By Kerry Pollock, CDIO, Wolf and Oak
There is a vast ocean of opportunities out there for businesses to pursue, the challenge is finding which waves to catch and the best way to roll with them. Whether you are aspiring to be a big fish in a small pond, or vice versa, it’s important to understand the technology investments that will help you to be a leader in your chosen segment.
Very different strategies are needed for trying to dominate a small niche as opposed to targeting a piece of a much larger marketplace. Similarly, a high margin, low volume business will demand a very different approach to a business focused on high volume sales with low margins.
No two business plans are going to be the same, but every company is now able to leverage a new wave of technology to realise their goals more quickly. And have no doubt, the way your IT architecture is designed and deployed will impact the trajectory and success of your business.
Competitive differentiation
To be a big fish in a small pond, for example, you will need to be a go-to expert in a specialist field, or successfully serving a niche where demand is high and competition limited. It’s about developing specialised expertise, building credibility and attracting loyal customers who value unique offerings. Get it right and there’s an opportunity for a low volume, high value business to be very profitable.
The small fish in a big pond, by contrast, involves capturing a percentage of business in a competitive market. It’s often about high volume and low margins, where the ability to scale and run an optimised supply chain become business critical. There’s no room for waste or inefficiency.
In both cases, growth will come from achieving a combination of market differentiation and competitiveness.
Some companies will need to place more weight on customer engagement to build loyalty; others will look to squeeze extra efficiencies out of processes and logistics that impact the bottom line. And all will need to arm themselves with data insights.
Data-driven businesses
Accessing accurate and timely data is key to helping every kind of company realise their full potential, which is why Wolf and Oak is focused on turning every client into a data-driven business. Quite how analytics and business insights are implemented will depend not just on an organisation’s digital maturity, but on the maturity of the sector it operates in. We will also provide guidance on navigating regulatory requirements and managing risks associated with both niche and competitive markets.
Following market analysis alongside an audit of your internal processes, we will build up a picture of what’s needed to take your business to where it needs to be to achieve sustainable growth. Then we embark on a strategic planning exercise, working closely with you to develop a customised business plan that aligns technology, skills and regulatory requirements to your goals, whether it’s to target niche or large market opportunities. Strategic insights, innovative solutions and unwavering support will be the bedrock our engagement. So, collaborate with Wolf and Oak to define your path to success and achieve your business ambitions, no matter the size of the pond you choose to swim in.
If you want to discuss your market opportunity, please contact Wolf and Oak at explore@wolfandoak.com
Wolf and Oak is a Digital and Business Advisory business incorporated in Ireland. Our core focus is simple, to do excellent work, assuring quality delivery for our clients, the first time, every time.