Which marketing strategy to follow?
When it comes to your business deciding on what you want to achieve is key.
How you deliver on your business objectives is by delivering on one or more of the strategic options below for your marketing.
The marketing strategy you’ll follow will be:
Market penetration
Market development
Product development
Diversification
So what does each one involve for you and your business.
Market penetration
This is where you would use your existing marketing mix to gain sales. You will be selling more of your existing products into your existing markets. This is usually a short term strategy to gain sales and grow the business from customer who already know and trust you.
Market development
With this one you would again be selling your existing products but this time going after new markets with them. New markets could be a new demographic, a new territory or a new sales channel.
Product development
This is where the risks would be unknow and there is costs to be considered by developing and selling new products into your existing markets. However you can test new products with existing markets and these markets will already know about your business. They can lead to filling gaps in the market before your competitors.
Diversification
This would be the most risky and costly option where you would be selling new products into new markets. Over the last year this is where a lot of business have moved into as they respond to the Covid-19 pandemic and creating and maintaining a sustainable business. From moving the product offering fully online to creating home delivery options to setting up a completely new business.
With all of these marketing strategies by knowing which one your business is working on you are in a better position to adapt and plan to changes in the external environment along with being able to achieve your business objectives.
Contact me today for a quick call about developing your marketing strategy.
