In these very challenging and uncertain times, when planning for the future can be very difficult, it is really important that you do go through the process of pulling a Sales & Marketing strategy for your business together to consider four key areas for potential growth in 2021 including:
- Your existing products to your existing customers/markets (Market Penetration)
- Selling new products to your existing customers and markets (Product Innovation)
- Selling existing products to new markets (Market Development)
- Selling new products to new markets (Diversification)
Whilst each of the four different areas of focus represent potential growth opportunities, you should focus resource into the most appropriate – but always starting with protecting what you already have (your existing customer base) and giving them no reason to go elsewhere.
This is about ensuring that your quality, deliveries, follow-up and services are right up to scratch with existing customers and this should result in generating repeat business of the right type.
It also represents a real opportunity to market your existing offering to new potential customers within familiar sectors and segments – called market penetration.
To “break into” these new potential customers requires you to ensure that your product offers greater perceived benefits (from the customers’ perspective) than that of your competitors, so a bit of competitor research will be in order, before the marketing can commence.
