4 strategic of growth will help your business to expand and gain more revenue, maybe your brand need to growth more, or you only need to grow it for more revenue, there are 4 strategics of growth you should follow market diversification strategy, market penetration, product development and market development strategy.

4 strategics of growth for your business (brand)

These 4 strategics was proposed by Igor Ansoff at the 1950s he was a successful business manager, these 4 strategics is a basic for the growth of any business, we will tell you at Marketing with tricks how to grow in the market by this official basics.

1- Market diversification strategy

first you have to plan for new products in new markets, companies diversify to increase the revenue in markets and industries that they didn't explore yet, should the product is needed in the new market this shift is for more profits for the company, this strategy is useful for the following.

Diversification strategy benefits:

It's useful to decrease the risk of the market changes in the primary industry, example "Industry that working in building constructions and the state halted construction at this year, so business developer or the responsible for this resolve to take a step to start a new product and new market to save the situation from bankruptcy".

Or to help the company from a new competitor will take the market by dumping, you should have a fast step in these situations because time is important, you should predict such events.

Types of diversification strategy

 2- Market penetration strategy

there are two meanings of market penetration defined into measurement or activity:

market penetration as a measurement:

It's a measurement for the market  coverage percentage of your product from marketing needs, in this case you have to know how many the product you are providing or service needs and yours number of your clients that you serve, generate this numbers into measurement to know how many needs you cover.

By the way: Smartphones market global market penetration for apple is 19.2%, Samsung 18.4%, Huawei 10.2% and the remainder is for the small brands.

If your brand is more than 2% you have to know that this is good that's the average for consumer products, but business products should be in the range from 10% to 40%.

Market penetration as an activity:

 This strategy market penetration as an activity is to start in a market that already have the same product that your industry give and intervene to break into the market between other competitors in this market to portion of the market share, this term stems from Ansoff Matrix, and developed by Igor Ansoff in 1957s.

3- Product development

 Product development is to found uses, complementary product or service and market demand it's useful to growth your company or brand to add new sub-category, and it's some times called diversification.

4- market development strategy

Market development strategy is to start in a new market or expand to sell your product or service in new place the same as Facebook and Uber we will talk about them in the next topic, start to sell in new market good step to increase the revenue of your sales but before you have to put the right strategy to make sure that you can cover the cost and try to choose the more market that will be in the lowest cost of transportation or other costs, and a market able to join.

2 types of the development strategy: 

• Suggest new uses for your product.

To suggest a new use for your same product is market development because you enter for new customers that use your product to  another use that you are selling for. 

Example: "Adidas and Nike when they were still focusing on demographic more than geographic, they were improving the product for the exciting of footwear". 

• Geographic expansion
  

Geographic expansion to expand to new market in new state or country to get more interested people to your product in different location, sometimes it's easy to expand to new country that is having the same culture or mutual languages, but you have to make sure that you can cover this market demand and the cost.

Examples: 

      "Uber the famous company that provide transportation service they started from small San Francisco market in 2010 and with aggressive market development there are now covering more than 700 cities in the worldwide at 2020".

" Facebook when Mark started was in the college only, but another colleges started to use it, then many states in the USA after that expanded to worldwide in short time".

 SaaS Companies (Software as a Service) is more fast in expanding and easier to apply the strategy of growth due to easy assets that you can move easy, put other industries like factories or inventories need more effort to activate growth strategy.