How do you evaluate your marketing campaign's growth potential with the Ansoff matrix?

2 How to apply the Ansoff matrix to your marketing campaign?

To use the Ansoff matrix for your marketing campaign, you need to answer two questions: How familiar is your target market with your product? And how familiar are you with your target market? Depending on your answers, you can place your campaign in one of the four quadrants and follow the corresponding strategy.

3 Market penetration: Increase your share in an existing market

Market penetration is the least risky and most common strategy for marketing campaigns. It involves selling more of your existing product to your existing market, by increasing your brand awareness, customer loyalty, or competitive advantage. You can use tactics such as discounts, promotions, referrals, or loyalty programs to attract and retain more customers. Market penetration is suitable for campaigns that have a strong product-market fit and face low competition.

4 Market development: Enter a new market with an existing product

Market development is a more risky strategy that involves expanding your customer base by entering a new market with your existing product. This can mean targeting a new geographic area, a new demographic segment, a new industry, or a new channel. You can use tactics such as market research, localization, partnerships, or advertising to reach and attract new customers. Market development is suitable for campaigns that have a proven product and want to explore new opportunities.

5 Product development: Launch a new product in an existing market

Product development is another risky strategy that involves creating and selling a new product to your existing market. This can mean adding new features, benefits, or variations to your product, or developing a completely new product that meets the needs or wants of your customers. You can use tactics such as innovation, customer feedback, testing, or branding to launch and promote your new product. Product development is suitable for campaigns that have a loyal customer base and want to offer more value.

6 Diversification: Launch a new product in a new market

Diversification is the most risky and most challenging strategy for marketing campaigns. It involves creating and selling a new product to a new market, which requires a lot of research, investment, and innovation. You can use tactics such as diversification, differentiation, acquisition, or joint ventures to enter and establish yourself in a new market. Diversification is suitable for campaigns that have a strong competitive edge and want to pursue new growth areas.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?