Identifying promising new markets for a company’s products can be challenging and can present significant risks, but can also contribute significantly to the firm’s growth. Taking a strategic approach to identifying promising market segments to be targeted, and then developing an entry strategy specific to both that market segment and the company’s strengths in both products and services, has been shown to be a successful path to broadening the range of customers and increasing sales.
Material Growth Partners works with client companies to identify potential new market segments that involve expanding both globally and into new product application areas. We evaluate the “fit” and the requirements for the company’s products, and then focus on the most attractive opportunities for development.
MGP then can help guide the firm through the formulation of an entry strategy including any required product, service, and supply chain modifications, messaging for the new segment, and pricing/positioning in order to maximize the potential for successful entry.