What is a market opportunity
Business developmentIdentify and use new market opportunities
So that attractive markets and opportunities as well as one's own strengths can be used successfully, partnerships are a suitable approach to minimize risk and costs and to increase sales (outgrowing). The aim is to grow by working with strong partners. The four levers of this strategy:
New sales potential is opened up when business partners manage to bundle their strengths in joint projects to create superior products and services and thus increase their attractiveness for customers. As a result, they will ask more for the same price and be willing to pay a higher price for it.
The sharing of resources is often found in back office tasks such as payroll or room maintenance. But resources that are perceptible to the customer, such as meeting rooms in an office building, are increasingly being used jointly. If a company produces less costs than a competitor with the same sales, profitability and competitiveness increase.
If a company has to set up its own sales infrastructure, the costs remain even if the business idea fails. If, on the other hand, the company uses the existing market access of a cooperation partner or builds a new sales channel together with them, this not only minimizes the individual risk for everyone involved. Ideally, there is also added value for the customer through services from a single source or “one-stop shopping”, which in turn reduces the risk of failure.
In three areas, internal company risks can be reduced through partnerships, because the partners can concentrate on their core competencies:
- Innovation: The more complex a business, the less attention is paid to detailed solutions. Many industries therefore not only delegate the production, but also the development of assemblies to specialized suppliers.
- Motivation: The more specialized a company is, the easier it is for the individual employee to recognize their individual contribution to the end product - and their commitment will increase.
- Control: The professional design of partnerships on the basis of clearly defined interfaces and performance indicators increases transparency. Control becomes secondary.
The core idea of outgrowing: In such structures, a company contributes to collective success without its individual limits determining the limits of its potential. In keeping with the company's guiding principle, these companies pursue entrepreneurial opportunities independently of their own resources.
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