But how do you gear yourself up to take the vital steps to take advantage of either a current or new market opportunity?

One way is to prove your worth through testing and certification, building your product credibility.

To really understand what we are talking about here, we’re going to view this through a model call Ansoff’s Matrix – a marketing planning model that helps a business determine its future product and market growth strategy.

To really understand what we are talking about here, we’re going to view this through a model call Ansoff’s Matrix – a marketing planning model that helps a business determine its future product and market growth strategy.

The two quadrants we are interested in here are Market Penetration (which utilises the current products you have available within the current marketplaces you are in) and Market Development (which still uses the current products that you are already selling, but with a view to moving into a new market).

We won’t go into the detail or merits of which theoretical path is right, and which is wrong, as that is hugely dependent on a whole host of factors specific to an individual organisation.

What we will look at are the opportunities that certification and testing provide for both future and existing market growth strategies.

Market Penetration (Current Market / Current Product):

If you are looking to build on what you already have established, then you will need to take what is at your disposal and look to capitalise on these assets. This could be by way of a more aggressive promotional campaign or more of a focus on a specific product or service that you feel is falling short

Or

You could look to increase your differential advantage by showing the confidence you have in the product / service that is already within the marketplace through testing and certification. Going through this process shows that what was once a self-certified ‘quality assured’ product has now been tested and verified for doing exactly what you have been claiming it can do.

If no other competitor has the verification from an independent, impartial organisation, then you have that differential advantage that can help market growth, without changing the market you are selling to, or the product itself.

Quite simply – all things being equal, it will help you stand out!

Market Development:

There are many reasons for entering a new market; current market saturation, declining market growth or quite simply there is an opportunity not to be missed. You might be looking at new geographical locations (nationally or internationally) or even new distribution networks

In a similar way to capitalising on current marketplace opportunities, taking current products / services and looking to enter a new market can be assisted by testing and certification.

or

In certain markets, legislation (and changes to) stops the majority of organisations entering. We are currently seeing this with the transition from CE Marking to UKCA Marking in Great Britain, where certain construction products will need to gain UKCA Marking in order to be sold.

When barriers such as this occur, using a third party to gain certification, accreditation or indeed a marking, negates this issue.

Even if you we’re looking at moving into a new market, if you are a manufacturer and a distribution partner is better positioned to do this, the white labelling of goods, and subsequent reproduction certification, can be a quicker alternative for many to gain access to new markets.

And finally, we come back to competitor comparison. If no other organisation within a new market has verification from an independent, impartial organistion, then yet again you have that differential advantage that can make the transition into a new market easier.

Quite simply – all things being equal, it will help you stand out!

Image Source: https://www.smartinsights.com/marketing-planning/create-a-marketing-plan/ansoff-model/