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module menu icon Market development

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? 
  • 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.