growth - where are the opportunities in your business?
TRANSCRIPT
Growth –
Where are the
opportunities in your
business?
Russell Cummings
April 2014
Growth Strategy
Market Penetration
Product Expansion
Market Expansion
Diversification
Existing
Existing
New
New
PRODUCTS
MARKETS
Increased advertising
spend
Complete new model
Add more features
Create a new
category
Existing
Existing
New
New
PRODUCTS
MARKETS
Growth Strategy Examples
1 7
14 29
Existing
Existing
New
New
PRODUCTS
MARKETS
The relative cost of new business acquisition
? ?
? ?
Existing
Existing
New
New
PRODUCTS
MARKETS
Exercise: Growth Strategy
What are
your
opportunities
for growth?
Any questions on the Growth Strategy Matrix?
The Eliminate-Reduce-Raise-Create (ERRC) grid from Blue Ocean
strategies provides a good framework to trigger fresh growth ideas for
products / services
Eliminate Raise
Which factors that the industry has long
competed on should be eliminated?
Which factors should be raised well above the
industry’s standard?
Reduce Create
Which factors should be reduced well below
the industry’s standard?
Which factors should be created that the
industry has never offered?
Discover New Growth Opportunities
ERRC Grid Example
Exercise:
“Answer these questions re: your service / products in pairs to discover
new GROWTH opportunities for your products / services for 2014 and
beyond.”
Eliminate Raise
Which factors that the industry has long
competed on should be eliminated?
Which factors should be raised well above the
industry’s standard?
Reduce Create
Which factors should be reduced well below
the industry’s standard?
Which factors should be created that the
industry has never offered?
Discover New Growth Opportunities
Any questions on using the ERRC Grid?
In Summary…
There are plenty of growth
opportunities
Don’t forget to focus on the
low-hanging fruit
Use the ERRC Grid to create
new products
TAKE ACTION
Next Steps • Visit our websites and watch the
video and webinar library on a
range of business topics:
www.sbdbusiness.com.au
www.horticulture-nextgeneration.com.au
• Email or call me to discuss your
growth opportunities –
0414 929 585
Russell Cummings Business Consultant M: +61 414 929 585
W: www.sbdbusiness.com.au E: [email protected]
Thank You