The right marketing approach for you will depend on your business goals. Below are the four main strategies:
Product development
This focuses on selling new or improved products to existing customers by leveraging your relationship with them, using existing channels like social media and email marketing.
Market penetration
Under this strategy, the focus is on increasing sales of existing products to customers, acquiring new customers and increasing the availability of your products to broaden your reach.
Market Development
This involves selling your products in new markets. This could be a new geographic location or selling abroad. Creating brand awareness and developing new distribution channels is key.
Diversification
This strategy entails bringing new products to new markets. It can take a long time and requires patience as you’re starting afresh with both market and product.