Often businesses fail to explore all the options available to them for growth. They over-rely on conventional strategies like M&A, geographic expansion, pricing change, and product extensions. None of these options work when capital markets are tight and consumer demand is weak.
Here is a more comprehensive framework to uncover growth opportunities:
1. Share-Of-Wallet Lens: Deepen and widen offerings to current customers.
2. Regulatory Lens: New legal constraints and stimuli lead to serious advantage for those who closely follow them.
3. Distribution Lens: Introducing existing products to new markets can potentially be much higher-ROI and less risky than creating new offerings.
4. Extraordinary Capability Lens: Do you have a hard-to-replicate proficiency? Where can you leverage that competence to create an unfair advantage in the marketplace?
5. Business Model Lens: How can you eliminate the compromise in Profitability and Customer Value?
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