Updated: Jan 4
To plan strategically, it is useful to have a few tools up your sleeve. One useful tool is the Ansoff Matrix - a strategic planning tool that provides a framework to help marketers map strategies for future growth. It was created by the Russian applied mathematician and business manager Igor Ansoff.
For the manager wishing to grow revenue, acquisition of new business is essential. There are four options available and they have very different risk and resource profiles.
Populating the Ansoff Matrix helps to capture the growth options that might be available. It also gives a starting point for profiling and so selecting the strategies that are most attractive to the business.
The matrix captures the combinations of existing and new markets and products that have the potential to deliver business growth.
It can also help you if you are wishing to expand into digital channels or identify opportunities where there will be a greater spread of communication.
If you get stuck mapping the Ansoff Matrix to your products and service, let me know.