{"id":25509,"date":"2022-08-14T10:43:44","date_gmt":"2022-08-14T07:43:44","guid":{"rendered":"https:\/\/affise.com\/?p=25509"},"modified":"2025-07-17T15:32:16","modified_gmt":"2025-07-17T12:32:16","slug":"what-are-the-four-growth-strategies","status":"publish","type":"post","link":"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/","title":{"rendered":"What are the Four Growth Strategies?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25509\" class=\"elementor elementor-25509\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-90ee799 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"90ee799\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eb83a4a\" data-id=\"eb83a4a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8400aff elementor-widget elementor-widget-text-editor\" data-id=\"8400aff\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">Pretty much all <\/span><span style=\"font-weight: 400;\">business owners<\/span><span style=\"font-weight: 400;\"> want to see their company grow. From <\/span><span style=\"font-weight: 400;\">small businesses<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">startups<\/span><span style=\"font-weight: 400;\"> to giant multinational corporations, increasing revenue and gaining <\/span><span style=\"font-weight: 400;\">new customers<\/span><span style=\"font-weight: 400;\"> are two of the fundamental business goals that most companies share.<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">growth strategy<\/span><span style=\"font-weight: 400;\"> is a plan of action businesses use to navigate and achieve their expansion goals. Throughout this post, we\u2019ll be looking at four different strategies for growth inspired by something known as the <\/span><span style=\"font-weight: 400;\">Ansoff Matrix<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">Of course, here at Affise, we\u2019re in the business of performance-based partner marketing. As such, we\u2019ll double down on how tools such as <\/span><a href=\"https:\/\/affise.com\/reach\/\"><span style=\"font-weight: 400;\">Affise Reach<\/span><\/a><span style=\"font-weight: 400;\"> can be used to implement strategies for <\/span><span style=\"font-weight: 400;\">business growth<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><h2><span style=\"font-weight: 400;\">What Is the <\/span><span style=\"font-weight: 400;\">Ansoff Matrix<\/span><span style=\"font-weight: 400;\">?<\/span><\/h2><p><span style=\"font-weight: 400;\">When it comes to the different <\/span><span style=\"font-weight: 400;\">types of growth strategies<\/span><span style=\"font-weight: 400;\">, there\u2019s one name that gets bandied about a lot: H. Igor Ansoff.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Known by many as the father of strategic management, Ansoff was an applied mathematician and business manager who published numerous influential studies. His contributions to the field of business planning and management are recognized as having helped to shape the corporate strategies of some of the most successful <\/span><span style=\"font-weight: 400;\">entrepreneurs<\/span><span style=\"font-weight: 400;\"> and biggest companies in the world.<\/span><\/p><p><span style=\"font-weight: 400;\">One of the most well-known tools that Ansoff developed to enable business leaders and managers to strategize better is the <\/span><span style=\"font-weight: 400;\">Ansoff Matrix<\/span><span style=\"font-weight: 400;\">. Also known as the product and <\/span><span style=\"font-weight: 400;\">market expansion<\/span><span style=\"font-weight: 400;\"> grid, the <\/span><span style=\"font-weight: 400;\">Ansoff Matrix<\/span><span style=\"font-weight: 400;\"> allows managers to identify, develop, and articulate their strategies for growth.<\/span><\/p><p><span style=\"font-weight: 400;\">In a 1957 paper, Ansoff defined a product-market strategy as &#8220;a joint statement of a <\/span><span style=\"font-weight: 400;\">product line<\/span><span style=\"font-weight: 400;\"> and the corresponding set of missions which the products are designed to fulfill&#8221;. In the paper, he describes four means of growing an organization that corresponds to the four quadrants of a product-market matrix.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The four strategies Ansoff identifies are <\/span><span style=\"font-weight: 400;\">market penetration<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">product development<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">market development<\/span><span style=\"font-weight: 400;\">, and <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">. As you move along each axis, from known\/existing to unknown\/new, the risk of the strategy increases.<\/span><\/p><p><span style=\"font-weight: 400;\">In the rest of this post, we\u2019ll be looking at how these strategies can be applied to achieve your business\u2019 <\/span><span style=\"font-weight: 400;\">growth goals<\/span><span style=\"font-weight: 400;\">. Because it\u2019s precisely what we do, we\u2019ll be paying extra consideration to how the different strategies work within the context of partner marketing.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6be86ba elementor-widget elementor-widget-html\" data-id=\"6be86ba\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\r\n.blog-intro .blog-intro__title_center {\r\n    top: 30%;\r\n    max-width: 500px;\r\n    margin: 0;\r\n}\r\n<\/style>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af040ac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af040ac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-feb4c57\" data-id=\"feb4c57\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb92815 elementor-widget elementor-widget-image\" data-id=\"fb92815\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1004\" height=\"720\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/ansoff-matrix.jpg\" class=\"attachment-large size-large wp-image-25513\" alt=\"ansoff matrix\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (commons.wikimedia.org)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8e2ae04 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8e2ae04\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6769af2\" data-id=\"6769af2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67c22b1 elementor-widget elementor-widget-text-editor\" data-id=\"67c22b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><strong>1. Market Penetration<\/strong><\/h3><p><span style=\"font-weight: 400;\">Market penetration<\/span><span style=\"font-weight: 400;\"> refers to an <\/span><span style=\"font-weight: 400;\">expansion strategy<\/span><span style=\"font-weight: 400;\"> that looks to grow the distribution of <\/span><span style=\"font-weight: 400;\">existing products<\/span><span style=\"font-weight: 400;\"> within <\/span><span style=\"font-weight: 400;\">existing markets<\/span><span style=\"font-weight: 400;\">. That\u2019s to say, this <\/span><span style=\"font-weight: 400;\">growth strategy<\/span><span style=\"font-weight: 400;\"> focuses on selling more <\/span><span style=\"font-weight: 400;\">current products<\/span><span style=\"font-weight: 400;\"> to your existing <\/span><span style=\"font-weight: 400;\">customer base<\/span><span style=\"font-weight: 400;\">, growing the overall size of the market, or increasing your <\/span><span style=\"font-weight: 400;\">market share<\/span><span style=\"font-weight: 400;\"> within <\/span><span style=\"font-weight: 400;\">existing market segments<\/span><span style=\"font-weight: 400;\"> by attracting customers from direct competitors.<\/span><\/p><p><span style=\"font-weight: 400;\">As you can see from the matrix, <\/span><span style=\"font-weight: 400;\">market penetration<\/span><span style=\"font-weight: 400;\"> is the lowest risk of the four <\/span><span style=\"font-weight: 400;\">business growth strategies<\/span><span style=\"font-weight: 400;\"> Ansoff identified. This is because it avoids much of the uncertainty associated with developing <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> or attempting to break into <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\">. That doesn\u2019t mean that the success of a <\/span><span style=\"font-weight: 400;\">market penetration strategy<\/span><span style=\"font-weight: 400;\"> can be taken for granted, though.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Business managers and strategists often refer to three common methods of market penetration:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Decreasing prices<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing promotion and distribution efforts<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Acquiring a rival in the same market<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">The second of these methods, increasing promotion and distribution efforts, can be done entirely internally or it can involve external parties. Internal changes could be anything from investing in quality customer service with specialist agents and a <\/span><a href=\"https:\/\/www.dialpad.com\/uk\/features\/toll-free-number\/\"><span style=\"font-weight: 400;\">toll free number<\/span><\/a><span style=\"font-weight: 400;\"> to reorganizing the structure of your sales and marketing teams to improve the customer experience.<\/span><\/p><p><span style=\"font-weight: 400;\">When it comes to growth partnerships, option two is the most utilized means of increasing sales using a <\/span><span style=\"font-weight: 400;\">market penetration strategy<\/span><span style=\"font-weight: 400;\">. It involves introducing offers and discounts on your products to stimulate growth by increasing sales. A partner marketing program in which you partner up with a brand that isn\u2019t a competitor but still caters to the same market is a simple but effective way to achieve this.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e3a5e5f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e3a5e5f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d9d6208\" data-id=\"d9d6208\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-07fc807 elementor-widget elementor-widget-image\" data-id=\"07fc807\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1999\" height=\"1333\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/sale-promotion.jpg\" class=\"attachment-large size-large wp-image-25510\" alt=\"sale promotion\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (pexels.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a72b22e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a72b22e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56e7a48\" data-id=\"56e7a48\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c8bc087 elementor-widget elementor-widget-text-editor\" data-id=\"c8bc087\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">For example, you could partner with media outlets whose audience would naturally be interested in your product. With this approach, a website selling ski gear might offer discounts to subscribers of a winter sports magazine, or a manufacturer of camera lenses could team up with a YouTube channel that reviews photography equipment.<\/span><\/p><p><span style=\"font-weight: 400;\">Affise Reach is a great way to <\/span><a href=\"https:\/\/affise.com\/blog\/category\/updates\/affise-reach-where-brands-and-agencies-partner-up\/\"><span style=\"font-weight: 400;\">connect with partners<\/span><\/a><span style=\"font-weight: 400;\"> that are relevant to your <\/span><span style=\"font-weight: 400;\">target market<\/span><span style=\"font-weight: 400;\">. It makes it easy to identify and build the partnerships that will help you increase your brand visibility within its <\/span><span style=\"font-weight: 400;\">current market<\/span><span style=\"font-weight: 400;\">, and can provide just the nudge needed to convince undecided buyers to choose your product over a competitor\u2019s.<\/span><\/p><p><span style=\"font-weight: 400;\">Building partnerships as part of a <\/span><span style=\"font-weight: 400;\">market penetration strategy<\/span><span style=\"font-weight: 400;\"> is a great way to increase the reach of your brand without needing to expand into unfamiliar markets. Gaining <\/span><span style=\"font-weight: 400;\">referrals<\/span><span style=\"font-weight: 400;\"> from relevant partners can be key to driving growth within the market by increasing your overall <\/span><span style=\"font-weight: 400;\">market share<\/span><span style=\"font-weight: 400;\"> and even opening up <\/span><span style=\"font-weight: 400;\">new segments<\/span><span style=\"font-weight: 400;\"> of that demographic to you.<\/span><\/p><h3><strong>2. Product Development<\/strong><\/h3><p><span style=\"font-weight: 400;\">The next quadrant of the <\/span><span style=\"font-weight: 400;\">Ansoff Matrix<\/span><span style=\"font-weight: 400;\"> identifies a <\/span><span style=\"font-weight: 400;\">growth plan<\/span><span style=\"font-weight: 400;\"> that is centered on introducing <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">existing markets<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">product development strategy<\/span><span style=\"font-weight: 400;\"> involves developing new and improved products for an existing <\/span><span style=\"font-weight: 400;\">customer base<\/span><span style=\"font-weight: 400;\"> made up of <\/span><span style=\"font-weight: 400;\">current customers<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">potential customers<\/span><span style=\"font-weight: 400;\"> who already own or are in the market for something similar.<\/span><\/p><p><span style=\"font-weight: 400;\">Product development strategies<\/span><span style=\"font-weight: 400;\"> can be divided into four main types:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investing in the research and development of additional products<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchasing intellectual property rights to an <\/span><span style=\"font-weight: 400;\">existing product<\/span><span style=\"font-weight: 400;\"> developed by another company<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buying generic products and adjusting them with your own branding<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Developing <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> in collaboration with business partners<\/span><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-328400c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"328400c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-06ca5c1\" data-id=\"06ca5c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cc674bf elementor-widget elementor-widget-image\" data-id=\"cc674bf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1049\" height=\"723\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/product-life-cycle.png\" class=\"attachment-large size-large wp-image-25516\" alt=\"product life cycle\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (pacific-research.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1cec76d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1cec76d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f276cc8\" data-id=\"f276cc8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a2d97c elementor-widget elementor-widget-text-editor\" data-id=\"0a2d97c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Different industries have different standards when it comes to the <\/span><span style=\"font-weight: 400;\">product development<\/span> <span style=\"font-weight: 400;\">lifecycle<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Some products are typically updated on an annual or seasonal basis, while some are sold as one-off items and the manufacturer then moves on to the next product. In other industries, continuous <\/span><span style=\"font-weight: 400;\">product development<\/span><span style=\"font-weight: 400;\"> is the norm. Knowing which model best suits your business is a matter of understanding your innovation and development capacities, as well as the needs of your different <\/span><span style=\"font-weight: 400;\">customer segments<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">Businesses that want to pursue a <\/span><span style=\"font-weight: 400;\">product development strategy<\/span><span style=\"font-weight: 400;\"> need to have a strong understanding of market conditions and customer needs. As such, carrying out effective <\/span><span style=\"font-weight: 400;\">market research<\/span><span style=\"font-weight: 400;\"> is an essential component of this approach.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">There are several ways to gain an understanding of the kinds of new and improved products that would appeal to markets that you already operate within.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">One way is to directly survey your existing customers and ask them about what features they would like you to add to existing offerings, or what <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> they would be interested in purchasing from your business.<\/span><\/p><p><span style=\"font-weight: 400;\">Another way is to tap into your pre-existing data sources using business intelligence software such as the <\/span><a href=\"https:\/\/affise.com\/blog\/category\/updates\/affise-bi-integrates-with-appsflyer-pull-api\/\"><span style=\"font-weight: 400;\">Affise BI<\/span><\/a><span style=\"font-weight: 400;\"> suite of data tools.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Most businesses, but especially those that are ecommerce-based, collect valuable customer data that can be used for <\/span><span style=\"font-weight: 400;\">product development<\/span><span style=\"font-weight: 400;\">. If your data streams are well aligned, business intelligence and predictive market analytics can help you forecast which variations and changes to your <\/span><span style=\"font-weight: 400;\">product lines<\/span><span style=\"font-weight: 400;\"> would be the most successful.<\/span><\/p><h3><strong>3. Market Development<\/strong><\/h3><p><span style=\"font-weight: 400;\">While a <\/span><span style=\"font-weight: 400;\">product development strategy<\/span><span style=\"font-weight: 400;\"> is based on introducing <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">existing markets<\/span><span style=\"font-weight: 400;\">, a <\/span><span style=\"font-weight: 400;\">market development strategy<\/span><span style=\"font-weight: 400;\"> centers around introducing <\/span><span style=\"font-weight: 400;\">existing products<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">There are several ways to go about developing <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\">. You could introduce your product in a new geographic location. Or you could adjust your <\/span><span style=\"font-weight: 400;\">growth marketing<\/span><span style=\"font-weight: 400;\"> and sales strategy in a location in which you already operate so as to appeal to a different <\/span><span style=\"font-weight: 400;\">demographic<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ddf9a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ddf9a2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21c0f3e\" data-id=\"21c0f3e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89d8996 elementor-widget elementor-widget-image\" data-id=\"89d8996\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1702\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/market-development.png\" class=\"attachment-large size-large wp-image-25517\" alt=\"market development\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (pixabay.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-58279bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"58279bb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bb097e7\" data-id=\"bb097e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-654fbf0 elementor-widget elementor-widget-text-editor\" data-id=\"654fbf0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">market development strategy<\/span><span style=\"font-weight: 400;\"> is most likely to succeed if one or more of the following four statements applies:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You have a unique product you can leverage in the <\/span><span style=\"font-weight: 400;\">new market<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You benefit from economies of scale if you increases output<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\"> is not too different from the one you already have experience of<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The buyers in the market are intrinsically profitable<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">Changing your sales strategy so that you employ new <\/span><span style=\"font-weight: 400;\">distribution channels<\/span><span style=\"font-weight: 400;\"> will increase the number of <\/span><span style=\"font-weight: 400;\">potential customers<\/span><span style=\"font-weight: 400;\"> who encounter your product while shopping. This could mean creating partnerships with new physical or online retailers or introducing your product on a new platform.<\/span><\/p><p><span style=\"font-weight: 400;\">There are also plenty of ways to incorporate different <\/span><a href=\"https:\/\/affise.com\/blog\/ecommerce-marketing-strategies-technologies\/\"><span style=\"font-weight: 400;\">strategies and technologies for ecommerce Marketing<\/span><\/a><span style=\"font-weight: 400;\"> into a <\/span><span style=\"font-weight: 400;\">market development<\/span><span style=\"font-weight: 400;\"> approach to <\/span><span style=\"font-weight: 400;\">business growth<\/span><span style=\"font-weight: 400;\">. For example, you could modify your digital marketing tactics so that you increase your <\/span><span style=\"font-weight: 400;\">social media<\/span><span style=\"font-weight: 400;\"> visibility on different channels.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Many digital marketers don\u2019t even realize when their <\/span><span style=\"font-weight: 400;\">social media<\/span><span style=\"font-weight: 400;\"> marketing is stuck in a rut. Diversifying your approach to include new and different platforms is a simple yet effective way to increase your brand\u2019s online reach.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The best <\/span><span style=\"font-weight: 400;\">social media<\/span><span style=\"font-weight: 400;\"> strategies combine paid advertising and a focus on more <\/span><span style=\"font-weight: 400;\">organic growth<\/span><span style=\"font-weight: 400;\"> and earned media value. As well as diversifying the platforms you engage with, broadening your <\/span><span style=\"font-weight: 400;\">social media<\/span><span style=\"font-weight: 400;\"> horizons can also include exploring <\/span><span style=\"font-weight: 400;\">new uses<\/span><span style=\"font-weight: 400;\"> for <\/span><span style=\"font-weight: 400;\">social media<\/span><span style=\"font-weight: 400;\"> sites where you already have a presence.<\/span><\/p><p><span style=\"font-weight: 400;\">Before carrying out <\/span><span style=\"font-weight: 400;\">market development<\/span> <span style=\"font-weight: 400;\">initiatives<\/span><span style=\"font-weight: 400;\">, you should have a good understanding of the current playing field. This includes getting to know any existing competition in the <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\"> and getting a feel for what <\/span><span style=\"font-weight: 400;\">share of the market<\/span><span style=\"font-weight: 400;\"> is up for grabs.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0a65663 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a65663\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8e42b42\" data-id=\"8e42b42\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ec4b66d elementor-widget elementor-widget-image\" data-id=\"ec4b66d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"953\" height=\"627\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/marke-penetration.png\" class=\"attachment-large size-large wp-image-25511\" alt=\"marke penetration\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (ihdigital.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8a6e7c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8a6e7c4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-277c0d0\" data-id=\"277c0d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d8900ee elementor-widget elementor-widget-text-editor\" data-id=\"d8900ee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Compared to a <\/span><span style=\"font-weight: 400;\">market penetration strategy<\/span><span style=\"font-weight: 400;\">, a <\/span><span style=\"font-weight: 400;\">market development<\/span><span style=\"font-weight: 400;\"> typically requires a greater level of investment. Accordingly, this strategy comes with a higher risk factor. After all, if investment in a <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\"> opportunity doesn\u2019t pay off, companies can suffer significant losses.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Just as <\/span><span style=\"font-weight: 400;\">product development<\/span><span style=\"font-weight: 400;\"> can be more or less risky depending on how similar the planned <\/span><span style=\"font-weight: 400;\">new product<\/span><span style=\"font-weight: 400;\"> is to your current offerings, you can mitigate some of the risks of a <\/span><span style=\"font-weight: 400;\">market development strategy<\/span><span style=\"font-weight: 400;\"> by staying close to markets within which you already operate. In other words, a strategy that intends to breach entirely <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\"> with no precedent for similar product campaigns will carry more risk than one that attempts to break a <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\"> that shares something in common with a more familiar, known market.<\/span><\/p><p><span style=\"font-weight: 400;\">Of course, the higher risk approach does come with its potential rewards. Entering totally unfamiliar markets paths the way for more innovative and imaginative <\/span><a href=\"https:\/\/affise.com\/blog\/benefits-of-ecommerce-partnerships\/\"><span style=\"font-weight: 400;\">eCommerce marketing partnerships<\/span><\/a><span style=\"font-weight: 400;\"> as existing players in the field are less likely to perceive your brand as a competitor.<\/span><\/p><h3><strong>4. Diversification<\/strong><\/h3><p><span style=\"font-weight: 400;\">The final quadrant of the <\/span><span style=\"font-weight: 400;\">Ansoff matrix<\/span><span style=\"font-weight: 400;\"> refers to <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">. A <\/span><span style=\"font-weight: 400;\">diversification strategy<\/span><span style=\"font-weight: 400;\"> requires you to both develop a <\/span><span style=\"font-weight: 400;\">new product<\/span><span style=\"font-weight: 400;\"> and to enter a <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">diversification strategy<\/span><span style=\"font-weight: 400;\"> has been the driving force behind some of the growth greatest success stories in business.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Consider, for example, that Samsung first started life as a small trading company dealing in groceries. These days, the Samsung group of companies is one of the largest in the world. Its <\/span><span style=\"font-weight: 400;\">product lines<\/span><span style=\"font-weight: 400;\"> range from life insurance to consumer electronics, and it has an industrial portfolio that spans everything from shipbuilding to the manufacture of <\/span><a href=\"https:\/\/www.dialpad.com\/uk\/glossary\/cloud-pbx\/\"><span style=\"font-weight: 400;\">cloud PBX solution<\/span><\/a><span style=\"font-weight: 400;\">\u00a0equipment.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3295b10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3295b10\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e54f001\" data-id=\"e54f001\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eab9167 elementor-widget elementor-widget-image\" data-id=\"eab9167\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1999\" height=\"1333\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/diversification.jpg\" class=\"attachment-large size-large wp-image-25512\" alt=\"diversification\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (pexels.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ebf45ca elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ebf45ca\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b73eee\" data-id=\"2b73eee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d672ac2 elementor-widget elementor-widget-text-editor\" data-id=\"d672ac2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Business managers and strategists talk about two kinds of <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">: related <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\"> and unrelated <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Related <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\"> is when a company stays within a familiar market or extends an <\/span><span style=\"font-weight: 400;\">existing product line<\/span><span style=\"font-weight: 400;\"> with new variations in order to appeal to different customers. The key to related <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\"> is that ultimately the business does not stray too far from its field of expertise and retains common similarities among its product line.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Many companies look to diversify their product offering and tap into <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\"> once they\u2019ve built a good reputation for their initial product or range of products.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A good example of related <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\"> is the kitchen appliance manufacturer Kenwood.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A company that started out making toasters, over the years Kenwood have diversified their product range to include kettles, mixers, blenders, and other, mostly electronic, cooking utensils. The various items they make all have different uses and components, and might require completely different manufacturing capacities. But because they all adhere to a recognizable theme, Kenwood has managed to cultivate a solid reputation.<\/span><\/p><p><span style=\"font-weight: 400;\">Unrelated <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">, on the other hand, involves extending into a market or industry that you have little prior experience with.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Often unrelated <\/span><span style=\"font-weight: 400;\">diversification strategies<\/span><span style=\"font-weight: 400;\"> are pursued as the result of companies spotting an opportunity through an existing campaign. For example, Ferrari releases a fashion line twice yearly. But before they entered the world of fashion, they were already producing clothing as merchandise, so were not completely inexperienced in the sphere of clothes design.<\/span><\/p><p><span style=\"font-weight: 400;\">Ask yourself what kind of growth opportunities could be extracted from <\/span><i><span style=\"font-weight: 400;\">your<\/span><\/i><span style=\"font-weight: 400;\"> existing business processes? With this question in mind, a <\/span><a href=\"https:\/\/kissflow.com\/workflow\/bpm\/benefits-of-business-process-management-bpm\/\"><span style=\"font-weight: 400;\">business process management system<\/span><\/a><span style=\"font-weight: 400;\"> can help you to optimise these processes for growth and identify potential areas for <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">There\u2019s no easy distinction between related and unrelated <\/span><span style=\"font-weight: 400;\">diversification<\/span><span style=\"font-weight: 400;\">. Rather, think of <\/span><span style=\"font-weight: 400;\">diversification strategies<\/span><span style=\"font-weight: 400;\"> as sitting on a scale. At one end of the scale is the development of products and markets that are broadly similar to preexisting ones. At the other end is the development of products and markets that are completely different from those you are already familiar with.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ecc02ea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ecc02ea\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-006ced3\" data-id=\"006ced3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24fc9b9 elementor-widget elementor-widget-image\" data-id=\"24fc9b9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"535\" height=\"253\" src=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/strategic-planning.jpg\" class=\"attachment-large size-large wp-image-25515\" alt=\"strategic planning\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source (dummies.com)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6bba690 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6bba690\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d43dd3b\" data-id=\"d43dd3b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-812e827 elementor-widget elementor-widget-text-editor\" data-id=\"812e827\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">diversification strategy<\/span><span style=\"font-weight: 400;\"> lends itself to collaborative partnerships both between <\/span><span style=\"font-weight: 400;\">business units<\/span><span style=\"font-weight: 400;\"> within the same company and between different companies.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">When developing <\/span><span style=\"font-weight: 400;\">new products<\/span><span style=\"font-weight: 400;\"> and entering <\/span><span style=\"font-weight: 400;\">new markets<\/span><span style=\"font-weight: 400;\"> it can help to have partners who are able to distribute offers to their own <\/span><span style=\"font-weight: 400;\">customer base<\/span><span style=\"font-weight: 400;\">. This will encourage first-time customers to try your brand and can help drive sales, especially at the start.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">If you choose to engage in multiple partnerships as part of a <\/span><span style=\"font-weight: 400;\">diversification<\/span> <span style=\"font-weight: 400;\">initiative<\/span><span style=\"font-weight: 400;\">, it helps to use a tool like <\/span><a href=\"https:\/\/affise.com\/cpapi\/\"><span style=\"font-weight: 400;\">CPAPI<\/span><\/a><span style=\"font-weight: 400;\"> that helps you to transfer offer data from multiple campaigns into a single system.<\/span><\/p><h2><span style=\"font-weight: 400;\">Things to Consider When Choosing a <\/span><span style=\"font-weight: 400;\">Growth Strategy<\/span><\/h2><p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">Ansoff matrix<\/span><span style=\"font-weight: 400;\"> is a useful tool for organizations that need to identify and explore their growth options. One of its major strengths is that it helps to visualize the different risks associated with possible strategic directions.<\/span><\/p><p><span style=\"font-weight: 400;\">To make the most informed decision regarding which strategy is best for your business, you should first carry out a thorough risk analysis. This involves analyzing potential financial losses and forecasting what effect a failed strategy will have on all relevant performance <\/span><span style=\"font-weight: 400;\">metrics<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">A comprehensive competitor analysis should also be carried out when assessing the risks of entering a <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\">. This will provide the important strategic context you need to identify areas of opportunity and possible threats posed by other businesses.<\/span><\/p><p><span style=\"font-weight: 400;\">Of course, with any business strategy, anticipating difficulties and employing the best tools for the job can help to alleviate some of the risks. For example, when updating software to meet the growth demands of a <\/span><span style=\"font-weight: 400;\">new market<\/span><span style=\"font-weight: 400;\">, ensure you follow a coordinated <\/span><a href=\"https:\/\/affise.com\/blog\/affiliate-program-migration-how-to-migrate-to-affise\/\"><span style=\"font-weight: 400;\">platform migration<\/span><\/a><span style=\"font-weight: 400;\"> plan that won\u2019t inhibit the smooth functioning of your vital business systems.<\/span><\/p><p><span style=\"font-weight: 400;\">It also pays to remain open-minded and not allow your business approach to become strategically pigeonholed by always trying to conform only to one quadrant of the <\/span><span style=\"font-weight: 400;\">Ansoff matrix<\/span><span style=\"font-weight: 400;\">. Some strategies might not easily fit within one of the four types discussed here. And that\u2019s fine. The product-market grid is a way of visualizing and articulating different approaches and their associated risks. It isn\u2019t a prescriptive device intended to close off potential routes to growth.<\/span><\/p><p><span style=\"font-weight: 400;\">Keep in mind that the <\/span><span style=\"font-weight: 400;\">Ansoff matrix<\/span><span style=\"font-weight: 400;\"> doesn\u2019t account for the challenges that <\/span><span style=\"font-weight: 400;\">growth strategies<\/span><span style=\"font-weight: 400;\"> can create for your current operational model. By diverting resources into any of the strategies discussed, you also risk that the performance of your existing business processes will suffer.<\/span><\/p><p><span style=\"font-weight: 400;\">Ultimately, the key to scaling any business successfully is doing so in a sustainable way. This is the very reason why managers make business plans &#8211; so that they can anticipate and take advantage of growth opportunities but also prepare your business for the planned growth.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Pretty much all business owners want to see their company grow. From small businesses and startups to giant multinational corporations, increasing revenue and gaining new customers are two of the fundamental business goals that most companies share. A growth strategy is a plan of action businesses use to navigate and achieve their expansion goals. Throughout [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":25778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1,175,51],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Four Growth Strategies?<\/title>\n<meta name=\"description\" content=\"Discover the four key growth strategies\u2014market penetration, product development, market development, and diversification\u2014to scale your business effectively.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Four Growth Strategies?\" \/>\n<meta property=\"og:description\" content=\"Discover the four key growth strategies\u2014market penetration, product development, market development, and diversification\u2014to scale your business effectively.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/\" \/>\n<meta property=\"og:site_name\" content=\"Affise\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/getaffise\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-14T07:43:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-17T12:32:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/What-are-the-Four-Growth-Strategies__blog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"3420\" \/>\n\t<meta property=\"og:image:height\" content=\"1395\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Affise Academy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/What-are-the-Four-Growth-Strategies__blog.png\" \/>\n<meta name=\"twitter:creator\" content=\"@GetAffise\" \/>\n<meta name=\"twitter:site\" content=\"@GetAffise\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Affise Academy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/\"},\"author\":{\"name\":\"Affise Academy\",\"@id\":\"https:\/\/affise.com\/#\/schema\/person\/df18ec4c7cd397cc0730d187e38a948f\"},\"headline\":\"What are the Four Growth Strategies?\",\"datePublished\":\"2022-08-14T07:43:44+00:00\",\"dateModified\":\"2025-07-17T12:32:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/\"},\"wordCount\":2624,\"publisher\":{\"@id\":\"https:\/\/affise.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/affise.com\/blog\/what-are-the-four-growth-strategies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/affise.com\/wp-content\/uploads\/2022\/08\/What-are-the-Four-Growth-Strategies__blog.png\",\"articleSection\":[\"Events\",\"Success Hacks\",\"Tips &amp; 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