Sources of growth, the marketing perspective.
As a marketing manager, you tend to view growth from the perspective of customer groups, and there
are basically just three groups your current customers, your competitors, customers and customers
who are new to the category.
Alternatively, you can think of it this way.
You can grow volume or sell more to current customers.
You can grow, share or sell more to competitors customers, or you can grow the market or sell more
to completely new customers.
Let's break this down into more detail.
You can grow sales in markets you currently serve.
You can expand into products that are new to the company.
You can expand into customer groups that are new to the company, and you can expand into markets that
are completely new, not just new to your business, but markets that are new to the world.
I'll expand even further on each of these to add clarity.
Growing sales in your current market, the focus here is creating value for your core customers.
You do this by working with marketing tactics.
For example, you might add new features to your products or optimize pricing.
Production line extensions also qualify, such as adding flavors or new package sizes.
Expanding into products that are new to your company.
You may find that your customers are looking to the competition for certain products you don't currently
offer, let's say you sell traditional desktop computers for gaming.
One way to grow would be to start selling gaming laptops.
So that's your current customers don't need to buy from your competitors.
Expanding into new customer groups, an easy way to grow is to simply sell what you already have to
new markets.
For example, you might start selling your current products in Canada or maybe you start selling to
women instead of just men.
Lastly, you can invest in completely new and innovative products.