![\"The-Growth-Share-matrix\"](\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/10\/The-Growth-Share-matrix.png\")
<\/a><\/p>\nDownload our 10 growth insights to create a RACE digital marketing strategy during inflation<\/p>Access Now For Free<\/a><\/div> Strategic marketing models for 2022<\/strong><\/p>\n Looking for marketing models to inform your marketing strategy? Our essential marketing models guide covers our top 15 recommended models to support you in applying a data-driven approach to your marketing strategy and planning.<\/p>\n Free essential marketing models<\/strong><\/p>\n Our free guide details 15 classic planning tools to help you use data and analysis to develop your marketing strategy.<\/p>\n Access the Essential marketing models for business growth<\/a><\/p>\n <\/div>\n <\/div>\n BCG Modelling is not a new phenomenon, but in the changing digital landscape, its meaning for and application to your marketing strategy will continue to develop.<\/p>\n That's why this blog addresses not just how to use the BCG Matrix but also the practical application of this matrix to your strategy, as well as\u00a0other essential digital marketing matrixes.<\/p>\n Looking for practical marketing strategy solutions?<\/strong><\/p>\n Want to boost your strategy to win more customers? Our top recommended marketing strategy model is the RACE Framework. This flexible, actionable marketing planning structure empowers marketers and managers to break down their marketing activities and track their customers' journeys across reach act, convert, and engage, using data.<\/p>\n What's more, all our marketing resources are fully integrated within the RACE Framework so you can confidently prioritize and apply your digital marketing optimizations using customer data and insights to reach your goals.<\/p>\n Download our 10 growth insights to create a RACE digital marketing strategy during inflation<\/p>Access Now For Free<\/a><\/div> To apply the BCG Matrix you can think of it as showing a portfolio<\/a> of products or services, so it tends to be more relevant to larger businesses with multiple services and markets.<\/p>\n However, marketers in smaller businesses can use similar portfolio thinking to their products or services to boost leads and sales as we'll show at the end of this article.<\/p>\n Considering each of these quadrants, here are some recommendations on actions for each:<\/p>\n However, this can be an over-simplification since it's possible to generate ongoing revenue with little cost.<\/em><\/p><\/blockquote>\n For example, in the automotive sector, when a car line ends, there is still a need for spare parts. As SAAB ceased trading and producing new cars, a whole business emerged providing SAAB parts.<\/li>\n Use the model as an overview of your products, rather than detailed analysis. If market share is small, use the 'relevant market share' axis is based on your competitors rather than entire market.<\/em><\/p><\/blockquote>\n Download our 10 growth insights to create a RACE digital marketing strategy during inflation<\/p>Access Now For Free<\/a><\/div> The BCG Model is based on products rather than services, however, it does apply to both. You can use this model for reviewing and rotating a range of products<\/a>, especially before starting to develop new products.<\/p>\n Looking at the British retailer, Marks & Spencer, they have a wide range of products and many different lines. We can identify every element of the BCG matrix across their ranges:<\/p>\n Example: Lingerie<\/b>. M&S was known as the place for ladies' underwear at a time when choice was limited. In a multi-channel environment, M&S lingerie is still the UK\u2019s market leader with high growth and high market share.<\/p>\n Example: Food<\/b>. For years M&S refused to consider food and today has over 400 Simply Food stores across the UK. Whilst not a major supermarket, M&S Simply Food has a following which demonstrates high growth and low market share.<\/p>\n Example: Classic range<\/b>. Low growth and high market share, the M&S Classic range has strong supporters.<\/p>\n Example: Autograph range<\/b>. A premium-priced range of men\u2019s and women\u2019s clothing, with low market share and low growth. Although placed in the dog category, the premium pricing means that it makes a financial contribution to the company.<\/p>\n Download our 10 growth insights to create a RACE digital marketing strategy during inflation<\/p>Access Now For Free<\/a><\/div> You can also apply the BCG model to areas other than your product strategy.<\/p>\n For example, we developed this matrix as an example of how a brand might evaluate its investment in various marketing channels. The medium is different, but the strategy remains the same- \u00a0milk the cows, don't waste money on the dogs, invest in the stars and give the question marks some experimental funds to see if they can become stars.<\/p>\n The key to successful Digital Marketing is using data-driven decisions to increase conversions. To support you with your strategy, our Campaign Planning learning path features a module specifically in evaluating your paid, owned, and earned media investments<\/a> - by volume and ROI.<\/p>\n Download our 10 growth insights to create a RACE digital marketing strategy during inflation<\/p>Access Now For Free<\/a><\/div> Or, to support your content digital marketing strategy further, you may want to use the Content Marketing Matrix<\/a> to develop tactical content-lead digital marketing. Use this matrix to evaluate the purpose of your content by entertain, inspire, educate, and convince.<\/p>\n Our brand new Content Marketing Learning Path puts strategy into action, including a dedicated module to learn about the benefits of cornerstone content and a structured process for creating it<\/a>. We will share some examples of techniques we have used to become an authority site in digital marketing, driving around 80% of our millions of unique visits each year through organic search.<\/p>\n The BCG Model is seen as simplistic and it can be difficult to classify products in smaller businesses where the relative market share is too small to quantify. It\u2019s also based on the concept that market share can be achieved by spending more on the marketing budget.<\/p>\n For more guidance on marketing planning, don't forget to download our free digital marketing plan template so you can learn how to apply the RACE Framework and start streamlining your marketing strategy today.<\/p>\nRACE Ahead Of Inflation<\/h3>
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