This is a time when we all need to be thinking about how we can innovate to survive and thrive in the current challenging times. It’s not an option for us to stay still or do nothing.
We’ve thinking about this quite a lot here – we wanted to come up with something that would help our clients to think creatively about what they can do to find alternative revenue streams, so we’ve created this opportunity matrix – it’s really a development of Ansoff’s Matrix.
So across the bottom you have your products, existing on the left and new on the right. Across the side we’ve got your customers, and the scale goes from markets that are closed down (such as restaurants, schools etc), going up to those that are very busy and even potentially over capacity at the top (such as hospitals, food shops, online delivery, DIY suppliers)
This means there’s 4 quadrants:
This is where you’re selling products or services into a market where customers have closed down, or where activity has slowed down. This means your sales are likely to decrease significantly in the short term, if no action is taken
Quick winnerThis is where you’re selling products or services into a market where customers are very busy.
Diversified winnerThis is where you’re nimble and act quickly to innovate in some way to create a new product or service that meets the needs of customers in markets that are busy right now.
Costly irrelevanceThis is where you spend time or resource to create something new that is only needed in markets where customers are closed down or activity has slumped. It doesn’t mean the product or service is irrelevant for ever, it just means that right now it is.
Get all of your team together on an online meeting to have a creative discussion on this. The first thing to do is to think about which quadrant you’re in right now. Then discuss ideas on how you can become a quick winner – is there any way you can push your existing products into channels that are busy right now? Once you’ve done this, explore the options for becoming a diversified winner. What can we innovate or create or develop that we can sell into markets that are busy right now?
We certainly don’t have all the answers in this challenging time, but we hope this tool helps provide some structure around the creative discussions you’ll be having with your team right now.
Last updated: 27/03/2020
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