Growth is the one aspiration all companies share. Organic growth can come from a variety of sources each with a unique set of challenges:
- New customers – Increasingly, identifying new customers is about understanding targeted sub-segments not big demographic or firmographic markets. This is true both in consumer and B2B sectors. With greater information availability on customers, the challenge is often how to prioritize customer-defining characteristics to choose a targeted but large (attractive) sub-segment.
- New regions – Countries like India and China are not emerging markets but powerhouse economies. Yet the lack of recent and reliable data on the size, trajectory, competition, and local nuances of customers is a constant struggle in many regions.
- New products – New products (or service) introductions are all about managing the unknown. Will the concept capture a white space or be a white elephant? What companies need to model are adoption rates by customers, market size, and pricing and these are as much driven by good data as smart assumptions.