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.