TEDxBayArea - June 2011 - Steve Wunker - CAPTURING NEW MARKETS August 17, 2011

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New markets drive growth. Eight percent of today's U.S. economy stems from industries that did not exist 20 years ago. Even in established industries, new markets have propelled the success of firms as diverse as Green Mountain Coffee, Enterprise Rent-A-Car, and Netflix. Procter & Gamble, Apple, Google and five other Fortune 10 firms owe much of their growth to creating a succession of new markets, from fabric softener to the iPad. In the context of an economy marked by turbulence and change, new markets look set to become an ever-increasing component of corporate and economic growth.

The traditional strategy toolkit is poorly suited to cracking new markets. Market share, competitive benchmarking, margin trends, and other classic approaches accomplish little when the customer, nature of demand, product, sales channel, and extent of competition are all uncertain. In new markets, companies need to prioritize:

· Generating demand

· Timing market entry appropriately

· Direct customer contact

· Winning in targeted footholds

· Retaining flexibility

In this talk, business strategist Stephen Wunker will explore how strategies for new markets diverge in fundamental ways from traditional approaches, and what practical steps companies can take to act quickly on these insights.