Next, look at how you could develop your current services in new markets, in other words, with new customer groups:
- Of all the products my pharmacy offers, which would appeal to new customers?
- Am I offering NHS services that have a private market potential, eg, flu vaccination for occupational health schemes or health checks for the insurance sector?Â
- Can I broaden the reach of my NHS services, eg, flu vaccination to carers, critical NHS employees or care homes?
- Can I extend the reach for services such as smoking cessation, blood pressure or diabetes testing?
Market development is a good strategy for growth where you have seen significant success with a specific product or service and can use this expertise confidently with new customer groups. This strategy is frequently used where a company has market leadership.