Written by: Vickie Sullivan | July 12, 2016
What to Do When You Outgrow Your Market
It happens to all of us. Customers change, or we outgrow our customers. A recent Strategy + Business article—Has Your Strategy’s Shelf Life Expired?—lays out the problem nicely. I couldn’t have said it better.
The examples in the article are large organizations, but for B2B firms, the author’s main point still stands: growing into new markets requires more strategic changes than initially planned.
I’ll go one step further: Those strategic changes need new brand messages, as well.
I run into this all the time. The biggest hurdle is acknowledging that yes, you’ve outgrown your markets. Once the shock wears off, I give clients these two branding options:
1. Expand your platform to fit new players: Instead of throwing the baby out with the bathwater, ask yourself: what is the bridge between these two markets? What can be replicated and what can’t stay the same? That underlying theme becomes a big part of your platform. The focus is on your impact in similar situations.
Related: New Business Model?
2. Expand your service options: If your target market changes (MTV is a good example in this article), then change what you give them. Show how what you’ve done in the past set you up to provide something new. The focus is on your relationship with the target market. They change, and you change with them.
The common denominator: You have to build a bridge between your past and your future.
Get Your Free Market Strategy Product — Offer Ends July 22
Remember to download your free market strategy product. Choose one of 10 of my products. Titles include:
- Get Those Bookings
- Speak to Sell
- Your Position of Power
- Talking to Strangers
Other Resources You May Like:
- A Strategy to Scale Up Your Thought Leadership
- Toolkit: How to Determine the Market Feasibility and Direction for All Your Bright Ideas