7 Steps to Scope Digital Growth Opportunities
A recent survey by Berlingske concluded that 4 out of 10 top managers believe that their core business is already challenged by disruption. Yet, while many leaders are aware, few have taken the step to strategically analyze how their business should plan for a changing environment. At Vertical Strategy, we’ve developed our own strategic toolbox to uncover and map future risks and opportunities and identify the appropriate strategic actions. Here are some of the steps we suggest to get started:
- Understand tech & digitization trends & maturity – how can this be applied to your industry?
- Detect dissatisfied or unserved customer segments – which new segments can be addressed?
- Study the startup landscape for future winners – who are getting funding/users and what are they doing right? How can this be applied to your current offerings?
- Scan the market for new eco-systems and business models – how are new business models structured and how can this inspire your business?
- Assess own capabilities – which unfair advantages do you have in comparison to startups and competitors (customer base, distribution channel, brand, money, knowledge etc.)?
- Envision possible end-scenarios – what will the future business landscape look like and what role do you want to play?
- Define strategic actions – what is the appropriate strategic answers to the challenges? E.g. what actions, competences and capabilities do you need to nurture to unleash your future growth potential?
You can find the article from Berlingske here