Can you believe it? We are almost halfway through 2012. I thought it would be a good idea to do a mid-year marketing review using Ansoff's Product/Market Growth Matrix. This tool was created back in the 1960s. It is still useful today. To use the matrix, we asked ourselves:
- How can we better penetrate our existing market?
- Can we offer new products to our existing customers?
- Is it time to pursue new markets with our existing products?
- Are we ready to diversify and develop new products for new markets?
See how we answered these questions on The Matrix:
Our current target audience is visionary individuals. Because we have not yet penetrated the market, we must focus on more consistent, creative ways to promote our services to existing customers. We also want to meet the additional startup needs of visionaries while staying true to our core business. Therefore, we are developing new products and services for our existing market. Next year, we will focus on extending our services to new markets.
Now, do you own mid-year marketing review. Start with the growth matrix. Then, if you would like to go deeper, we would love to help you develop strategies for locating and connecting to your ideal target audience by the creation of your very own marketing plan. For more information, Contact Us now.