If you are spinning your wheels trying to figure out how to grow your brand look no further the answer is here! According to Bizfluent.com there are four proven methods to increase brand recognition; market penetration, product development, market expansion and diversification. Many successful businesses and entrepreneurs apply all four methods in what is known as the Ansoff Matrix.
By inserting your product into the Matrix you are able to determine if you are satisfying all the requirements. If you can successfully meet the requirements the likelihood of your brand gaining more recognition will increase significantly. An example of an organization that was able to implement all four of these methods and increase their brand recognition was Coca-Cola.
Tom Oakley a contributor to TheMarketingAgenda.com provides a steller breakdown of how Coca-Cola was able to get a strong hold on market penetration by pooling a lot of their resources into advertisement during the holidays, specifically Christmas. As a result, most people have fond memories and associations with Coca-Cola during one of the most memorable (profitable) times of the year.
Oakley continues his analysis of Coca-Cola by demonstrating how Coca-Cola easied their way into product development by creating over hundreds of different types of Coca-Cola. There is literally a flavor of Coke for everyone. If you don’t believe me take a trip to the Coca-Cola factory in Atlanta, GA. I went once and tasted so many different flavors I got sick!
Along the same lines as the product development Oakley was able to show how Coca-Cola successfully implemented market expansion. This where you take an existing product and re-brand it. Coke successfully did this with the transformation of Diet Coke to Coke Zero. Same product, same audience, different name.
Finally, Oakley points out how Coca-Cola was able to diversify almost flawlessly. Coca-Cola has all your beverage needs covered. They aren’t just a soda company they make water as well.
Oakley uses a big corporation like Coca-Cola to demonstrate how the Ansoff Matrix works, but as an entrepreneur or a small business owner you can use the Matrix as well to ensure you are growing your brand and leaving a good taste in your customer's mouth. If you are interested in learning how to make the Ansoff Matrix and other proven marketing strategies work in your favor, book a consultation with the professionals as Rush Consulting Firm today!