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Someone once said: the definition of insanity is doing the same thing over and over again and expecting different results. Nothing could be truer when it comes to conducting business in this economic climate. At some point your business must evolve, adapt and reinvent itself to survive or better yet thrive. (Read the full article)
Determine "where the money is" for your next growth opportunity by following 5 simple steps.
1. Assemble a team that meets weekly to discuss new market opportunities.
Hand-pick individuals within your company most likely to bring innovative ideas to the table and make them "intraprenuers" — individuals responsible for reinventing the company so it can capitalize on the next growth opportunity for the business.
2. Identify how your customers' buying habits have changed.
Assign the team the task of documenting the way your customers' buying habits have changed. Dig in and try to uncover the next big thing your customers will be looking for from a company like yours.
3. Determine what markets are more likely to grow and spend more money on the types of products and services you offer.
Look for entirely new markets to fuel future growth. Audit markets in which you have experienced success with limited focus or business development efforts.
4. Leverage "spending sprees" or "market-driven investment waves" in a target market.
Identify where spending sprees are taking place, and where the market is driving people to invest in products and services like yours.
5. Determine how your business must adapt to capitalize on the opportunity.
What has gotten you where you are today is not going to get you where you need to be tomorrow. Too many shifts have taken place in the market. Marketing is just one area of your business that may need to be retooled.
At the end of the day, we're all smart enough to identify our next significant growth opportunity. The problem is we never get out of the weeds long enough to formulate and execute a plan. So just do it. It will set in motion one of the most strategically important initiatives you'll conduct in 2009.
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