3 P’s ‐ Perception (access to high‐quality data, knowledge of industry trends etc.),
Position (your pricing structure, the market you serve etc.) and Potential (strategic partnerships – internal and external capabilities etc.)
It is very important to have good data and accurate perceptions about the market.
Market growth is approximately 3% annually and the market which is worth 116 billion in 2016 will be 129 billion in 2019.
The market will have higher outsourcing rate in the future.
You need to understand how to differentiate yourself in such a crowded market.
You should have a fair idea of the trends and the issues related to this industry.
It is basically to understand where you stand at present in the market and why is positioning important?
Whether you understand the market about your current and the future growth.
Clarity is required on- “where does your current growth come from”
What are your plans for future growth?
You should know about your competitors in the market and how can we gain competitive advantage.
There are basically two types of growth – Organic & Acquisition.
Do you know the potential of your company?
Are you aware of your internal capabilities like sales and marketing and can they actually deliver?
Do you have network of providers to support growth.
You should look to follow lean and agile methodology to quickly respond to market changes.
Emphasize the importance of quality data to make fast and effective decisions and staying a lean
You should be clear about your partners and the Organization’s structure should be transparent.