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Adjacent Markets Growth Strategy for a Supplier of Equipment to the Electric Utility Industry

The Challenge: Blue Canyon’s client recognized that to achieve its growth goals it would need to look outside of its core market to adjacent markets. The client needed to understand what its adjacent market opportunities were and which ones were the best strategic fit for its business.

Assessment: Blue Canyon, working alongside the client, developed and applied a framework for identifying all of the client’s adjacent market opportunities and prioritizing them. Three high potential markets were selected based on value creation opportunity and ease of execution for deep dive analysis through marketplace interviews. Marketplace interviews identified the key trends and dynamics of each adjacent market as well the appropriate value proposition, competitive positioning, and barriers needed to be overcome for successful market entry.

Strategic Solution: Blue Canyon recommended entering two of the three adjacent markets explored (one via acquisition and one via building in house capabilities) and taking a wait and see approach to the third adjacent markets (due to uncertainty in the market and less than ideal fit of end customer and channel).

Results: Entering these adjacent markets would allow the client to triple its top line revenue within five years.

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