Strategies can be combined. Companies implement 2-3 best strategies that are suitable for them at the moment. For example, one product development strategy and two penetration strategies.
Ansoff Matrix: How to Build and Choose a Strategy
1. Describe the current situation
To understand which marketing development strategy will work for you, you need to describe the company's existing products and the markets they are sold in. It is important to study the same parameters of competitors and explore potential markets that you can enter.
For example, you sell carpets through an online store. To understand bulgaria phone number list which strategy to choose for business development, you need to make a list like this:
Existing products: Persian carpets, long and short pile, with animals, viscose, polypropylene, sheepskin.
New products : carpets in loft style and with movie characters.
Existing market: online store that delivers goods throughout Russia.
New market: offline store in Krasnodar, where warehouses are located, or online store in Belarus.
For each competitor, you can make the same description to see the overall picture.
2. Fill in the matrix
Now you can move on to working with the Ansoff matrix. To do this, make a table like the one in the picture below.
Ansoff matrix, 3x3 grid. Or 2x2 if you don't describe the elements of the matrix itself.
Next, in each cell, write down the business development options based on the data we described in the first stage.
For example, if we need to describe a market penetration strategy, we describe our product and market. Then we think about how we can achieve an increase in sales within the strategy.
For example, a strategy for increasing carpet sales in an online store includes the following steps:
launch of a loyalty program;
increase in the number of mentions of the online store in the media;
Launching viral marketing using short videos on social networks.
In this way, we analyze the information and gradually fill in each cell of the business matrix according to the chosen strategy. Such a matrix gives the business an understanding of what development directions can be implemented.
launching advertising integrations with opinion leaders;
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