Wednesday, November 11, 2009
Local Municipality gets it.
Friday, October 30, 2009
Thursday, October 29, 2009
Motorcyclist caught in scan
Friday, October 23, 2009
Mobile Mapping Panel at the MAPPS Winter Meeting
Welcome to more new LYNX owners
Sunday, October 18, 2009
ADS LYNX update
Friday, October 9, 2009
Entering New Markets an article from Lewis Graham with GeoCue
Entering New Markets
For this article, I am stealing directly from a recent article by Guido Jouret, Chief Technology Officer of Cisco Systems. In this article, Mr. Jouret discussed the criteria for evaluating entries from contestants in the Cisco I-Prize competition. This competition invited anyone to submit ideas for new markets suitable for entry by Cisco. I was struck by the simplicity and applicability to any business of the primary judging criteria:
1. Does it address a real pain point?
2. Will it appeal to a big enough market?
3. Is the timing right?
4. If we pursue the idea, will we be good at it?
5. Can we exploit the opportunity for the long term or would this market commoditize so quickly that we wouldn’t be able to stay profitable?
I would add a sixth rule: “Is it in alignment with our strategic plan and, if not, can our plan be reasonably expanded to include this new business?”
I would strongly advise than any new business endeavor or serious expansion of an existing operation be subjected to similar criteria. The last (my added rule) should be considered first. Far too often I see companies who react to market opportunities without giving adequate consideration to the impact on the current plan. The result is often a dilution of resources that had initially been dedicated to a well conceived forward march. Of course, as I have often pointed out in the past, strategic plans are not cast in stone; they must accommodate changing market conditions and sometimes even be totally revamped.
We could look at Mobile Mapping in terms of these criteria. The question of strategy can only be answered by the company contemplating entering this market. You must ensure that entering the business will be reasonably rational within a modified strategic plan. If you cannot make this work, full stop!
Mobile Mapping definitely addresses several pain points when applied to the appropriate market. For example, it clearly solves the low data resolution and overhead obstruction problems of performing highway and rail surveys from airborne platforms. The appeal and market size questions are often very tough to answer. Most folks entering a new market attempt to address these via “market surveys.” Unfortunately, this often requires more knowledge by your would-be customers than is frequently available (who knew they needed an iPhone?). In these circumstances it might be better to do a replacement cost analysis—are data obtained from mobile mappers less expensive than current sources or do they provide measurable better products than existing methods?
The fourth point is critically important. It is easy to say “we can do anything we set our minds on” but the real point here is can you do it better than your competitors both from the execution and profitability points of view?
The final point is the bane of our industry. We tend to race to the bottom on pricing before we even figure out how to do the job! There is no doubt in my mind that certain aspects of mobile mapping will rapidly become commoditized. Thus the question here is do you offer a product (easily commoditized) or a service (a bit more difficult to commoditize)?
Mobile mapping is just a useful example, The checklist criteria can be very helpful when considering any new endeavor.
Best Regards,
Lewis
