Expanding Markets and Product Offerings (Strategy)

Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today we are discussing new products and expansion into new markets.

New products create buzz in the market to keep a brand top of mind and boost sales.  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

·         Timing of new product development

·         Selling current products in existing markets

·         Seeking new markets

H. Igor Ansoff’s growth vector matrix model will assist you in determining which approach to take. This model has 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.

Demand for your product may exist in a sector you haven’t thought of or, you may be able to easily create a companion product.  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 11:00am streaming live on SantaFe.com KVSF 101.5 FM.

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