Some things are like gold. The older it gets, the more precious it becomes. The Ansoff matrix is quite the same. Developed many decades ago, this strategic planning tool is still extremely relevant and in high use by marketers to create a strategic framework for their GTM plans.
The Ansoff matrix, also known as the product/market expansion grid, consists of four grids, each of which can be constructed efficiently using Bizom.
What: Here, the focus is to increase the sales of existing products in an existing market.
How: Bizom’s MSL and smart basket help clients to penetrate the market even further. Targets can be set at the outlet level or SKU level, and sales teams can know in real-time when targets have been achieved.
The smart basket feature on Bizom provides the salesperson with recommendations for cross-selling products at the outlet, based on the vicinity, type of outlet, and market demand in a similar area. Thus helping companies to fortify their existing position.
What: Here, brands focus on introducing new products in an existing market.
How: Using Bizom’s focus SKUs feature, brands can monitor the product performance of the new products that have been launched with the help of real-time reports that tells how many outlets are buying these products. Also, when retailers don’t place orders for focus products, sales teams can capture the reason for that on the Bizom platform.
With this vital information, companies can then tweak their marketing strategies in time to make their product launch successful.
Brands can also make use of Bizom’s gamification feature, which has shown tremendous success in building motivation among sales teams during new product launches.
What: Here, the focus is on entering a new market with existing products.
How: To achieve this, Bizom’s Eagle Eye brings the perfect solution. This feature recommends which new outlets brands should onboard to increase product sales and also gives recommendations regarding which city/town brands should focus on for launching new products.
What: Here, the focus is on entering new markets with the introduction of new products.
How: When a company is entering new markets with new products, it is important for them to have real-time information so as to take appropriate actions immediately. The Bizom platform is extremely helpful in this as it provides real-time data-driven insights. Bizom’s on-the-go reports and dashboards help organizations to internally democratize the data in order to make quick and impactful decisions.
Thus, while creating a strategic framework using the Ansoff matrix, the most crucial factor is the right data points which can give a clearer picture of the market opportunities and market requirements. With Bizom, brands can get those data points anytime from anywhere making it easier for them to make accurate decisions that can increase revenue and market share.
Need help with your marketing strategy? Reach out to us at email@example.com to know how you can ace your GTM strategy with Bizom.