Marketing Strategy Development – A market development strategy is a growth strategy put in place by companies or organizations to introduce their product or solution to a target group they have not yet reached or do not yet serve.
In order to develop a market development strategy, you need to figure out who the new product would be most suitable for and how best to target them – that’s your market development strategy in a nutshell.
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For example, if you currently only target US customers, research what your business might need to expand its audience globally.
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Or, if you currently only serve tech companies in New York, see if it would make sense to target tech companies in San Francisco as well.
If all or part of your current customer base can benefit from your new product offering, consider using your relationship with them as a gateway to introduce your new solution.
In addition to current or resale (or split-off) customers, you can also develop a plan to target non-users of your product. This can be achieved through various methods such as offering free trials, cold calling, advertising, etc.
Who else makes a product like yours? And how can you convince their customers to migrate to you? Maybe you can adjust your prices, offer discounts or promotions, use lookalike audiences for your ads, or provide a better user experience .
Developing Organizational Objectives And Formulating Strategies
The Ansoff matrix (often called a product/market expansion grid) is a framework used to identify growth opportunities and conceptualize their level of risk. It is a basic framework used by companies around the world because it provides a simple but intuitive way to visualize the viability of new ideas.
Market development focuses on selling existing products into new markets, placing them in the lower left quadrant of the Ansoff matrix. This is the second least risky growth strategy in Ansoff’s model. The single best growth strategy for the Ansoff matrix is market entry, which means bringing existing products to an existing market.
Slack’s success as an enterprise communication platform was inevitable because it started as an internal tool. They could rigorously test the product in real time without releasing it to the public. This was an integral part of Slack’s market development strategy, which is based on using the behavior of real users to guide its development and marketing efforts.
By using real user data and listening to what users need, Slack was able to tweak its platform a bit to attract more users.
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Uber started as a small company serving the people of San Francisco. They focused on improving service before branching out into new markets, making it easier to enter new markets when they are ready. The ability to bring a fully developed product to new markets combined with this unique diversification strategy has helped them become the global powerhouse they are today.
While the National Basketball Association is a major force in the United States, its international efforts have struggled. The massive global appeal of soccer made it clear that there was a worldwide appetite for the sport, which is why both the NBA and NFL are trying to expand into international territories.
Bringing the league to China involved years of negotiations and a significant investment of resources for the NBA, but it paid off. The NBA implemented a marketing development strategy to bring televised games to China, becoming the most popular sports league in the country.
Starbucks has a very aggressive market development strategy. With a strong business model and product offering, the company is very focused on entering new markets. They focus on deep market penetration to ensure success by building a global franchise.
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There are several factors to consider when deciding whether your company is ready to develop a new market development strategy for your product.
While it may seem more convenient for companies to continue serving their existing niche customer base, this hinders opportunities for scale.
A market development growth strategy helps companies direct their efforts in a way that grows the company and promotes market development.
This is achieved through proper risk management and thorough market research, which helps avoid common pitfalls when growing a business.
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Before developing a market development growth strategy, it is best to understand the journey ahead.
There are four main stages of market development. By following the steps, companies can easily enter a new market and grow their business.
Before a company can enter a new market, it must know what that market is and who it should target to penetrate it.
The first stage of market development is to identify the customer, so that companies can better plan their strategy using the acquired knowledge of the defined target audience.
How To Build A Market Development Strategy [free Planning Templates]
Of course, to use statistics, you first need to find the data they can provide you with. Companies must conduct thorough market research related to their customers and products.
This includes information about customer habits, competitors’ products, why customers use your competitors, and what they lack.
Once you have all the information you need, you can make an informed decision about whether the market is worth it.
There is always risk when entering a new market, but by defining your target audience and researching the market, you can reduce that risk by looking at different variables.
How To Create A Marketing Growth Strategy
Once your research analysis shows potential, it’s time to plan how you will enter the new market. This is the final stage of our market development and will involve promoting, operating and growing this new business once you have established a market presence.
Marketing development is hard and you’re bound to make mistakes. Here are some of the most common mistakes we see when creating a market development strategy:
A marketing development strategy helps businesses grow by selling their existing range of products and/or services to a new group of customers. This could include lowering prices to match the average budget of a different audience segment, creating a brand extension, distributing through new channels, targeting competitors’ customers, or testing a new approach to lead generation. Market research is the process of gathering key data about audiences to identify valuable market segments and business ideas worth targeting. This includes studying the segments’ spending habits, their needs, preferred purchase channels, major competitors and other important factors. This data can help shape a market development strategy.
A marketing development strategy is important because it helps a business grow and reach new customers in a planned and structured way. Expanding your audience creates the opportunity for more leads, more sales and more revenue, but thorough research is essential to ensure you’re targeting new customers. Did you know that Google performs more than 3.6 million searches every minute? Did you also know that Amazon makes over $258,000 in sales right this minute?
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It goes without saying that we, as modern consumers, are constantly shopping online. We also make most of our purchasing decisions based on the content we find online.
But what works for one company may not work for another. That’s why it’s helpful to know which content creation strategies produce the best results.
Are you ready to launch your content creation strategy? Here are 5 tips you’ll want to know during development!
If you’re the manager of your own business, you may already have great content ideas. And that’s great! Approaching the development stages with ideas creates a solid foundation.
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Are you a startup struggling to scale and need to build brand awareness? Is your business struggling to convert web and social media traffic into real sales? Want to appear first in local business searches?
If you’re a new business, your website may still be a work in progress. Now is the best time to come up with a strategy to take your business forward.
If you already have an online presence, identify what you’re already doing well. Then focus on what areas need improvement.
Your content is only effective if it resonates with your audience. If you don’t know your audience, how can you create content that will influence them to buy your brand?
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Take, for example, a product aimed at baby boomers. They would probably prefer content that doesn’t include millennial jargon. If this happened, they would feel disconnected from the content and thus lose interest.
This same audience is more likely to send emails and use Facebook. Thus, content aimed at them should use these media.
Similarly, content aimed at millennials would be most useful on Instagram and Twitter. They would also connect more with content that uses their everyday language.
You likely already know a lot about your audience based on your existing customers. But you can learn more about them.
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This is important in the same way that companies decide when and where to air TV ads. They know what shows their customers are watching at that moment and serve ads.
So what social media platforms are your customers on?