how to assess growth options

How To Assess Growth Options For Your Business

do it yourself guide !!!

In our day-to-day work with clients …

... we see a pattern

Today ...

... the business world is evolving faster than ever before

Emerging & Frontier Markets6

The ASEAN Economic Community7

Regional Free Trade Agreements8

Competition creates Opportunity!

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Australia China US EU 27 Japan

THAILAND IMPORTS from selected trading partners

Source MINISTRY OF COMMERCE, THAILAND

Customers are looking for innovative solutions ...10

... but they’re still cost-conscious!11

It’s not easy to keep growing ...

... even if you have successfully done this in the past

201220112010200920082007

Annual sales

You know ‘Innovation’ is the key …14

… but you’re fully engaged with day-to-day operations ...

... and office politics

Your sales budget is 3x

over last year. Period.

Big Boss

So how can you innovate, and re-energize your business ...

... with limited time and resources?

We will show you ...

... a simple strategic framework ...

... to help you assess growth options

Change is what we need!

But first you need to collect certain information

5 factors

1. market penetrationCustomers who purchase products within the category (#) / Total population (#)

2. untapped market PotentialDemand that existing products or brands do not yet meet

3. your market shareYour sales revenue / Total market size

4. Customer loyalty• Customer retention • Repeat business • Referrals from customers

I love you

5. Strength of Value PropositionsIt’s the reason why customers turn to your company rather than competitors

Don’t worry if you can’t put numbers on

these five things

We just need a high-level assessment ...

High or low?

Market Penetration Market Share

Strength of Value

PropositionsCustomer Loyalty

Untapped Market Potential

A quick consultation with your sales teamwill get the work done

So now let’s put it all together ...

Market penetration

Market ShareCustomer Loyalty

Strength of Value Propositions

… in a simple strategic flowchart

StartHighLow

GROW Strategy

Market Penetration

Market Share

Customer Loyalty

KEEP Strategy

GET Strategy

Strength of Value Proposition

INNOVATIONStrategy

GROW StrategyHighLow

Encourage current

customers to spend more

GROW Strategy

Market Penetration

Market Share

Customer Loyalty

KEEP Strategy

GET Strategy

INNOVATIONStrategy

KEEP StrategyHighLow

Retain current customers

GROW Strategy

Market Penetration

Market Share

Customer Loyalty

KEEP Strategy

GET Strategy

INNOVATIONStrategy

GET StrategyHighLow

Acquire new customers

GROW Strategy

Market Penetration

Market Share

Customer Loyalty

KEEP Strategy

GET Strategy

INNOVATIONStrategy

INNOVATION StrategyHighLow

Create new value

GROW Strategy

Market Penetration

Market Share

Customer Loyalty

KEEP Strategy

GET Strategy

INNOVATIONStrategy

So now let’s take a look at the four strategies in detail

GROW Strategy

KEEP Strategy

GET Strategy

INNOVATION Strategy

GET CUSTOMERS Awareness, interest, consideration and purchase strategies1 Market

PenetrationMarket

shareStrength of

Value PropositionGET

Strategy

HighLow

Here, your new market has high potential ...

2014 2015 2016 2017 2018 2019

Estimated Market Size and Growth

… but you still have a low market share

than 5%

Your value propositions are strong

...and I like it

I bought the products...

GET Customer Strategy

Awareness

Consideration

Purchase

Typical Activities

Branding & Advertising

Content Creation

Traffic Generation

Engagement

Lead Generation

Purchase Decision

Conversion

Think about...

Message &

Media Channels

Why we are better than competitors?

Contract, Pricing & Negotiation

So you can accelerate your business through a sales & marketing funnel ...

... by using various media channels

Website

Owned MediaPaid Media

“Channel in control” “pay to use

the channel”

Earned Media“customers become the channel”

Media Agency

Wow! Buzz

Website

Keep customers Interact and retain strategies2 Market

PenetrationMarket Share

Customer Loyalty

KEEP Strategy

HighLow

Here, your market has reached maturity …

DevelopedIntro

Growth

MaturityDecline

Product Life Cycle

… and you are the key player in the market48

But you are losing customers !

ENTRANCE

So you can create after sales support programs to retain customers

Loyalty Program Customer Lock-In/

Customer Surveys Customer Check-in Calls

GROW customer budgetsNew revenue strategy3 Market

PenetrationMarket

shareCustomer Loyalty

GROW Strategy

HighLow

Here, you are already the market leader …

Yeah...

… with a strong customer base

Thank you

But new customers are hard to find

Users Non-Users

You can only grow if existing customers increase their spend

Cross-Selling Program

Up-Selling Program

Next-Selling Program Unbundling

+Purchase contract 2013 - 2017

Buy Now, 20% off

INNOVATION STRATEGYCreate new value to target customers4 INNOVATION

Strategy

HighLow

Here, you may have a product but it is not what customer wants or needs

Or, you are losing competitiveness ...

Or, you just want to keep your advantage to stay ahead of the game

Whatever it is ...

... you need a new growth engine

Here are some growth options for you to think about

Option 1 : A new product in a new market

Google Glass

Option 2 : An existing product in a new market

Let’s go

Option 3 : Re-segment your market & go ‘blue ocean’

Now Eve r yone Can F l yAIRBUS

Option 4: Cannibalize your own business model

Adobe Creative Cloud

Once you have found your new growth engine ...

... and you have a strong value proposition ...

... you can execute your growth strategy

You can start by ...

Source: www.businessmodelgeneration.com

ExpectedGains

PainPoints

Customer jobs

Gain creators

Pain relievers

Product &Services

... applying a Market Fit Test71

This framework helps you build stuff that customers really want in a more systematic way

Source: http://businessmodelalchemist.com

Start by thinking what your target customers are trying to get done

Customer jobs

What are your customer pain points?

PainPoints

Customer jobs

What are the benefits your customer expects, desires or would be pleasantly surprised by?

ExpectedGains

PainPoints

Customer jobs

Ask yourself which products and services you offer that help your customer get the job done

ExpectedGains

PainPoints

Customer jobs

Product &Services

How do your products or services relieve customer pain?

ExpectedGains

PainPoints

Customer jobs

Pain relievers

Product &Services

Finally, think of how your products or services create customer gain

ExpectedGains

PainPoints

Customer jobs

Gain creators

Pain relievers

Product &Services

Once a breakthrough idea has been identified …

We’ve

found it!!!

... build product mock-ups or service concepts ...

Product!Features

Important

features

only!!!

... and test the concept by talking to your customers

You can apply the Value Proposition Assessment

framework

The goal is to build, test and analyze product, sales and marketing concepts ...

TestAnalyze

baselineConcepts/Ideas

with customersGo/No-Go

Measure

... before you start burning cash with sales and marketing activities !!!

Once you’ve found the right concept, you can accelerate your sales by using the GET strategy

Testanalyze

baselineConcepts/Ideas

with customersGo/No-go

Measure & Analyze

validated concepts/ideas

Customer Development“Get Strategy”

The ideas presented here are not new ...

... or revolutionary ...

... or even particularly surprising

But they are undervalued in almost every company we know !!!

You know it well and can do it yourself

Doing as much as possible in-house makes sense ...

... so why do you need canvassco?

Shortage of staff1 We work as an extension to your team

Fresh perspective2 We go out of the building on fact-finding missions

Business concept practitioners3 We use a systematic approach and tested methodology

We are different from a typical consulting or market research firm

We make market research affordableWe focus on things that matter to your business

We focus on a “less is more” philosophyOur standardized report format covers all the key issues you need to know

we are ‘transparent’We state our deliverables, our price and our methodology upfront.

And one last thing...

we focus on delivering concrete results to accelerate growth and achieve

sustainable success for our clients !!!

www.canvassco.com

contact us

Email | contact@canvassco.com Phone | +662 627 3081

Address | Canvassco (Thailand)Mahatun Plaza, 14th Floor888/143, Ploenchit Road, Bangkok 10330, Thailand

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