On the road to market success, do you know the potholes that can wreck your journey? Do you know how to recognize what will be an inconsequential bump that won’t take you off road? Either way, those possibilities represent risks to arriving at your destination.
Luckily, they can be mapped, evaluated, and addressed before you venture into the market, so the ride is less rocky. Mitigating those risks before the journey makes market entry less uncertain. Every business decision comes with risks. They can cause you to fail or have no impact at all on your success. Do you know which ones to mitigate and which to ignore?
Entirely eliminating all risk is impossible. However, you can minimize and manage risk with careful evaluation of the market drivers that introduce uncertainty into your assessment of an opportunity for market success. When dealing with market uncertainty, you need to be sure you consider all of its possible drivers. Some are more important than others.
For some drivers, you may have capabilities that will lead you to competitive advantage. And for others, you may not. Instead, you may need to develop strength in them, because they are what is important to your target market. Strength in what matters to the market you want to serve is what reduces market risk – a key dimension of market leadership.
If there is one thing we know for sure, it’s that data-driven insights help teams improve and modify their performance, but with so many variables to consider, how do you decide what to pay attention to?
The linked assessment will help you organize, prioritize, and then evaluate those uncertainties that can affect your business performance if not addressed. There are multiple options to make use of this assessment and your approach will depend on both how much market information you already have and/or the makeup of your team.
There are different approaches you can take to make use of this. You may already have an approach you have used in the past to make decisions about how to move forward. But best results are achieved in a facilitated collaboration with your team.