Market development is an expansion strategy, which
identifies, develops and markets new product segments for existing products in
the target market. A market development strategy aims at reaching non-consuming
users in currently profitable segments. It also targets prospective buyers in
new segments or new niches. A market development strategy involves expanding
the overall potential market through sales of new or improved products.
Companies often rely on internet
marketing development strategies to enhance product
quality, extend service, respond to customer needs, or reduce marketing costs.
Such strategies have become extremely important because of today's global
competitive environment. It is crucial to adopt a new product offering as soon
as it is feasible. Stabling of growth is therefore necessary in order to
maintain or improve market share. The strategy should be flexible and allow for
prompt adjustments as the market conditions change. You can use Gawdo
for best online marketing Strategy.
For successful online
marketing development strategy
implementations, companies must carefully analyze current market conditions as
well as forecast future market trends. By undertaking market analysis and
market research, companies can better understand their competitors' activities
and develop a flexible strategy to take advantage of the competition. Moreover,
companies should be aware of the trends in the various markets so that they can
strengthen their offerings in the new markets.
A market development strategy which focuses on
expanding the target market will help companies expand into new markets where
they may not be targeting. In some instances, a company may be successful at
expanding into a market segment that is not profitable. On the other hand, they
may not have the right products for that particular segment and this will
result in a loss of revenue. It therefore requires a careful strategy
formulation in terms of choosing the right products, markets and personnel to
expand into new markets.
As the target market gets larger, companies may
also want to diversify their target market into new segments such as high-end
IT or healthcare. Facebook already has a large user base in the US and UK, as
well as in Asia and Australia. By opening new accounts in these markets,
companies can tap new users and potential customers. Hence, a market
development strategy which involves Facebook and twitter integration is very
important to be able to expand into these additional markets.
Companies also have the option of developing a
brand strategy that will increase their flexibility and leverage when it comes
to operations. Some companies may want to focus on one geography and use
Facebook and Twitter to reach out to a different set of users. Thus, a strong
market development strategy should include a geographic strategy along with a
diversification strategy. A company can easily identify geographical areas by
analyzing the marketing trends. In addition, Facebook and twitter can help to
target users in different geographical locations which will increase a
company's reach and hence diversify its market offerings.
A good market development strategy should not just
focus on the acquisition of new clients but should also provide solutions to
existing customers. For example, a distribution channel should look at how they
can improve their workflow and streamline operations to improve the rate at
which they deliver products. This would lead to customer retention, increased
profitability and more repeat sales. A company should also consider how they
can increase customer loyalty by changing their distribution channels so that
they offer products only to existing customers or prospective customers. This
is an excellent way to build a brand through a distribution channel.
Lastly, a market development strategy should
include the identification of opportunities in low-end markets. There are many
low-end products that companies can make money from but which normally
companies would rather not enter because the margins are low. Facebook and
Twitter can help identify these markets where there is little competition and
plenty of untapped opportunity. For example, by using Facebook to find
potential customers who have similar interests to yours, you can target people
who are already interested in your product and/or services. You may also be
able to attract new customers to your business through recommendations from
your existing customers through the social network.
