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Secrets
It’s sometimes better to sit and actually define how you’re going to grow your business rather than just know that you want to grow. There are four main strategies that you can adopt when you trying to expand and you may remember learning about this at some point, but here’s a reminder.
Ansoff’s matrix was developed by Igor Ansoff as long ago as 1957, but it’s still entirely relevant today. He proposed that there were just four strategies that businesses could adopt for growth:
- Keep existing products and target the same markets but just sell more
- Keep existing products but launch them into new markets
- Sell new products to existing markets (customers)
- Enter new markets with new products
The first option is the least risky and the last is the highest risk. Ansoff’s matrix (follow the link for a good Wikipedia definition) continues to be used for business strategy and its simplicity makes it nice and easy to adopt – and focus the mind.
If you’re thinking about your marketing strategy for next year, this is a good starting point and will help you to define your objectives for the first part of the plan.
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