Evolve your business by increasing the size of the pie
When it comes to getting a bigger piece of the market pie most people try to outdo the competition in an attempt to gain a larger share. In the design world, this can be achieved through lowering costs, providing additional benefits, delivering work faster, or various other strategies all of which require some sort of sacrifice. So is there a better alternative?
One way to expand your business is to increase the overall size of the pie by reaching out to an untapped audience. By targeting a new audience you effectively increase your potential for growth since you’re no longer limited by your existing consumer/client circle. Better yet, if you’re an early adopter of a new target group you can grab as much of the pie as possible before your competition catches on and follows the path you’ve paved.
The beauty of this method is that you don’t even need to alter your core business model; you can get your bigger slice through savvy marketing and branding or, in some cases, by offering extended products/services as illustrated by the following two global brand examples:
