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Imagine zooming all the way to Mars, only to realise you’ve left your spacesuit at home. It sounds absurd but it is happening with SMEs in the tech sector. After coming a long way, some are unable to take the next step. It’s all because something vital is missing – and it’s time to cross new frontiers.
Many SMEs have a great story to tell. Maybe that’s true for you? Think back… Perhaps you had a vision that you couldn’t stop sharing with anyone who would listen. The idea grew into a pitch. Then you got funding, a product launch followed, you achieved traction in the marketplace and business began to soar. But it’s time you cross new frontiers.
Rocket fuel runs low
A few years have passed since lift-off. Today, you’re ticking over OK but you realise revenues are flat – that has to change. In music parlance, this is the ‘difficult second album’. In football, this is ‘second season syndrome’ for clubs which make it to the top flight but then run out of steam. So how do you fire up the thrusters again and reach for the stars? And which stars should you aim for exactly?
A galaxy of choices opens up in front of you. So should you:
- Offer the same product to similar customers in new territories?
- Offer the same product to different verticals?
- Offer an enhanced product to existing customers?
- Offer services alongside your product to existing customers?
- Offer a completely different product to existing customers?
- Open up new online/offline sales channels or use third-party channels?
You can’t pursue them all. Each requires time and money, which is in short supply. If the answer eludes you, that’s possibly because one of key the abilities allowing you to cross new frontiers has slipped from your grasp.
Read the full article on Real Business.
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