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Market acceleration is a business strategy that involves expanding a company's products or services into new markets to stimulate growth. This could be through targeting a different market segment, customer size, or geographical area. The goal is to increase the customer base and generate more revenue. However, it's important to note that this strategy comes with risks, such as the challenge of understanding a new market context and meeting varying customer demands. It often requires significant investment in marketing to build brand awareness and educate potential customers about the product or service.
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This is the path of taking your company's products into newer markets to create top-line growth and increase customer base. It requires finding similar new customers in a different market segment, customer size or geographical area. This path is risky as it may be difficult to understand market context and varying customer demands. While entering a new market it's easier to sell products similar to what customers are already familiar buying. Introducing unfamiliar products demands significant marketing spend on brand awareness and product education.
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How do you find the right strategy to grow your organization in a rapidly changing business environment? "Growth IQ" distills decades of tested strate...
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