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Finding foothold markets to jumpstart growth

  
  
  
  

Some of the greatest business success stories have started out in tiny markets.  "Foothold" markets enable companies to target efforts narrowly, create solutions quickly, and adjust approaches rapidly.  Yet targeting footholds runs counter to the political processes at work inside many corporations.  Read about how foothold markets work, and how to identify them through a rigorous process, in my piece for Canada's Ivey Business Journal. 

Stephen Wunker is the Managing Director of New Markets Advisors and the author of Capturing New Markets: How Smart Companies Create Opportunities Others Don't (McGraw-Hill, 2011).

Comments

 
Wunker, 
 
What about crowded markets? Does it also make sense to take a very small niche, develop a highly focused product and then try to expand to bigger markets? 
 
Best, 
Rodrigo
Posted @ Wednesday, February 08, 2012 7:31 AM by Rodrigo
Rodrigo, it's a good question. In crowded markets this may be the only viable option. Get known for leading in something, and then use the successful experience of foothold customers to build interest in your follow-on offerings. In a handful of circumstances fast followers can win with other strategies as well. Check out my post titled "Fast follower strategy -- three options for success." It's clickable at right, under "Most Popular Posts."
Posted @ Wednesday, February 08, 2012 8:38 AM by Stephen Wunker
Ok, thanks!
Posted @ Wednesday, February 08, 2012 10:12 AM by Rodrigo
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