{"id":42,"date":"2010-04-17T00:45:42","date_gmt":"2010-04-17T00:45:42","guid":{"rendered":"http:\/\/www.baader-meinhof.com\/baaderblog\/?p=42"},"modified":"2022-10-25T16:16:48","modified_gmt":"2022-10-25T16:16:48","slug":"chuck-huffman-and-vicki-burkholder-interview","status":"publish","type":"post","link":"https:\/\/www.baader-meinhof.com\/baaderblog\/?p=42","title":{"rendered":"Chuck Huffman"},"content":{"rendered":"
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Business Growth Strategies: 8 Steps to Take Your Business Global<\/h1>\n
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\u200b\u200bGrowing a business is an exciting prospect for many entrepreneurs, yet doing so requires enough research and preparation to execute the growth without letting it get out of hand, read more about\u00a0customer experience management<\/a><\/em>.<\/p>\n

Business growth strategies can help entrepreneurs identify actionable, direct ways to do so. They pinpoint your overarching goals with which you\u2019ll build your course of action and provide insight into how you\u2019re looking to approach your new product or market. This can be especially helpful for global growth, which requires careful planning to execute.<\/p>\n

Entrepreneurs looking to go global may use a growth strategy defined by the Ansoff Growth Matrix.<\/p>\n

What Is the Ansoff Growth Matrix?<\/h2>\n

The\u00a0Ansoff Matrix\u00a0is a business growth strategy model that can guide entrepreneurs to the type of growth they\u2019re looking for. The matrix defines business growth by various pairings of new products vs. new markets, encapsulating the many different ways entrepreneurs can build.<\/p>\n

Nailing down which type of growth you\u2019re aiming for can help you decide how to evolve your business as you go global. The types of growth strategies defined by the Ansoff Matrix are the following:<\/p>\n

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Market Penetration<\/h2>\n

To put it simply, market penetration is entering an existing market with a similar product to those already being offered. The goal with a market penetration strategy is to enter an already thriving market and siphon some of the customer base away from those already competing in the space.<\/p>\n

Step to Success:<\/b>\u00a0Adjust pricing to compete with a major player in your market.<\/p>\n

Market Development<\/h2>\n

Market development (also known as market expansion) involves taking your existing product and expanding it into new markets to attract a new customer base. In contrast to market penetration, market development involves a little more creativity because it forces the business owner to think of alternate ways their product could be used and additional demographics who could benefit from it.<\/p>\n

Step to Success:<\/b>\u00a0Conduct thorough market research to determine whether your new target will be a good fit.<\/p>\n

Diversification<\/h2>\n

A diversification strategy could appeal to business leaders who don\u2019t mind a little risk. This strategy involves developing new product lines for new markets, diversifying your portfolio while trying to bring in new customers. Companies usually diversify to make more money in markets that they previously weren\u2019t hitting.<\/p>\n

Step to Success:<\/b>\u00a0Pay attention to what markets are experiencing rapid growth to identify ways you can enter.<\/p>\n

Product Development<\/h2>\n

In a product development strategy, a business stays within their current market but creates a new product or modifies an existing one to attract new customers and increase their share of the market. While this cuts out the risk of entering a new market altogether, product development is still a riskier growth strategy that will involve careful planning because it involves the creation of something new.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n

http:\/\/www.mustardayonnaise.com\/BaaderMeinhofWP\/wp-content\/uploads\/podcasts\/BMCast13.mp3<\/a><\/audio><\/div>

Podcast: Play in new window<\/a> | Download<\/a> (Duration: 57:27 — 36.2MB)<\/p>

Subscribe: RSS<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Business Growth Strategies: 8 Steps to Take Your Business Global \u200b\u200bGrowing a business is an exciting prospect for many entrepreneurs, yet doing so requires enough research and preparation to execute the growth without letting it get out of hand, read … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-42","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/posts\/42","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42"}],"version-history":[{"count":3,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/posts\/42\/revisions"}],"predecessor-version":[{"id":150,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=\/wp\/v2\/posts\/42\/revisions\/150"}],"wp:attachment":[{"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.baader-meinhof.com\/baaderblog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}