The lesson we learn is markets are seldom fully penetrated. The mindset of high growth businesses is, essentially to redefine the market segment to 10% of the market share each time you reach a point of coming close to 50% percent share of the existing defined market segment.
A market segment exists so long as the identified market is sufficient to provide the expected profit.
A High Growth Business Culture
To attain a pattern of continual high growth, a business must develop a mindset for high growth that energizes business activity across the organization. This energy should drive the individuals serving the organization to give their best in all they do.
There should be a culture of open communication that continually provides feedback that is channeled all the way to the top leadership.
The feedback should be analyzed for ideas on how to better serve the existing market segment and how to redefine the market to create a bigger market segment.
Consult To Identify Growth Opportunities.
It is a challenge to both run a business and engage in studying feedback from the market to spot the evolutions in the market.
Being too fast to change can mean not sufficiently exploiting the existing defined market. Too slow to change can mean becoming obsolete or irrelevant in an evolving market.
Nobody would have wanted to have been the last typewriter company in a world dominated by personal computers.
Spotting changes in the market requires an objective analysis of feedback from consumers, the industry, your team members and creators of new technology.
An outside consultant sitting in with your team can more effectively ask seemingly unrelated questions that lead to deeper insights on the next best course of action for continual high growth.
Like a coach in a game, the consultant can help your star players attain that edge needed to continue being profitable.
International Business Consultant
Winnipeg, Manitoba, Canada