How Long Does Ready To Feed Formula Last Once Opened Business Growth – Exploring Growth Outside The Core

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Business Growth – Exploring Growth Outside The Core

Golf is one of the most brutal and demanding markets in the sports business. So Nike, despite its fabled hype, was considered an amateur when it decided to branch out from footwear to golf apparel, balls and equipment in 1995. Four years later, however, Nike had scored priceless marketing victories—not once, but three times. First, the British Open champion wore Nike golf shoes in 1999. Next, in 2000, Tiger Woods switched from leading brand Titliest golf balls to Nike golf balls. And finally, David Duval won his first major shortly after switching to Nike. golf clubs in 2001.

Nike’s entry into the golf market appeared to be the business equivalent of sinking three consecutive hole-in-ones. But those who had followed the company closely over the previous decade were not surprised. They recognized a formula that Nike has applied and successfully adapted in many sports market entries—from jogging to volleyball, from tennis to basketball to soccer. Nike begins by building a leadership position in the athletic footwear market in its target market. Next, Nike would launch a line of apparel endorsed by the sport’s top athletes—like Tiger Woods, whose $100 million deal in 1996 gave Nike the visibility it needed in golf apparel and accessories. Expanding into new categories allows the company to create new distribution channels and close suppliers. Then it will start introducing higher-margin equipment—first irons, in the case of golf clubs, and then drivers. In the final phase, Nike is moving beyond the US market to global distribution.

We argue that this formula is the reason why Nike has dethroned Reebok as the leader in the sporting goods industry. In 1987, Nike’s operating profit was $164 million to Reebok’s $309 million, and Nike’s market value was half that of Reebok. By 2002, Nike had grown its profits to $1.1 billion, while Reebok’s had shrunk to $247 million. Both companies had started in the same business with the same production technology and comparable brands. Yet Nike found a formula for growth that it used time and time again with success, while Reebok seemed to find a different source of growth each year with inconsistent results.

To learn more about sustaining profitable growth, we recently conducted a five-year business growth survey of 1,850 companies. We tracked specific growth trends and linked them back to individual company performance. Our research produced two main findings. One was that the most sustained and profitable growth occurs when a company pushes the boundaries of its core business into an adjacent space. We identified six types of adjacencies, ranging from adjacent links in the value chain to adjacent customers to adjacent geographic regions.

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