Leverage Adjacent Markets

One great way to boost sales is to expand into neighbouring markets. White space opportunity is often misunderstood as this term. However, when I say “adjacent,” I mean markets that are immediately adjacent to your main business.

The key to success in adjacent markets is to sell your expertise rather than your wares. New value creation for existing customers is the result of focusing on your core strengths.

Several questions must be answered, such as how fierce the competition is, before a new market can be properly evaluated. Is the potential for sales and revenue substantial? Do you need to overcome any legal obstacles? Evaluate your experience and the channels you’ve already established. If you can think of fresh applications for your existing set of skills, you’ll be well on your way to expanding your sales.

Popular conceptions of Nike goods tend to centre on their use in track and field competitions. Nonetheless, if you’re looking for high-quality apparel and footwear, Nike’s selection covers almost all of the sports and activities you could possibly imagine.

Nike applied the Adjacent Markets theory when it entered the highly competitive market for mountaineering gear. When they first opened their doors, they specialised in mountaineering footwear. Customers became dedicated enough to the brand that it was able to successfully expand into the clothing industry.

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