Even in public companies 18% of #growth is generated outside of core business.
These companies also expect new products or services to contribute 💊 50% of revenues within the next 5 years.
This is how outward looking established companies actually are, as many explore entirely new business opportunities after they nail their main offerings.
2/3 of new growth is generated by expanding into sub-industries where companies already have a foot in the door and 1/3 is the growth into entirely new sub-industries.
💡 One of the ways to expand offerings quickly is to create a partner #ecosystem. This is a rapid way to:
✔️ enhance customer experience by increasing value per customer touchpoint
✔️ consolidate a range of customers, often across sectors,
✔️ increase reach and innovation opportunities across the ecosystem.
The most successful businesses become ecosystem orchestrators (think WeChat, Apple or Salesforce) and create sticky customer relationships. The goal here is to become gatekeepers and generate outsized returns.