Pipeline Accelerator Insight #2: Pick New Product Opportunities You Have a Right to Win
Win by Selecting New Product Opportunities You Have a Right to Win
Moonshots may sound enticing, but for industrial companies managing highly engineered products, success depends on your ability to win product opportunities that align with your unique capabilities. Specifically, choosing the right projects is more critical than simply increasing the volume of your pipeline. To identify these clear winners, you must carefully assess each new project.
How to Evaluate Your Right to Win
Consequently, you should evaluate every opportunity across two key dimensions. First, determine the level of technological stretch required to manufacture the product. Second, analyze the market stretch to see if it requires entering unfamiliar channels or reaching new customers. By balancing these factors, you can consistently win the best new product opportunities without overextending your resources.
Balancing Market and Technology Stretch
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.
Targeting Adjacent Markets for Consistent Growth
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 our free Clear Winner framework to help you weed out the losers and pick the new product opportunities you can win!
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