What is a market development strategy?

Market development involves expanding a business into new markets, either by scaling existing products or diversifying into new offerings, requiring a tailored strategy based on the business's unique context, including goals, maturity, and competitive advantage. Effective market development strategies are mission-oriented and data-driven, involving steps such as understanding the business and product, conducting opportunity research, identifying target audiences, and setting clear goals and objectives. The strategy should prioritize actions and resource allocation, develop marketing tactics suitable for new markets, and continuously analyze and iterate based on market feedback and data. While market development can increase scalability, revenue, and brand awareness, it also presents challenges such as resource constraints, legal and compliance issues, and the need to adapt products to specific market requirements.