Well-executed market development strategies can help identify fresh opportunities.
A market development strategy embraces developing a new product line to increase revenues by selling to new customers or upselling to existing ones. Marketers can also plan to sell existing products/services to new demographics by adding fresh locations or expanding delivery radius.
In order to formulate an effective market development strategy, businesses should first research their development opportunities, review their buyer personas and conduct market research exercises like SWOT Analysis. They should consider their target audiences’ motivations, demographics and backgrounds.
Marketers should survey their existing customers and calculate market penetration before finalising their market development plans. They should set their growth business goals in advance to build an effective market development strategy. Continually analysing results can help marketers adjust goals or strategies for better performance.
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