THE ANSOFF GROWTH MATRIX  TIPS AND ADVICE

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.

4 DIVERSIFICATION

Find new markets for new products.

To discuss your marketing plans call Madeleine on 01780 591172/07855447968 or email maddie@streetsmarketing.co.uk

Or Connect with Madeleine Lillywhite on LinkedIn, Facebook, Instagram and Pinterest.

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