Business Development to keep innovating
It is eminent for any healthy organization to continuously renew itself, hence innovate. Without innovating, an organization is bound to end up with commoditized portfolio or markets leading to shrunk margins, fierce competition and razor thin results.
Innovating and developing the organization and its marketing can basically take place along to axes:
- Product or portfolio
- Market or application area
Combining both options gives us a 2 X 2 matrix of options, often used and referred to as the Ansoff matrix:
Ansoff basically tells us that we can
- Choose to innovate our portfolio or proposition. This often applies in technically rapidly developing markets, such as ICT. Even without renewing the customer base, there is a constant flow of new turnover that can be derived from marketing novel propositions and products; the portfolio diversification strategy.
- Choose to innovate the customers or target audience. A diversification in target audience can be endeavored by consistently pursuing new markets and prospects. Also this market diversification strategy can result from an approaching of new channels and dealers that serve adjacent niches to our current one. Being exposed to a somewhat alien portfolio may already be innovative enough for a new segment.
Marketing4B2B has been through many of these market and portfolio diversifications for a host of companies !