Ansoff Matrix with Video Gallery

What is it?

The Ansoff Matrix was created by H. Igor Ansoff and it helps businesses organize risks and benefits for growth in the company. The quadrants are four different strategies for growth.

When to use

It can be used when you and your team are thinking about growth and the risks that come with it. Using it will provide clarity to what you need to do in order to reach bigger audiences and increase profits.

How to use

Understand each growth strategy and what content goes into each.
Market Penetration: This is where you are least at risk. For this quadrant, focus on your existing market and product and how you can grow from the confines of what you are already familiar with.
Market Development: Here, the existing product that you have would be introduced to a whole new market of people.
Product Development: In this quadrant, you will be targeting the same audience, but offering a new product or service.
Diversification: This is the riskiest option. You will be introducing a new product to a new market.
Go through quadrant by quadrant and brainstorm ideas that would fit in each category. Tap the plus sign to add a sticky note to each corresponding section. Double-tap the sticky note to add or edit text.
After you add concepts and ideas to each quadrant, assess the risks involved for each of them.
Once you have your options evaluated, choose which strategy works best for you and your company.

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