Market penetration: is the sum of an existing market and an existing product. This strategy aims to increase the company's market share, expanding its customer base and building user loyalty;
Market development: is the sum of a new market with an existing product. In this case, the objective is to conquer new markets with the solutions that the company already produces;
Product development: this is the combination of an existing market and the creation of new products. In this case, the objective is to increase the company's product portfolio and sell them to a market in which it already operates;
Product diversification: which corresponds to the sum of new markets with new products, with the aim of expanding the market and increasing the range of products offered to reach more people.
The objective is to cross-reference information to identify new opportunities and make the most of what the company already does or move on to conquer new markets.
The matrix aims to help establish business growth metrics , to ensure return on investment, through the creation of a diversified portfolio, the development of existing and new products and the conquest of the market, according to the company's needs and strategy.
You can create your matrix in an Excel document or use lithuania mobile phone number more visual tools like Canva and Miro . The most important thing is that this file is accessible to the team.
Companies that work with digital products can benefit greatly from the Ansoff Matrix, as it is a tool that can help bring product and business strategies closer together.
Considering the market development quadrant , the company may decide to internationalize the solution, for example. In the market penetration quadrant , the strategy may be to win over customers from the competition and increase the number of users.
On the other hand, considering the development of new products , the company may identify new user needs and decide to create more features to make the solution more robust.
Now, thinking about diversification , it is possible to create products or even a new business that have to do with what the company already does (and in this case, it is the process of related diversification), as well as creating products or a new business that do not necessarily have a connection with the previous ones (unrelated diversification).
To complete the matrix, gather the necessary information about the business and the market and evaluate the data from your segment to identify opportunities. To do this, market research and benchmarking are very efficient strategies.
But it is also important to look inside the company , identify which products in the portfolio are best rated (with the most positive feedback ) and user suggestions that may represent opportunities to optimize the solution with more features and that help to understand customer preferences to create new products. Brainstorming sessions with the Product team are also very useful when filling in the framework quadrants .
The idea is that, based on the results gathered by the matrix, the Product team can evaluate the scenario that makes the most sense for the business at the moment. In this sense, the tool can expand the company's possibilities, open the team's mind to opportunities for action in the market and optimize perspectives in relation to the challenges that arise.
One tip to make the most of the benefits of the Ansoff Matrix is to combine it with other tools, such as SWOT analysis , which helps teams identify the company's strengths and weaknesses, as well as market opportunities and threats.
Discover the Product Leadership Course
Do you already work in the Product area and want to take on leadership roles, manage people and directly influence your company's product strategy? Or, do you already work in this role and want to continue qualifying in the area? Then you need to learn about the Product Leadership Course !
The course brings together in-depth content with more than 25 hours of recorded content , made for leaders or senior people in the Product area (more than 3 years of experience).
More than 12 renowned leaders with extensive experience in the Brazilian market share their learnings and cases , transmitting the best practices in people management and product strategy.
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