Growth Strategies (Ansoff’s Matrix)
These strategies focus on product and market expansion options
- Market Development (new market, old product)
- Product Development (new product, old market)
- Market Penetration (old product, old market)
- Diversification (new product, new market)
More Market Share = >Market Penetration
- To increase awareness (and “market share”), increase SOV (ad spending % compared to all competitors + social media interactions % compared to all competitors, use track mentions tools like Brandwatch, Awario, etc.). To increase SOV, dominate in the marketing channel. If competitors are already there – challenge them or find other marketing channel, where their activity is low (to get higher ROI).
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