Growth Assessment
Maximizing Business Growth
Many articles have been written about business strategy for growth, and most people point to the execution of the plan as the secret to maximizing business growth. While execution is undoubtedly an essential element of success. Still, to truly “maximize” its growth potential, an organization must first create a strategic plan that incorporates a solid understanding of the value you deliver, the customers and markets in which you intend to grow, and the organizational and operational alignment necessary to achieve growth. Although excellent execution against a poor roadmap may move you forward, that same execution with a roadmap supported by a solid growth assessment will truly “maximize” your growth potential. potential.
The Value of Business Strategy for Growth
Why do growth companies conduct market research? It’s not a prerequisite, there is no unwritten rule, and market research often takes time, slowing the process. So why do high growth companies spend time and money conducting market research? The answer is simple: well executed market research reduces risk.
Market research yields the answers to the strategic questions necessary in developing a growth strategy that has a much greater chance of success. Conversely, the data from well executed market research may cause you to stop the pursuit of growth in certain markets, potentially saving millions of dollars.
PMG believes that market research provides the data necessary to make better-informed business decisions, increasing the chance of success and reducing the risk of failure.
Growth Assessment
Similar to a Market Assessment, this project type includes the review of market dynamics for multiple target segments (new markets, adjacent markets, or geographies). Typically conducted in a phased approach, the first phase identifies and prioritizes potential markets (based on market attractiveness and best fit with your products/services) by predetermined criteria. The second phase consists of a more in-depth analysis of the top identified target segments identified in the first phase (usually 3-4), which will include extensive primary research.
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