Expansion refers to the process of marketing a company’s products or services to a larger portion of an existing market or by redefining the boundaries of the existing market altogether.

Expansion in marketing represents an effort by a company to stretch the boundaries of its existing target market or to reach new places and markets completely. This occurs at scale — that is, the company must develop and position its products and services to compete as the market grows. When a company has “tapped out” an existing market, expansion provides the next logical step to reaching new prospects and continuing the marketing process.

Expansion targets new prospects in new places, leading to a potential influx of new purchases. This fills the marketing funnel and provides a steady stream of prospective advocates, generating a return in both the short- and long-term for your business.