I recently had to do some reading around Strategic Management and came across the concept of Grad Strategies. An organizations Grand Strategy(ies) refer(s) to the manner in which that company wishes to proceed in delivering on it’s mission. This definition is arrived at at a very high level and determines the details of the courses of action an organization takes.
Out of the fifteen Grand Strategies described in my sources, one which struck me was Market Development. Market Development simply means selling the same product by giving the customer new reasons to by the product, new uses for the product and the like. An example in this is a case where Nutella expanded it’s market by advertising new ways of using the spread.
The traditional idea of using Nutella on sliced bread as the only way to use the product was debunked by an advertising stunt where the makers sold the idea of making cakes with Nutella to it’s already growing throng of customers. This strategy was made very effective by including the recipe on the product’s label! A simple Google search will show how widespread this Nutella Cake idea became.
Coming home a bit, I thought to myself that this idea can be adopted by local producers of processed food. One experiment I have begun exploring is urging the producers of Hutchies Honey to show us all the nice things we can do with honey. I do hope the idea works and becomes a good reference point for Market Development in my environment.
Just before I sign out, I want to challenge you to develop a marketing plan that involves telling your customers every possible way your product can be of benefit to them. The customer is your focus remember. I believe this Grand Strategy will work for all kinds of products and all kinds of entrepreneurs as long as we are willing to thing deeply and broadly.