How to Build a Market Development Strategy [Free Planning Templates]By https://blog.hubspot.com (contrib. Mojified Media)
Your business is getting by just fine – but still, the questions remain: Could you be selling more? Is there an opportunity to increase market penetration? Is there any way you could engage in further product diversification?
Companies hoping to increase revenue can do so in a variety of ways — such as an increase in advertising budget, expanding their sales team, and investing heavily in product development.
However, one of the often overlooked ways to strengthen your gross sales is a purposeful, well-researched, and expertly executed market development strategy.
Market development is the expansion of your total addressable market (TAM) and how much market share you can expect to claim.
A market development strategy can focus on how a business might grow revenue by embracing one or both of the following initiatives: . . .