The problem is – there are already too many established players. If you are a startup or a small business, it is not the best advice to start on this mode. But it will provide you results at lower risks. The returns may not be as exciting as the other. Statistically, this approach would yield you a greater % of success. To achieve this, you will need to identify your USP or key selling point. It can be achieved through a lot of ways. It might need a few changes in packaging your sales. This does not need massive innovation in the product or change in the service offering. It simply refers to expanding your sales/market size in the existing market. This is represented by the first quadrant in the Ansoff Matrix. It can also help you understand the key risks facing your market and find a way around it.
Each of these areas defines the strategy you can follow to identify your marketing needs.
