The Ansoff Growth Matrix is a fantastic marketing planning tool that helps a business determine its market growth strategy. It suggests a businesses attempts to grow on whether it markets new or existing products in new or existing markets.
FOUR OPTIONS FOR GROWTH
1 MARKET PENETRATION
One way to GROW your business would be to SELL more of your existing products to existing customers.
You could consider:
- Introducing loyalty schemes to increase usage.
- Launching digital newsletters regularly.
- Running aggressive promotional campaigns in parallel with keen pricing to discourage new competitors.
- Using your marketing communications and pricing strategies to maintain or increase market share.
2 MARKET DEVELOPMENT
Sell your existing products to new customers.
Why not consider ways to
- Access new geographical markets.
- Use new distribution channels and design pricing structures, which open up new customers or markets.
3 PRODUCT DEVELOPMENT
Take new products to existing customers.
Why not consider
- Investing in the skills and competencies needed in order to develop new or modified products.
Find new markets for new products.
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