If you are going to stand out in the marketplace, one of the most effective ways to do that is to address a customer need that your competitors have not yet addressed. That essentially requires you to innovate.
Australia is a fairly small market, so to make good money you need to stand out from the crowd, otherwise you’ll end up with nothing more than your ‘natural market share’ and that won’t translate into big dollars. In essence the ‘natural market share’ is:
- If there are ten providers serving ten clients in your marketplace, you will end up with about 10% of the market, give or take. Or if there are 100 clients being serviced by 100 providers…I’m sure you get the picture.
So you need to ask yourself, do you want to grow your market share? If so, how are you going to stand out from your competitors?
If you want to grow your market share, there needs to be a compelling reason, product or service for clients to choose your business from the others. Some of you will know this as your unique selling proposition. That means you have to innovate.
Innovation can be as simple as a slight product or service tweak through to a brand-new system or product line. Or how and where you deliver your product or service.
At some stage you may have to spend money on research and development. The Government encourages companies to invest in research and development innovations via tax incentives. If your innovation involves new overseas market opportunities, there are a range of grants available to help you.
We help your business become successful by linking growth to innovation.
BridgePoint Group focuses on linking sound business practices and decision making with innovation. Our whole reason to exist is to assist clients in getting the most out of their business. The majority of the time that means helping them grow their business.
We facilitate that growth by helping you to identify ways that you can get a greater than ‘natural market share’.
In this day and age, the world’s markets are much more easily accessible to small businesses. With online business you can attract a global audience and can export products and services. In the past it was almost exclusively the domain of large businesses. That has changed and now any small business which has an advantage can play in the wider marketplace outside of Australia. This opportunity is largely led by innovation.
If you have something that’s innovative, it can indeed become attractive in a marketplace beyond Australia. So at the same time as you go ‘fishing in the small pond’ that is Australia, and gaining market share in that market, you can start to sell into a much larger market which if successful, gives you a much better chance to grow your business in a meaningful way.
BridgePoint Group is geared to help you innovate and grow your market share (and your business) both in the Australian market and overseas markets.
BridgePoint Group’s Innovation team are experts at helping you to access the Government support that is on offer. If you want to find out more contact Alan Baghdasarayan on 0418 957 003 or email firstname.lastname@example.org