When we think about business development opportunities, we mostly begin by knowing exactly where we are today and what goals we want to reach next. From there we set out to widen our net and acquire more customers or users for our existing products and services. Our growth strategy starts with the need to expand our customer base in pursuit of the targets we set.
If Steve Jobs had stuck with only this kind growth strategy, the iPhone wouldn’t exist. What he did instead of simply casting the net wider was connect the dots between Apple’s capabilities and where the customer would want to go next—even before the customer knew himself.
Net widening is a fine growth strategy, but it’s also one your competitors are likely adopting—which means whoever gets new customers faster (perhaps by being cheaper) will come out on top. There is an alternative.
We can create long-term value for our companies by understanding where the customer is today and where they want to go next. The path to growth doesn’t always mean having a bigger net. Often it’s about taking the time to consider if a net is the best tool for the job.
Image by Hasin Hayder.