities will be about more than just products, they will be about services and ways to deliver more value to the customer.

The best opportunity strategy answers the question — How can we identify and obtain the skills to deliver more value? A good strategy does not ask—How can we sell more widgets?

This point is elegantly made by Jeff Bezos of Amazon:

We start with the customer and we work backward… Rather than ask what are we good at and what else can we do with that skill, you ask who are our customers? What do they need? And then you say we’re going to give that to them regardless of whether we currently have the skills to do so, and we will learn those skills no matter how long it takes.

This is the quintessence of an opportunity strategy. Determine who you want your customers to be and then figure out how to obtain the skills to serve their needs.

How Can We Differentiate?

Differentiation is the primary source of competitive advantage. The leaders in most industries are the companies that are the most highly differentiated. They maintain their differentiation by constantly adapting to changes in the marketplace. The successful company builds on its differentiation relentlessly. Successful differentiation is the only way to generate sustained growth.

The best opportunity strategy focuses on finding ways to differentiate your company. You differentiate by learning or acquiring new skills and providing new services to your customers that set you apart from your competitors.

Opportunity at the Edges

Meaningful change always occurs at the edges. Every market touches on a number of tangential market spaces. This is where new growth and new ideas emerge. Most people do not look at the edges; they look at the middle. The middle has already been discovered. There is no opportunity in the middle. The edge is where opportunity resides.

Your opportunity strategy should consider ways to reconstruct market boundaries. Do not get locked into existing boundaries or industry structures. Expand your horizons. Create a new market space rather than try to compete in the old market space. Market boundaries are not a given; they can be shaped in new ways.

Many small companies are solving new problems that the big companies are not solving. These are excellent opportunities for growth. Push the boundaries. Seek out opportunity at the edges.

T.V. Metz & Co., LLC helps companies fire up their opportunity strategies. We reframe your company definition and examine how you deliver value to your customers. We explore new capabilities and new services for your customers. We look for opportunities to differentiate your company and we explore opportunity at the edges.


Copyright 2018 T.V. Metz & Co., LLC  All rights reserved.