If you’re not thinking about your business as part of an ecosystem, you should. In a recent article about business growth strategies, Mack Institute Co-director George Day and Research Director Paul Schoemaker identify four substantial benefits of adopting an outside-in mentality.
What does it mean to look outward? Firms that follow this strategy ask questions about change in the outside world and know how to leverage what they see, both in their relationships with other firms and with customers. Businesses that focus on the broader environment in which they operate are attuned to opportunities for beneficial alliances. Such firms are also more sensitive to improving the customer experience. The result is four major benefits: anticipation, adaptation, alignment, and alliances.