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What are the most effective ways to use performance analysis for diversification in your organization?

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Diversification is a strategy that involves expanding your product or service portfolio, entering new markets, or targeting new customer segments. It can help you reduce risks, increase revenues, and gain a competitive edge. But how do you decide when and how to diversify? One of the most effective ways is to use performance analysis.

Performance analysis is the process of measuring and evaluating the results of your current activities, such as sales, marketing, operations, and customer satisfaction. It can help you identify your strengths, weaknesses, opportunities, and threats (SWOT), and use them as a basis for diversification decisions. Here are some of the most effective ways to use performance analysis for diversification in your organization.

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Giovanni Sisinna

??Portfolio-Program-Project Management, Technological Innovation, Management Consulting, Generative AI, Artificial…
Kevin Thiele

Helping the enterprise prevent identity-driven attacks
Asha Kanta Sharma

Manager - Finance & Accounts @ Opendoors Fintech | Financial Accounting

1 Assess your core competencies

Your core competencies are the unique skills, resources, and capabilities that give you a competitive advantage in your existing market. They are the foundation of your value proposition and your brand identity. By analyzing your core competencies, you can determine what you do best, what you can leverage, and what you can improve. You can also identify gaps or weaknesses that may limit your growth potential or expose you to risks. Based on your core competencies, you can decide whether to pursue related or unrelated diversification strategies.

Related diversification is when you expand into products or markets that are similar or complementary to your existing ones, and that use your core competencies. For example, a coffee shop may diversify into selling baked goods, tea, or smoothies. Unrelated diversification is when you expand into products or markets that are different or unrelated to your existing ones, and that require new or different competencies. For example, a coffee shop may diversify into selling books, stationery, or clothing.

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Giovanni Sisinna

??Portfolio-Program-Project Management, Technological Innovation, Management Consulting, Generative AI, Artificial Intelligence??AI Advisor | Director Program Management @ISA | Partner @YOURgroup
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?? To diversify effectively, assessing core competencies is vital. This means delving into strengths, potential improvement areas, and alignment with diversification goals. ?? Competency Mapping Identify and map your unique strengths, including skills, technology, processes, and intellectual property. ?? Capability Gap Analysis Examine where competencies may need enhancement, opening growth opportunities or partnerships. ?? Strategic Alignment Align competencies with diversification objectives to maximize success. ?? Evaluating core competencies is key for informed diversification, leveraging strengths, addressing weaknesses, and aligning efforts effectively.

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Asha Kanta Sharma

Manager - Finance & Accounts @ Opendoors Fintech | Financial Accounting
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Performance analysis is a crucial tool for organizations to strategize for diversification. It helps identify opportunities for growth, market expansion, and innovation. Key methods include market segmentation, competitive analysis, financial performance evaluation, customer feedback, SWOT analysis, technology and innovation assessment, risk analysis, strategic alignment, pilot testing, and continuous monitoring. By analyzing various aspects, organizations can make informed decisions about entering new markets, offering new products, or expanding into different business areas. This data-driven approach can help mitigate risks, maximize returns, and drive sustainable growth.

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Kevin Thiele

Helping the enterprise prevent identity-driven attacks
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It is important to have a fundamental understanding of what your customers value about your products or services and why they buy them. A regular survey is a good way of doing this and can be coupled with a reward program to encourage participation.

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2 Analyze your customer segments

Your customer segments are the groups of people who buy or use your products or services, or who could potentially do so. They have different needs, preferences, behaviors, and characteristics that influence their purchasing decisions. By analyzing your customer segments, you can understand who they are, what they want, how they perceive you, and how loyal they are. You can also identify new or untapped segments that may offer opportunities for diversification.

You can use various methods to segment your customers, such as demographics, psychographics, geography, behavior, or benefits. You can then use tools such as surveys, interviews, focus groups, or analytics to collect and analyze data on your segments. Based on your customer segments, you can decide whether to pursue market penetration or market development strategies.

Market penetration is when you increase your market share or sales within your existing segments, by offering more value, improving quality, lowering prices, or enhancing customer service. Market development is when you enter new segments or markets with your existing products or services, by adapting them to different needs, preferences, or cultures. For example, a coffee shop may diversify into catering for events, delivering online orders, or franchising in other locations.

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Kevin Thiele

Helping the enterprise prevent identity-driven attacks
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It is important to have a fundamental understanding of why your customer buys your products or services and what they most value. Remember there is a strong emotional element to every purchase which can help to build a brand that will sustain customer loyalty. A simple and regular customer survey coupled a loyalty program will help you to stay in touch with changing customer sentiment.

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3 Evaluate your competitive landscape

Your competitive landscape is the environment in which you operate, and the forces that affect your performance. It includes your direct and indirect competitors, as well as the trends, opportunities, and threats in your industry and market. By evaluating your competitive landscape, you can benchmark your performance against your rivals, identify your competitive advantages and disadvantages, and anticipate changes and challenges that may affect your diversification plans.

You can use various tools to evaluate your competitive landscape, such as Porter's five forces, PESTEL analysis, or SWOT analysis. You can then use sources such as industry reports, market research, customer feedback, or media coverage to gather and analyze information on your competitive landscape. Based on your competitive landscape, you can decide whether to pursue product development or diversification strategies.

Product development is when you introduce new or improved products or services to your existing markets, by innovating, differentiating, or adding features. Diversification is when you introduce new products or services to new markets, by creating, acquiring, or partnering with other businesses. For example, a coffee shop may diversify into selling coffee machines, accessories, or subscriptions.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective ways to use performance analysis for diversification in your organization?

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1 Assess your core competencies

2 Analyze your customer segments

3 Evaluate your competitive landscape

4 Here’s what else to consider

Business Development

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What are the most effective ways to use performance analysis for diversification in your organization?

1

2

3

4

1 Assess your core competencies

2 Analyze your customer segments

3 Evaluate your competitive landscape

4 Here’s what else to consider

Business Development

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