Innovation isn’t just for startups – established companies can attack new markets too.
Incumbent firms operating in mature, saturated markets should use the power of their brands to tap the growth potential of new sectors, say Jean-Baptiste Coumau, Victor Fabius and Thomas Meyer writing for McKinsey Insights.
Customer experience increasingly defines a brand. If your firm has a solid foothold in one market, you can use consumer awareness of your brand to win customers in new markets. As you reach into new sectors, each success further strengthens your brand’s identity, creating a virtuous circle of growth.