In many conversations with senior product leaders, I have found an overwhelming number of them do not think their product managers are good at thinking strategically about growth. Many are very good at managing the existing product in their existing market, but when growth tapers off, they struggle to find the next growth curve.
Now we could have an entire conversation around product lifecycle management based on this. Still, I am going focus on some basics of Growth Strategy that any product manager (or strategy professional) could use to help revive an existing growth curve or start a new growth curve.
Ansoff's Growth Strategy Matrix
To start thinking strategically about growth, start by considering Igor Ansoff's Growth Strategy Matrix.
The Growth Strategy Matrix is built around the concept that organizations sell "products" into "markets." For each you can grow in Existing or New, creating four (4) generic growth strategies:
Market Penetration - Growing with Existing Product in the Existing Markets they are currently selling.
Market Development - Growing by taking Existing Products into New Markets.