Do you ever study adjacent/similar industries for ideas on new revenue channels to pursue? Has this been successful?
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Director of Sales in Telecommunication10 months ago
Many companies consider expanding their market reach by exploring adjacent markets to diversify their sales, increase their market size, cross-sell their products and services, and gain new market insights. However, this approach comes at a cost. Businesses may lose focus on their primary market, require more resources and investment, and potentially disrupt established competitors. Based on my observations, this strategy tends to be successful only on a large scale, such as when Amazon expands into logistics or when Coca Cola acquires Gatorade. For small to medium-sized companies, the potential costs and competition may outweigh the benefits.CSO in IT Services10 months ago
I would say adaptability plays a big role in this. For instance, in the MDR (cybersecurity) market, in the US, it's a very very crowded over-commoditized space with upwards of 600 players, but it's also a sector with a CAGR of 16% YOY with a 180B overall number and rising. So in order to stay relevant, with your other services, you have to compete. That being said, exploring other adjacent markets like Canada, UK, Germany, LATAM, etc... there is a significant growth rate (even in middle market) which does make the pursuit worth the time. VP of Sales10 months ago
I ran some tests on adjacent industries with the new-hire training groups(if you have that luxury it was a GREAT stomping ground to run tests)
New hires would cold call and test messaging with non-standard industries to practice messaging and recordings would feed information to our executives and product teams about fit and desire.
I tested 4 sub-industries and only 1 ended up sticking and became a full-fledged team & separate product + engineer teams.
Can you test without interrupting your existing team's focus?