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Four Basic Ways to Grow Your Business
October 13, 2022 @ 11:00 am
Did you know that there are four basic ways to grow your business?
- Market Penetration – sell more of your current products to the current target market
- Market Development – sell your products to a new market segment (e.g. the government)
- Product Development – sell new products to your existing target market
- Diversification – sell new products into new markets
Each of these strategies carries its own unique set of risks and rewards, which we will explore in this webinar.
Entering into government contracting falls under the “Market Development” strategy if you sell current products to the government, or it could fall under the “Diversification” strategy if you are selling completely new products to a new customer (e.g. the military).
Diversification is riskier than Market Development or Market Penetration. We will talk about the pros and cons of each strategy in relation to government contracting and help you decide which approach is best for your business.