Know Your Playing Field
Igor Ansoff, in his seminal 1957 HBR article ‘Strategies for Diversification’ clearly defined that growth comes from selling Existing and New ‘Products’ into Existing and New ‘Markets.’
Leveraging Ansoff’s Growth Strategy Matrix, to best understand your current and potential growth strategies, the second foundational thing you need to do it to Know Your Playing Field.
To Know your Playing Field, clearly define the Market Segments and Product Categories you play in. With your Playing Field(s) defined, you can start to visualize potential growth opportunities across your current and new Market Segments and Product Categories.
Once you have your Market Segments and Product Categories mapped into specific Playing Fields (the intersections of a Market Segment and Product Category), you can start to identify organic and inorganic growth opportunities by knowing and understanding each Playing Field.
Do you need help in knowing your Playing Field? Schedule a call.