Smart Insights is a digital marketing company. It works as a publisher and have online learning forums, which help the members in managing, planning and optimizing their marketing. The company provides specialized planning downloadable templates, interactive tools, and guides. The company aims to help its customers with increment in sales through digital marketing. This also help them in determining new opportunities for their business growth by digital transformation. The company is serving to more than 150,000 active members and its monthly readerships is over a half million (Smart insights, 2020).
The company whether is small or big always needs growth strategies. Ansoff matrix helps the companies in planning the growth strategies that is suitable for them in combination of products and markets. The Ansoff matrix suggests four combinations of the growth strategies which will be discussed below. Here is the detailed Ansoff matrix of Smart Insights.
Market Penetration
Market penetration is a growth strategy suggested by Ansoff matrix. This strategy encourages the company to increase the sales of current products or services in the current market. This means company has to penetrate in the market deeply. Moreover, this is the least risky strategy. Smart Insight is a digital marketing company who provide the various marketing guides, tools, and materials to its members. The company should grow by penetrating more in the current market. It should be more competitive in digital market to increase the growth. It should decrease the subscription or membership costs in order to improve the customer value. Smart Insights should increase promotion by advertising on different forums and websites. It should offer some good subscription packages to loyal customers. The company will be successful in increasing the customer base and revenue (Mark, 2016).
Product Development
Product Development strategy is another growth strategy suggested by Ansoff matrix. Here the model encourages the company to introduce new product or service for the current customer base or market. Company can relaunch the previous product or service with new features or additional services. It can also introduce different version of the current products. Company has to increase its product or service portfolio. This is also known as product expansion. As Smart Insight is a service provider, it should increase its service portfolio for the customers to increase the market share. Smart Insight is a digital marketing company and it can introduce its online marketing magazine for promoting the businesses of its active members. The company can provide advance marketing services to the companies who outsource the digital marketing agencies for marketing (Hanlon, 2019).
Market Development
Ansoff matrix suggests third growth strategy where company has to introduce itself in the new market with the current products or services. It is also called market expansion, as company is entering in new market where it did not operate before. The market expansion helps the company in increasing the customer base. More the customers will be, more will be the sales. The market expansion can be done in two ways; geographically and demographically. Smart Insights is a digital marketing company serving to members who belongs to different countries. The members of the company are from across the globe. Geographically, the company has expanded much, but it also expanded itself demographically. There are no age or gender limit for being the member. Individual and businesses can avail the opportunity and marketing services from the company (Smart Insight, 2020).
Diversification
Diversification is the riskier strategy among all other growth strategies. It motivates the company to enter or start its operation in completely new market with completely new services or product. It is more like diversifying the risk on more products or services in the portfolio. As Smart Insight is a digital marketing company and provide a huge marketing platform to over 150,000 members, the company can diversify in other market with new service. The company can introduce its online retailing platform where it can sell online books related to marketing or other subjects. The company can increase the promotion among its current members to increase the sales over there. The company can take advantage of its current platform for advertising purpose also (Smart insights, 2020).
References
Hanlon, A. 2019. The Ansoff Model. [Online], Available at: https://www.smartinsights.com/marketing-planning/create-a-marketing-plan/ansoff-model/, [Accessed on: 3rd February, 2020].
Mark, D. 2016. Digital Marketing Strategic Planning Workshop. [Online], Available at: https://www.slideshare.net/DigiMark3/digital-marketing-strategic-planning-workshop, [Accessed on: 3rd February, 2020].
Smart insights, 2020. About us. [Online], Available at: https://www.smartinsights.com/about/, [Accessed on: 3rd February, 2020].