Use the Ansoff Matrix to help grow your business
Very often when thinking about how to grow and improve a business our minds get confused by the options available to us and, as a result, we either don’t do anything or we end up making a mess of it. But in very fundamental terms there are only really 4 things we can do and they are:
- Develop a new product or service;
- Expand our market area;
- Diversify our offering, and
- Increasing penetration into our existing market.
These basic ideas were developed by Igor Ansoff and are a really good guide to helping to sort out all our ideas. Ansoff explained them by use of a matrix as shown below.