Which category do you fall into? Big fish in a small pond, or small fish in a big pond? If you’re a big fish in the pond you’re probably one of the leaders in your market space. This is a sign of good focus and leading with your strengths, the foundation of a strong portfolio strategy.
Conversely, if you’re a small fish in a big pond it’s possible that you’re trying to be everything to everyone, which dilutes your strengths and takes away any competitive advantage you might have. In big ponds, little fish are in constant survival mode because the big fish get most of the food, or worse yet, eat the little fish.
Redefine the size of your pond and you can be one of the bigger fish and consistently play to your strengths to drive growth!
Becoming a Bigger Fish
You can become a bigger fish quickly by defining a smaller pond (narrower market focus) where your strengths are more evident and the feeding is much easier. Whether you define your target markets vertically by industry (healthcare, banking, energy) or horizontally by business function (HR, IT, finance), a narrower focus showcases your strengths and allows you to find success much easier than the smaller fish further down the food chain. Once you’ve reached a “big fish” position (one of the market leaders) you can continue to grow by expanding your market focus to create a bigger pond.
Redefining Your Pond
As time-to-market and competitive differentiation become far more critical, acquisitions are the growth vehicle of choice. Successful companies have acquired complementary product lines with a strong presence in other markets, thereby growing both their product and market footprint in a single move. Successful companies have also demonstrated a knack for execution by making the press releases reality and doing the grunt work to integrate the acquired products to form higher-value solutions. The end result is a substantially larger customer base containing your best sales prospects, not to mention a bigger sea of untapped opportunities.
Many successful technology companies have grown by continuously redefining the size of their pond so they’re always one of the biggest fish in it. It’s a brilliant approach because it keeps the organization focused and consistently playing to its strengths. If you haven’t done it yet, transform your organization into a big fish. Finding food is easier and it’s higher quality.