What is the difference between a horizontal growth strategy and a vertical one?

Horizontal growth strategy focuses on expanding the business by increasing the number of customers or markets within the existing product or service. This can include entering new geographic markets or audience segments.

Vertical growth strategy involves deepening in the existing market or product, such as adding new features, improving quality, or expanding the product line to meet broader customer needs.

Example:

• Horizontal: a food delivery service starts operating in new cities.
• Vertical: the same service adds new categories of dishes or premium options.