Market Development Strategy
Market development is a growth strategy that involves selling your existing products or services to a new group of customers. It starts with market research, during which you will analyze the segmentation of your existing market, make a list of those market segments that you should develop. A segment is simply a smaller subgroup of a larger population. To determine your target market segment, you must consider factors such as new geographic areas, new demographic segments, new customer needs, customer preferences, interests, and lifestyles. You can look at customers that your competitors usually serve or customers that no one currently serves. Once you identify the target segment, you should create a promotional strategy and find ways to attract and sell to customers within it. Key market development strategies that you could focus on include pricing, distribution, branding, promotion, product development. Pricing allows you to implement a competitive pricing structure with offers and discounts, or, to charge a higher price, provide a product with more value than a competitor. Distribution empowers you to develop new channels to reach target customers. For example, selling online if you currently only have a regular store. After that, you can create a new brand for products that target a target market or a specific segment of customers. When moving to promotion, you might consider tailoring your advertising messages to attract customers with offers, coupons, loyalty schemes. Product development allows you to modify an existing product or develop a new one for an untapped market. As well as attracting new customers, market development also looks at expanding sales through new or alternative uses for your product. Think about how you can get your current customers to use your product in a new way.
Market Development Strategy template consists of four colourful and modern slides. The first slide immediately grabs the audience’s attention with its large picture in the centre. This slide can be used by marketers in preparing their strategy. This slide will also be useful for team leaders in preparation for their weekly meetings. The next slide allows you to describe in detail each stage of your market development strategy. For example, you can describe in detail the advertising distribution channels, your main goals, performance indicators. Market Development Strategy template will be useful for product managers and advertising specialists. Also, this template will be useful for commercial directors and startups. If necessary, you can easily change the main objects of the slides depending on your corporate style. The slides of this template can be used by business trainers and university educators when preparing their courses on marketing and market expansion. Also, the slides of this template can be used by directors when preparing for a strategic session with shareholders or meeting with potential investors. Market Development Strategy will organically complement your old slides and take its rightful place in your collection.