What is a Product Diversification Strategy?
Product diversification is a business strategy that involves expanding the range of products and services offered by an organization. By offering new products and services, companies can reduce their reliance on existing products and services, increase revenues, and capture new customers. A product diversification strategy template helps organizations plan, track, and measure their progress towards achieving their product diversification goals.
What's included in this Product Diversification Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Product Diversification Strategy template for?
This product diversification strategy template is designed to help companies develop strategies for diversifying their product offerings, expanding into new markets or industries to reduce risk, and seize opportunities. It provides a framework for outlining actionable steps, measuring progress, and tracking the overall success of the strategy.
1. Define clear examples of your focus areas
A focus area is a concept or subject that requires specific attention and resources in the context of your product diversification strategy. Examples of focus areas could include product diversification, market expansion, or brand awareness. For each focus area, you should be able to define clear objectives, set measurable targets (KPIs), and specify related projects to achieve those targets.
2. Think about the objectives that could fall under that focus area
An objective is a goal or outcome that you are aiming to achieve as part of your product diversification strategy. Objectives should be specific, measurable, attainable, relevant, and timely (SMART). Examples of objectives under the focus area of product diversification could include expanding product offerings and entering new markets.
3. Set measurable targets (KPIs) to tackle the objective
A KPI (key performance indicator) is a measurable value used to track progress towards achieving an objective. It is important to set measurable KPIs in order to track progress, measure success, and adjust your strategy accordingly. For example, if your objective is to expand into new markets, you could set a KPI to measure the number of markets reached.
4. Implement related projects to achieve the KPIs
Projects (actions) are the steps taken to achieve the objectives and KPIs of your product diversification strategy. Projects should be achievable, measurable, and relevant to the objectives and KPIs. Examples of projects to achieve the objective of expanding into new markets could include researching potential markets, creating partnerships, and research and develop new products.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a powerful tool designed to help you develop, implement, and track your product diversification strategy. With Cascade, you can create action plans, define objectives, set measurable targets, monitor progress, and adjust your strategy accordingly to ensure success.