What is and how to make an Ansoff Matrix

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The Ansoff matrix was created in the 20th century by the Russian Igor Ansoff, a professor of engineering and mathematics, who believed that organizations should observe their context to optimize their practices and grow.

He thus developed a matrix capable of outlining the routes for the development of the company taking into account its macro reality. Its structure is very simple, since it consists of 2 axes:

Product . Every company has a star product, but sometimes there is the possibility of creating another new product that may be a different version of the existing one.
Market . There is the traditional market made up of regular customers and the new market, which is uncharted waters but can generate huge profits.
Once you understand these two concepts, here are the steps to philippines consumer email list follow to create an Ansoff matrix:

Gather your information . You need specific numbers about your market, such as age, gender, country, and product data such as price, sales, or market segmentation.
Once you know your customers, you already know what you can offer. Add to that the 4 key points: market penetration, product development, market expansion and diversification.

Review the current market and product . It is a safe strategy and it is not about innovating, but about increasing sales and current consumers. It is also about attracting customers from the competition, building loyalty and offering promotions.
Traditional market + new product . The idea is to create new products or services that your customers need, want or can buy. Since it is the same market, the proposal is usually not very different from the current one.
There is a risk of not being successful, but it won't have as much of an impact because you are targeting clients you already know.

New market + traditional product . The strategy is carried out when you want other markets to know about your product. It can be a different age range of the customer or different countries.
New markets + new products . This is a risky strategy. The goal is to offer new products or services to unexplored markets. It is sometimes used as an aggressive action for growth and expansion.