Are you looking at ADJACENT Markets for your products and services? If not why not?
We often think about looking at new markets – brand new product or geographic markets which require significant research and validation. But we don’t think so much about adjacent markets. These are: - Geographically close markets that have similar product or service demands, but are different in size, regulations, competitive environment etc. They are literally adjacent, and could offer a route to simple market expansion. - Markets that are adjacent in terms of product opportunity. So for example having successful products in one vertical might mean that you could reconfigure you product to suit another vertical. Or your skills with one product type might mean an easy step into a related ADJACENT product category. In both cases your track record and experience is directly relevant. But both cases need research to tease out market nuances that will underpin success.