Growth by Expanding Product Ranges – The Ansoff Matrix
In this 6,000-word comprehensive guide, we use the Ansoff Matrix to explore the hidden growth potential in your product ranges and business. We’ll discuss how eCommerce has made “no-go” areas of expansion the “go-to” place for businesses experiencing exponential global growth.
This whitepaper walks you through the strategic growth options for your business and gives practical guidance and examples. It will challenge your current thinking and demonstrate why eCommerce makes expanding into previously designated high-risk areas much more accessible.
In reading this whitepaper, you’ll get a full overview of:
- The Ansoff Matrix and how you can apply it to your eCommerce product expansion strategy
- The strategic planning considerations for each of the 4 product line expansion strategies
- Clear practical examples of how to apply these strategies to your product offering
- Understanding how you can deploy these strategies to boost your growth and increase sales
We explain how extending your existing product range, doubling down on your best sellers, and expanding your product lines fit into the overall growth strategy. Discover why technology is key in creating seamless online experiences when increasing product ranges.
Whether you’re selling new products to existing customers or selling existing products to new markets, having streamlined processes is key. Processes such as creating, validating, and optimizing your product data, images/videos, and supporting documents for different target markets can be totally streamlined with PIM. As such, it’s an essential tool to consider if you’re looking to extend your product mix.
~20 min read (circa 7000 words)
Access the whitepaper for free now: Growth by Expanding Product Ranges – The Ansoff Matrix:
What is the Ansoff Matrix and why should I care?
The Ansoff matrix is a simple effective tool that can help businesses weigh the options and risks involved when making strategic growth decisions. The matrix outlines four possible avenues for growth, which vary in terms of risk. If you ignore these principles, you may be implementing high-risk strategies when an easier growth path exists.
Why should you expand your product range?
You have invested heavily in your brand to create a loyal customer base who trust you and enjoy the products and services you delight them with. Extending your product ranges into similar or adjacent lines that resonate with your brand will be rewarded by more customers buying more from you. As a result, you’ll see increased average order value and revenues.
The advantages of product range expansion
Adding new product ranges drives customer loyalty, increases basket size, and accelerates new customer acquisition. Whether you’re selling new products to existing markets or expanding your product reach across new markets, product range expansion is a surefire way to gain a true competitive edge. Overall, it gives your customers more reason to keep coming back and recommend your brand to others.
How do I get the most from a product range expansion strategy?
A successful product range expansion will be heavily dependent on you leveraging the resources you have to hand, as well as making the most of various distribution channels. In other words, it will increase the complexity of your business. So, deploying the right technology will enable you to accelerate growth and outpace your competition.
Brands driving growth with Pimberly:
Access the whitepaper for free now: Growth by Expanding Product Ranges – The Ansoff Matrix:
The benefits of product variety are vast, however, project management plays an essential role in the success of your product range expansion strategy. When you get your products to market ahead of your competitors, you’ll strengthen your position as the go-to online retailer for anyone looking to make their latest purchase. This whitepaper will equip you with everything you need to know about extending your product scope to drive growth and more online sales. All in all, you’ll discover how to create a scalable, sustainable business model that enables you to grow your eCommerce offering.