#1108 Applying The Ansoff Matrix to Your Business

I teach marketing at a local university, and this week I was talking to my students about Ansoff's Marketing Matrix. In this structure, he identifies four ways that you can grow your business.

1) Sell more of what you're already selling to your existing customers.

2) Sell more of what you're selling, but to new customers.

3) Develop a brand new product and sell that to your existing customers.

4) Sell a new product to a new group of customers.

Of the four strategies, that last one, diversification is really hard to do because you're in uncharted waters with people who don't know and love you. So my recommendation if you're ready to grow, figure out whether you have a product that has broader appeal and you just haven't introduced people to it, or if your current customers are ready for something new.

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