The Ansoff Matrix is a strategic planning tool developed by Igor Ansoff in 1957. It is used to help businesses determine their growth strategy, and is based on the interaction between product and market factors.
What are the 4 strategies of the Ansoff Matrix?
The Ansoff Matrix has four growth strategies:
1. Market penetration: This strategy focuses on selling more of the same product to the same market. The goal is to increase market share and grow revenue without changing the product.
2. Market development: This strategy involves selling the same product to new markets. The goal is to reach new customers and grow revenue.
3. Product development: This strategy involves introducing new products to the existing market. The goal is to grow revenue by offering new products to current customers.
4. Diversification: This strategy involves introducing new products to new markets. The goal is to grow revenue by reaching new customers and markets.
An example of the Ansoff Matrix in action
Let's say you had a small ecommerce store, and you wanted to apply the Ansoff Matrix to your business to assess different strategies for growth.
Market Penetration: You might begin by looking at ways to increase traffic to your website and convert more visitors into customers. This could involve optimizing your website for search engines, runnig ads, or offering discounts.
Market Development: You could also look at ways to sell your products to new markets. This might involve translated your website into different languages, or partnering with a company that specializes in shipping to international destinations.
Product Development: Another option would be to develop new products that you could sell on your website. This could involve adding new product categories, or developing new versions of existing products.
Diversification: Finally, you could also look at ways to enter new markets with new products. This might involve partnering with another company that has a complementary product, or opening a brick-and-mortar store in a new location.
How to use this Ansoff Matrix Template in Notion
In order to use this Ansoff Matrix Template in Notion, simply click "Copy" on the template page and then paste it into your own workspace. From there, you can edit and customize the template to fit your needs.
Add new specific initiatives or projects as cards under the appropriate strategy on the board. Or, you can use the table views to list your efforts with the right tags.
Basically, you can use this matrix as a brainstorming tool to help you focus on a few different perspectives for growing your business. And, once you've got a few ideas down, you can start putting together a plan of action.