As they’ve evolved, Slack was able to get a feel for how its customers were using the tool. Take The Guesswork & Stress Out Of Marketing. Some good examples of this development … Competition is fierce, no matter which business you’re in. Become Marketing Strategy … For example, before implementing a market development strategy, you might want to: 1. Gamers like to share notes with other gamers. All Rights Reserved. For additional examples of market development strategy outside of SaaS, we can look to athletic brands such as Adidas and Nike, who continue to expand their global reach and attract new demographics of customers with their existing footwear products. Affiliates … (Definition and Examples), How to Create a Successful SaaS Marketing Strategy for Your Startup, Price Localization Strategy: What Global SaaS Startups Need to Know, Target new customers in your existing market (market penetration); or, Seek to sell into new markets (market development), Whether you have enough resources to expand into a new market, Whether your product will be ultimately successful in this new market, Whether the market is going to be valuable enough to put the resources, budget, and effort into expanding in this direction, Whether the potential new market is already too saturated, or whether you can gain market share and stay competitive. By implementing a market development strategy, the NBA brought televised games to China, where just a decade later it’s become the most popular sports league in the country and worth more than $4 billion. They outline the intentions of the marketing team, specific numbers and provide clear actions to execute. Apple Pages. If you want your potential buyers to be translated into actual clients, it is essential for you to create a real estate development marketing plan … If identifying and developing new market segments is your preferred strategy, careful consideration should be made around: Slack began life as an internal company tool. Once you have your strategy in place, it’s time to decide what tactics are … AJ Agrawal I am a serial entrepreneur, marketer and advisor to Fortune 500 brands. Here are two examples to consider: 1. Market development is the process of entering new markets to expand revenue and reduce concentration risk.This involves identifying a target market and finding a way to sell to them. Marketing strategy is a key element in brand sustainability and profitability. Slack. Include Your Collateral. When Poached enters a new market, it wants to own that market and become the hiring solution for every restaurant and hotel in the region. Ansoff proposed that the four basic growth alternatives he identified could be defined using a 2×2 matrix (known as the Ansoff Matrix) made up of new and existing products on one axis, and new and existing markets on the other. Part of Slack’s market development strategy includes obsessing over user behavior to increase its usage and grow revenue from its existing product. Marketing strategies are long-term, forward-looking approaches to planning. Lighter Capital’s guides have the answers you need. How to Instantly Increase Your Value and Desirability. 2. Aside from using real estate brochures and examples and relying on open house events, there are still a lot of opportunities that you can take in the real estate industry if you want to make the most out of your marketing and sales efforts. is dedicated to providing marketing and management consulting services to small and emerging businesses looking for opportunities to increase their … Improve your existing product? Simply put, a market development strategy can be an excellent choice for business growth. As the founder of a startup, you will undoubtably find yourself forced to make countless important decisions that, collectively, will determine the overall success of your company. Free trials, targeted content marketing, advertising, and experimenting with pricing strategies can be a useful part of your marketing development strategy, as they can encourage non-users in your existing market to become customers. By listening to what their customers want, Slack has been able to make minor changes within its app to attract new users in new markets. In other words, selling to different types of consumers. The NBA has always dominated the relatively large and lucrative market for professional basketball here in the United States, but the league also had the foresight to recognize how much more lucrative business could be if they could successfully bring their product to international markets. 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