October 28, 2013 at 8:24 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to market every day in his Once a Day Marketing video blog. Tune in daily to his short, entertaining and practical marketing and branding tips and watch your organization become more successful.
Once a Day Marketing™ featured video blog: New Growth Strategies for Your Business
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 firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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