Looking for examples of market development strategies that you could incorporate into your business model? While every business is unique, there are a few examples of market development that can be applied to most start-ups and yield good results. Here’s my breakdown of the best examples of market development across many different businesses.
What Is Market Development Strategy
To put it simply, a market development strategy is any business growth tactic you put in place with the sole intention of expanding your reach. This can be to expand your existing target market, or you can introduce a new market development strategy to reach a fresh audience.
Before you start to implement a new market development growth strategy, you need to know the answers to two questions.
First, what is your current market?
Second, which potential markets are out there that would buy your product or service?
Do your research, survey different markets, and nail down the answers to these two questions. Without these answers, you’ll be choosing examples of market development at random which isn’t strategic and likely won’t yield results.
Market Development Strategy – Ansoff Matrix
One particularly popular and effective way to explore various market expansion growth strategy options is the Ansoff Matrix. I’ve done an entire blog delving into what this is and how you can apply it to your business, which you can find here:
It’s a great jumping-off point that will help you holistically analyse your business to determine the best market development strategy for your business model and circumstances.
3 Market Development Strategy Examples
In this blog, I’m digging into more specific examples of market development that I recommend to most of my clients. Keep in mind that not all examples of market development will work for every business. These examples are simply what I have found works with many of my clients as well as in my own businesses.
The easiest market to sell to is the one you’ve already got. Once you have paying customers in your sales funnel, they are much more likely to convert again compared to cold leads. This is where upselling comes in handy.
Offer discounted add-ons to your products or services. Promote buy-one-get-one-free sales, bundle multiple services at a reduced rate, or offer free shipping for purchases over a certain amount. These up-sells will not only give your customers or clients more value for money but also increase your overall profit while educating your clients on your varied products and services.
Do you only sell your products or services locally? If so, why? Whether you limit your target market to a town, state, or even country, expanding geographically can give you access to a whole new market.
If you own a storefront, consider opening an online shop. If you offer face-to-face services, explore remote options. Find a way to reach outside of your current geographic zone and your target audience will likely become much bigger.
The same theory goes for electronic expansion. If you’re only marketing your products or services on one social media platform, it’s time to expand. I guarantee that your target audience is hanging out on more than one online platform.
Survey your current audience and ask them where else they hang out online. Whether it’s Pinterest, Facebook, Linked In, Instagram, or any other platform, building up your brand awareness in multiple electronic spaces could be the key to unlocking a whole new market.
Choosing The Right Market Development Strategy For Your Business
Remember, you can’t just choose any old market development strategy at random and expect great results. To choose the right example of market development that will bring your business success, you first need to identify what success looks like to you. Once you know your strategic marketing goals, you will be able to track your progress and determine whether your chosen strategy is working or not.
Strategic Marketing Goals Examples:
- Improve conversion
- Grow your email list
- Boost your social media following
- Boost your social media engagement
- Increase web traffic
- Build brand awareness
- Increase in profit
Find a way to reliably track these goals using tangible metrics. You can then analyse this data and determine over a length of time whether your chosen examples of market development are working.
Where to From Here
Looking for a coach or business consultant to help you grow your business? Stop trying to figure everything out on your own and give yourself advice from someone who has created not 1 but 2 successful 6-figure businesses. Let’s hop on a 30-minute discovery call where we can chat about your goals, struggles and how I can help you as your business consultant/coach. BOOK YOUR CALL HERE.
Want all that coaching value plus input from other badass women in business? Secure your spot at the Action Takers Mastermind Business Group for Women. You can also connect with a community of small business owners by joining my Facebook group, the Women in Business Collaborative.
Have an awesome day,