Hello, I’m
Jim Glover, That Branding Guy for Once a Day Marketing™. Today
is Smart Monday and we are discussing
new products and expansion into new markets.
New products
can create buzz among consumers, keep a brand top of mind and boost sales. It’s important for you to understand how to
analyze your products and markets and determine when to do the same for your
business.
Elements to
consider before creating new products or expanding your market include managing
existing products, when to develop new products, when to sell current products
in existing markets and when to seek new markets. We are looking at H. Igor Ansoff’s growth
vector matrix model to assist you in determining which approach to take.
There are
four growth vector components: Market
penetration, market development, product development and diversification.
Market
penetration relates to increasing market share for existing products. Market development means finding new markets
for existing products. Product
development encompasses creating new products for existing market and finally,
diversification is developing new products and new markets.
No matter
which course you chose, it’s important to look at the impact to your bottom
line and the risks and benefits associated with introducing something new into
your product line or reaching into new markets.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com. Listen to Ask Those Branding Guys™ every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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a Day Marketing™. All rights reserved.
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