Marketing Strategy Planning: What is Ansoff Matrix? and how can you use it to increase your revenue?

Marketing Strategy Planning: What is Ansoff Matrix? and how can you use it to increase your revenue?

The Ansoff Matrix is one of the tools that can help you uncover your business growth opportunities especially if you are operating in a challenging market.

Its model is very useful in marketing planning, as it can be applied to discover opportunities to increase your business revenue by developing new products and services or opening new markets.

What is the Ansoff Matrix?

Named after its creator Igor Ansoff in 1957, the Ansoff Matrix is also called a growth matrix.

It is a model used for strategic planning in marketing, whose mission is to link the company's marketing strategy with its general strategic direction, to achieve future growth.

Therefore it focuses entirely on growth, by discovering the opportunity in the market to accelerate the growth of the company's business and increase its sales.

4 Strategies for Growth Using the Ansoff Matrix

1. Market Penetration

This strategy means gaining a larger market share by promoting to sell more of your existing products or services to your existing customer base, through offers, discounts, and more.

2. Market Development

This strategy is based on entering new markets to sell your existing products.

3. Product Development

This strategy involves developing your existing products and selling them in the same market, to maintain or increase your market share.

4. Diversification

The diversification strategy is slightly different as it relies on developing new products for new markets and selling them to new customers, as well as increasing your sales with your existing customer base and acquisitions.

To achieve growth, you can rely on more than one of these strategies at the same time, but it depends on the stage your business is going through, and its position in the market now.

Tell us, what is your growth strategy right now to increase your revenue?

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