Marketing for diversification is a growth strategy that your business may consider. It involves either entering a new market or industry with an existing product or service, or developing a new product or service for existing markets you operate in.
There are many reasons why businesses choose to diversify. These include offering current customers more choice, maximising on market opportunities, launching new products, or expanding into new territories. And there are pros and cons with each approach.
This guide will take you through the marketing aspects you need to consider and develop, and the steps to take to successfully diversify and establish your company in new markets.
Martel Instruments is a thermal printer manufacturer based in Durham. In 2019, the company wanted to launch its new revolutionary data collection technology, VIDA, into the market.
VIDA is a compact and easy to use technology to be used in laboratories and is the first product of its kind. A product for a global market, VIDA improves data collection methods in labs within scientific and research projects.
Horizon Works was appointed to create and implement a campaign to launch VIDA into international markets, as well as give the Martel Instruments team the tools they needed to promote VIDA to laboratories worldwide.
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By Horizon Works Marketing