Tips for implementing marketing growth strategies
Here are the two different marketing growth strategies that can be used by business to help expand their business, either through getting more sales or increasing their market share.
This type of marketing strategy is designed to grow overall sales in two different ways.
- Grow sales with existing products - this approach is when the marketer is trying to greatly increase the sales of products that the company currently has. This type of marketing can be accomplished in three different ways; a company can use a single approach or multiple approaches. The first approach would be to get existing customers to be more of the products, the second approach would be to attract new customers to buy the products, and the third approach would be to sell the current products in new markets.
- Grow sales with new products - this approach is when the marketer is trying to increase overall sales for the company by introducing new products. Like the current product method the new product method can be accomplished in one of three ways or by a combination of the three ways. The first approach would be to introduce updated versions or make improvements on the current products. The second way would be to introduce products that are extensions of the existing products. And the third approach would be to introduce a new product that has never been marketed.
Market growth share:
Market growth share is a strategy that is used by marketers to increase a company's overall share of the market. Basically the only way to increase your share of the marketplace is to take away sales from your competitors, which might not be that easy to do. You are going to have to come up with a way to convince their customers that you are better than the other company and to do this you are most likely going to have to use aggressive marketing tactics.
Both of the above strategies are used by numerous businesses to help them increase their sales or to increase their market share. Either strategy will allow a company to expand and gather more customers, which means more sales and higher profits. How those companies put these strategies to work is a different matter.
Here are some tips for implementing marketing growth strategies.
The first thing you need to do is to decide which strategy you want to use or if you are going to use a combination of methods. Most companies find it easier to use market expansion techniques rather than aggressive marketing techniques because it is easier to get your old customers to buy your new stuff. But there are numerous companies who will apply aggressive tactics and steal customers away from other businesses.
After deciding what you want to do you are going to need to create a new marketing plan and decide on what marketing techniques you will use to make your marketing strategy work for your company. Will you use advertisements, internet marketing, direct mailing, surveys, questionnaires, etc. After deciding on which techniques you are going to use you will need to put your plan into action.
Another thing you need to do before your implement your new marketing strategies is to make sure that you create a marketing budget. Creating this budget will help determine which marketing techniques you can use in your new marketing strategy.
If you are going to try to increase your marketing share you are going to have to come up with some marketing techniques that will catch potential customers attention and draw there business away from your competitors. But be careful when doing this, it is very easy to make promises that you can't keep. If that happens you won't only lose your new customers, but you could end up losing your old customers as well. You also have to be careful when using aggressive marketing techniques because you don't want to slander or bad mouth the other company to the point where you end up in court. When creating ads and marketing tools for aggressive marketing techniques, don't make the other company the main focus of your ads, instead focus on what your company has to offer.