Europe, target clients, etc.
In the current crisis, there has been a kind of time segmentation. There is a “now”, a “soon” and a “later”. And, these three time spaces are not aligned.
In these circumstances, although difficult to define, a strategy is necessary and vital in order to identify the levers that will achieve the objectives set in the short and medium-term.
At LEGAL 230, we have thought long and hard about this, by going over and rereading the fundamentals of business development and drawing on numerous resources, including those of the Harvard Business Review.
After a great deal of research, we realised that the studies carried out by Igor Ansoff were undeniably an interesting avenue to pursue. Ansoff’s principle is based on the idea that that a company wanting to expand must conquer new markets or increase its share in some of them.
To do this, Igor Ansoff, who was a consultant for Philips, GE and IBM, developed the matrix that bears his name and is also known as the Product-Market expansion matrix.
With this matrix, it is possible to define 4 business growth strategies:
- Market Penetration: selling more products or services that already exist in a current market
- Product development: selling new products in existing markets
- Market Development or Expansion: selling existing products or services in new markets
- Diversification: Developing new products for new markets
This type of decision-making should include an analysis of opportunities and threats, as well as target markets, using the SWOT Matrix and Five Forces Analysis, designed by Porter (Porter's five forces analysis makes it possible to assess competition in a market, through to the analysis of various elements: competitive intensity, customer and supplier bargaining power, the threat of substitute products and the threat of new entrants).
Armed with this analysis, we felt the need to have a clear, niche strategy. An uncompromising strategy based on the fundamentals.
Providing our customers with a dedicated, efficient solution is our priority. A pure player solution for legal practitioners, whose expectations for responsiveness, confidentiality and quality are key.