The Ansoff Matrix Brainstormer
Your next big idea starts here.
FORMAT
Google Doc
TIME TO IMPLEMENT
1-2 Hours individually
2-3 Hours as a team
BEST FOR
Business owners ready to expand their product offerings, efficiency, and impact.
“We can’t become what we need to be by remaining what we are.”
“Growth and comfort do not coexist.”
At some point, every business must evolve. The question is how. And in what direction. And to what end. Whether you are expanding locations, your team, or your product offerings, the good news is that the possibilities are endless.
The bad news is: the possibilities are endless. Which ideas are the easiest to execute? The lowest risk? The biggest payoff?
Luckily we have a tool that helps you dream big while honing in on the best idea to take your business to the next level NOW.
What it Does
TLP’s Ansoff Matrix Brainstormer (available for free here), also known as a Product/Market Expansion Grid, helps you not just visualize your ideas, but also put them to the test. Without stifling creativity, you can logically uncover the risks, rewards, and ratings to decide whether or not your ideas are worth pursuing in one easy-to-reference chart.
How to put the Ansoff Matrix Brainstormer to work
First, decide whether you want to work alone or with a small group of trusted team members.
Start by tossing out ideas based on the four categories:
Market Penetration: Sell more of the same things to the same market. Low Risk
Product Development: Sell different products to the same people. Medium Risk
Market Development: Sell more of the same things to different people Medium Risk
Product Diversification: Sell different products/services to different customers High Risk
Remember that at this stage—no idea is a bad idea. Think about the ultimate goal. Is it to expand your reach? Profitability? Offerings? Or any/all of the above?
Next, go through the list of ideas and think of the risks associated with each. This could be cost, implementation, resources, staff, supply chain, operations, and logistics.
Ask yourself:
What would it take to make this happen?
What are the challenges you would need to overcome in order to make it work?
Remember you are being a realist in this part of the exercise, not a Debbie Downer. Once you have everything laid out in front of you—which ideas rise to the top?
Think about what criteria you want to use to help you decide:
Speed: Is time a factor here?
Cost: What resources are available for implementation?
Value: What is the impact on your customers? Your reputation? Your other offerings?
Rank them in your preferred order of importance—you might be surprised by the results!
Why Cohort members love it
It provides guardrails for wild ideas. The first rule of creative brainstorming is that no idea is a bad idea—but it is always good to have a check and balance system in place to help validate the feasibility of an idea. Sometimes it even helps you think of new ways to achieve greater outcomes!
It helps you discover the value of an idea. Outlining the risks and rewards of an idea can help you define associated costs and give it stronger legs.
It paves the way for future endeavors. The Ansoff Matrix Brainstormer isn’t a one-and-done tool. By giving yourself the opportunity to explore multiple possibilities and then ranking them in order of ability to achieve them, you not only get ideas for right now, but you also get ideas for when the right time comes.
