How can you use performance analysis to expand and diversify your market?

1 Define your performance goals

Before you can use performance analysis to expand and diversify your market, you need to define your performance goals. What are you trying to achieve with your current products or services? How do you measure your success? How do you compare with your competitors? Your performance goals should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also align with your business strategy and vision.

2 Analyze your performance data

Once you have your performance goals, you need to collect and analyze your performance data. Performance data can include quantitative metrics, such as sales, revenue, profit, market share, customer satisfaction, and retention. It can also include qualitative feedback, such as surveys, interviews, reviews, and testimonials. You can use various tools and methods to analyze your performance data, such as dashboards, reports, charts, graphs, tables, and statistics. You should look for patterns, trends, gaps, and anomalies in your performance data.

3 Identify your performance gaps

Based on your performance data analysis, you should identify your performance gaps. Performance gaps are the differences between your actual and desired performance. They indicate where you are falling short of your performance goals or where you have room for improvement. You should prioritize your performance gaps based on their impact, urgency, and feasibility. You should also consider the root causes and effects of your performance gaps.

4 Explore your performance opportunities

After you identify your performance gaps, you should explore your performance opportunities. Performance opportunities are the potential ways to close your performance gaps or enhance your performance. They can include new or improved products, services, features, functions, processes, markets, segments, channels, partners, or strategies. You should generate as many performance opportunities as possible, using techniques such as brainstorming, benchmarking, research, and innovation.

5 Evaluate your performance options

Once you have a list of performance opportunities, you need to evaluate your performance options. Performance options are the feasible and viable performance opportunities that you can implement to achieve your performance goals. You should assess your performance options based on their benefits, costs, risks, and feasibility. You should also compare your performance options with your current state and your competitors. You should select the best performance options that match your criteria and expectations.

6 Implement your performance solutions

Finally, you need to implement your performance solutions. Performance solutions are the actions and plans that you execute to realize your performance options. You should design, develop, test, and deploy your performance solutions, using appropriate methodologies and tools. You should also monitor, measure, and evaluate your performance solutions, using relevant indicators and feedback. You should communicate and report your performance results to your stakeholders and customers.