New Business Opportunity IdentificationCompanies often want and need a more disciplined approach to defining and screening new business opportunities in order to prioritize their use of limited resources and to increase the probability of market success. If necessary, Catalyst Strategies supports the business in defining growth goals and corporate strategy.
As a first step, we develop a clear understanding of the target market. We research existing and prospective customer attitudes, needs, and behaviors. We leverage the experience and ideas from the field and staff. These insights generate a robust list of potential business ideas.
Clear Alignment of Goals
Early in the process, we establish idea evaluation criteria to assure that the team is clear on goals (and to discourage emotional attachments to pet ideas). The screening criteria are as individual as each client and consider both market and company requirements.
Our rigorous new business identification process typically includes:
- Evaluating market size and growth
- Assessing competitive situation and market dynamics
- Determining fit with a company's competencies and brand equity
- Defining potential launch options
- Outlining financial and competence requirements for a successful launch and the likely payback
Rely on Catalyst Strategies for fact-based, disciplined identification of new business opportunities.
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