Pipeline Accelerator Blog

Tip #2 – Pick New Product Opportunities You Have a Right to Win

Pipeline Accelerator Insight #2

Moonshots may sound sexy, but for industrial companies with highly engineered new products, it’s much more important to find new product opportunities you are more likely to be able to win.

To pick new product opportunities that you have a higher likelihood to win, assess each opportunity carefully.  One key dimension is how much of a technological stretch the new product opportunity is.  That includes your ability to manufacture it or to have it manufactured.  The other key dimension is market stretch. Does this require you to enter new markets with new customers and channels?

A big stretch in both dimensions (New/New) is where venture capital plays, and the potential needs to be so huge that a 5% win rate is still worth it.

At the other end of the risk spectrum (core/core) is where you tweak current technology to serve current markets. This can be a very profitable approach until the market gets saturated with competitors and features.

But the clear winners are the companies that get good at working from that core and relentlessly push into adjacent markets and technologies with a focus on unmet needs.  They get good at identifying unmet needs in these adjacent markets or technology that can address unmet needs in their core markets. Unmet needs that current technology can’t address.

Download the free Clear Winner framework to help you weed out the losers and pick the new product opportunities you can win!

Or Book a Free Zero-Pressure Call to Discuss Your Opportunity Assessment Needs

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