Define your company’s differentiating core capabilities
Successful New Growth Platform businesses leverage, build on and further develop a company’s core capabilities. They create “Staircases to Growth,” where one successful adjacent new business leads to the next opportunity, which leads to another, while each subsequent new business success opens up its own range of additional new possibilities.
NextVista can help you determine and articulate which of your company’s capabilities are “core.” Core capabilities:
- Drive substantial customer value creation; able to deliver the value proposition
- Also drive the company’s profitability
- Are importantly differentiated from major competitors; a source of key advantages
- Already exist and are sustainable, requiring maintenance, but not creation or recreation
Core capabilities can include:
- Assets such as technologies, equipment, information, brand, and channel access.
- Processes or management systems that turn these assets and resources into useful products or services.
- A company’s culture and values—for example when customer service, operational efficiency or product differentiation are both superlative and embedded in the organizational ethos.
Reflecting deeply on core capabilities and better understanding customer needs that are now poorly met, and closely matching these capabilities and needs, is the key to both evolving current core businesses and building New Growth Platforms.