Ansoff Matrix Strategic plan is a product/ market expansion grid used to devise strategies for future growth.
An Ansoff Matrix strategic plan can be used by individuals on all levels of the organization. Such a template would be most relevant to help executives, senior managers, and marketers devise strategies for future growth.
Such a template is useful for organizations wanting to challenge themselves and move beyond core business practices to expand and project their current activities. It is a tactical framework that any organization can implement as a way of diversifying and developing their product/ services and market in order to spread risk.
A focus area addresses one or more delivery targets. Within the Ansoff Matrix strategy template by articulating a clear way of achieving the vision and values, the focus areas concentrate on particular areas of growth to challenge organizations to meet their targets.
Examples of strategic focus areas that could fall under an Ansoff Matrix strategic framework could be the four divisions themselves, i.e. market penetration, product development, etc.
By asking yourself how you could categorize and break down that specific focus area leads to creating measurable targets that could be addressed. These measurable targets are identified as strategic objectives and are big-picture goals for the company.
Examples of some objectives under the focus area 'Market Penetration' could be: To sell more of the same product to a greater mass of people, Expand on the company's market share within the industry, and Successfully develop Market Research to better understand target consumers within the market segment.
KPIs are important within a strategic plan in measuring set objectives. Ultimately, KPIs can be defined as performance indicators in establishing how well you are doing in meeting the set objectives.
An example of a KPI within the Ansoff matrix template could be: Increasing new MRR (monthly recurring revenue) by 5%
Projects and KPI's within a strategy template closely relate as a project is used as a way to achieve a KPI and KPI assists in tracking the success of both the project and is ultimately used as the measurement to define the end objectives.
Within strategy templates such as the Ansoff matrix, depending on the size of the organization, projects set could be as big as International (geographic) expansion or as simple as creating a customer journey map.
Cascade's dashboard provides a great way to visualize such set projects and KPIs and create a clear roadmap for individuals within organizations to be assigned to the said 'widget' and track their progress. It is an effective and easy way to hold your team accountable whilst easily understand the data from the strategy template.