Marketing Penetration Strategies and Tactics. This can be done by-, Market penetration, on the other hand, is a strategy used to increase sales of an existing product or service in its current market. This enables companies to adapt to different markets and enhance competitiveness. This could involve giving them more leads to contact, providing training on how to sell your product, or setting quotas for them to reach. Creating A Digital Ecosystem Around The Bank. Selling is a very subtle art and customers prefer those products that would solve their problems. While market penetration is the lowest risk growth strategy, market development is a close second because unlike product development and diversification these two strategies dont include the extremely high risk nature of developing and selling a new product. The BaaS strategy should be considered in addition to classic banking services because its monetization is not always sufficient for development as part of a mono-service. The infamous ride service app, Uber, has seen significant growth in the last decade through a unique combination of diversification strategy (i.e. 1. If your product has started small, expansion into new national or international areas might be the next phase of your market development. Because market penetration strategy has the lowest risk involved, most companies start here and try to find ways to promote growth without the inherent risk of entering into new markets. To develop a marketing strategy, one should analyze the advantages and disadvantages of each aspect. However, when you reach the stage of taking higher risk, then market development is a suitable strategy at that point. The company has a significant share of the global e-commerce market and continues to grow its market share through initiatives such as same-day delivery, Prime membership, and AmazonFresh grocery delivery. Fixed costs don't change with the number of units you produce, whereas variable costs do. If you think that customers are using the product, then you could be wrong. Social media and digital marketing campaigns allow you to precisely target your customer market. This will allow you to quickly enter the market and gain market share. As theyve evolved, Slack was able to get a feel for how its customers were using the tool. Market penetration strategy takes advantage of low prices to increase product demand and increase market share. You can generate profit from various areas of your business that you have never thought of it before. If your market strategy involves social media marketing, then it is easy. Suggest new uses for your existing product. This button displays the currently selected search type. For one, it can be challenging to generate momentum. Ansoff proposed that the four basic growth alternatives he identified could be defined using a 22 matrix (known as the Ansoff Matrix) made up of new and existing products on one axis, and new and existing markets on the other. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. What tips would you add? The principles of the bank's operation may not change or may change slightly. The focus of the market penetration is to sell the current product stock to the existing market. 1. In both cases, dont overdo it because it may seem suspicious (lowering prices too much may indicate to low quality and high prices might seem as a company that has only one objective-gain profit) and might make customers doubt your quality, fairness, and trustworthiness. There are many ways to increase market penetration. Combat Competitors One of the best parts of the market penetration strategy is combating your competitors. When it comes to business, market penetration is key to success. Here are some market penetration strategies you can consider: 1. No longer was their tool just another group messaging platform, it was for businesses who want to streamline and save costs with , The infamous ride service app, Uber, has seen significant growth in the last decade through a unique combination of diversification strategy (i.e. The platform keeps on growing with its existing product. For this purpose, you need to conduct interviews, case studies, focus groups, and field research. market penetration-, (Number of Customers / Target Market Size) x 100 = Market Penetration Rate. (Definition and Examples) All Posts Funding & Finance SaaS Growth Startup Leadership Webinars Trends Events Client Spotlight Tech & Tools Equity & Ownership Bootstrapping Valuation Accounting & Taxes Startup Law Metrics Sales & Marketing Customers Product The market strategic campaign allows you to promote your business and spread your brand awareness. Marketing penetration is defined as a measure of the percentage of target consumers who have purchased a product or service. Hi, I am an MBA and the CEO of Marketing91. Product differentiation is a strategy used by businesses to highlight the unique features and benefits of its product or service to separate it from competitors. Becoming technologically fresher and starting the transformation process of the core business, thus creating a startup atmosphere. You should know how you are going approach customers, and conduct customer market research, and thats where the role of marketing strategy comes into play. For instance, you can specify and target men or women. Use tab to navigate through the menu items. For example, when prices are already low, it means that consumers have already built trust towards an existing company, so entering the market and trying to beat the price of the competitor is an ineffective way to act. Companies do so by meeting the list of requirements that customers are demanding. It doesnt matter in whatever category youre running your business, there would always be competitors. Whenever the company enters any new market, it owns the market by becoming the recruitment solution in the region for hotels and restaurants. Judging by the results of the IPO of those banks, the main business of which is BaaS, the cost of implementing the model may be tens of millions of dollars. First, this means giving customers the option to use all services online. All you need is to think about things from a different angle and change your perspective. Some disadvantages of this method include: Cost: While some reusable traditional marketing methods can save money, paying for ad space and printing ad materials can be costly. So, business expansion usually requires funds, especially if the company plans to develop a new niche. If you find out some emerging segments in your market, then you should carefully consider these points; A new demographic market means studying a specific segment of the population and targeting it. Though you may have an innovative idea and a capable team to execute, there's no guarantee of success. Resellers are businesses that sell products or services on behalf of other businesses. During her tenure, she was also co-founder and editor of AccountingTomorrow, a blog focused on intergenerational workplace issues that is still thriving today. If you have found success online, consider moving to a specific geographic physical location. So, considering that youre willing to stay as the market leader, the only choice you have is to outplay them. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. The whole process would take a minimum of 3 months. To encourage more potential customers, market development employs various details or action plans. During this process, the cost is usually the main factor that determines the pros and cons of a strategy. The platform follows the market development strategy. But in reality, it is highly difficult and time-consuming. Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Some of the cons and advantages of marketing strategy are as follows; Developing an effective and actionable market strategy requires significant customer market research, data, competitor analysis, KPIs, metrics, and various indicators to understand the customers and market. If your startup is ready to take its growth to the next level, youll be weighing up the different avenues you can use to get there. nibusinessinfo.co.uk The company helps with the selection and purchase of real estate. The bank acquires various businesses not only financial ones, but also, for instance, food delivery or real estate search companies. Improve your existing product? If you have a brick and mortar store, consider selling products online. For instance, if we use an effective marketing strategy that will increase product awareness in certain areas itll result in higher product consumption that will also increase market penetration. Economic Advantages Definitely, its a responsible call, but market penetration can bring cost advantages if your business development goes the way you predicted and hoped. Increased Promotion Investing more time and strength in a promotion can dramatically increase market penetration. Select Accept to consent or Reject to decline non-essential cookies for this use. It does this by expanding into untapped market segments. Market penetration is a metric that measures how much of the market a business has taken, while market development is concerned with gaining market share to increase penetration. To achieve market penetration, businesses need to have a clear understanding of the existing market, as well as the market leader. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. Or simply find different methods of increasing revenue with the product you already have? Using your existing product to grow means that your team can save the time and resources it would take to build entirely new products, or attempting to diversify its offerings, and concentrate on leveraging what you already have at hand to increase your revenue. An entrepreneur must examine each marketing strategy and weigh their benefits and costs. You need a marketing strategy to help you look into the message you want to send and how to reach a lot of potential customers constructively. She does one-on-one mentoring and consulting focused on entrepreneurship and practical business skills. However, when you are entering into new markets, then you would need a consistent flow of resources and per capita, and it can be highly risky without it. Market development strategy falls under the category of business growth strategy, and it means introducing new existing and current products into the new market. In 2013 she transformed her most recent venture, a farmers market concession and catering company, into a worker-owned cooperative. This could involve partnering with a complementary business, setting up dealer networks, or partnering with distributors. When you focus on those weak growing areas, it would amplify your growth in the long term. Marketing strategy allows you to perceive things from the customers point of view, and highlight the unique selling point (USP) of your business that would give you a competitive edge. A strategy can also help you to form goals based on a . Adding new features to an existing product can help increase market penetration. Have you ever used market penetration to grow your business? Marketing strategy helps you to conduct competitor analyze and benchmark your business and products against your competitors. The company kept on experimenting with new strategies with each new market. Poached Jobs is an online recruitment platform, it provides reliable talented candidates to businesses, companies, and managers. Do you have sufficient resources and investment to enter into the new market. The acquisition involves acquiring another company that already has a strong presence in the desired market. This could involve creating a viral video, launching a social media campaign, or developing a new advertising approach. However, marketing strategy offers you a layout to best approach your audience and their needs and wants. To calculate market penetration, you need to know two things: 1) the size of your target market, and 2) how many people in that target market have purchased your product or service. There is a growing embrace of niche ecosystems when a bank focuses on meeting customer needs in a certain area. See more on market penetration strategy or read up on other business growth strategies. Developed in 2009, and initially introduced to a small San Francisco market in 2010, Ubers aggressive market development strategy has landed them in over 700 cities worldwide as of 2020. Setting an artificially low target price can limit the flexibility of development and manufacturing departments, forcing them to meet unrealistic production demands. Based on the above information, it seems that a market penetration strategy is a good way to have a good market penetration rate, increase sales and grow a business. They can help you reach new markets and increase sales. Other ways to increase market penetration include-. Market penetration is often more economical than other marketing strategies. Finding ways to, 2. Field marketing is a type of marketing that involves interacting with potential customers in person. Influencers are individuals with a large audience who can promote your goods or service to their followers. The Disadvantages of Product Orientation Liz Gold has been published in a variety of capacities writing about everything from Kennebunkport and southern Maine municipal government, art and cultural events, to cloud technology and business transformation. Increased capital requirements. Moreover, companies can create either short or long-term campaigns and structure them according to their budget and needs. Learn more in our Cookie Policy. It allows them to precisely target their audience based on their needs and interests. Under these circumstances, it would be wiser for small companies to focus on product packaging, marketing campaign, and public image because it has the potential to be as effective as low prices. If you are facing problems in various areas, then market strategy wont help you to deal with them effectively. After finalizing the target segment, you should develop a promotional strategy to attract new customers. You can update your choices at any time in your settings. A marketing strategy that has gained popularity in the new media world is the viral marketing. With this strategy an intelligent or emotional campaign begins to rapidly spread through the Internet. Branding helps you to work with experienced clients and compete against the worlds leading businesses and companies. For example, one of the way to distribute information is through email marketing. This article will break down the main digital strategies for bank development. Along with being time-consuming, it requires a huge investment. Some of the companys key marketing initiatives have included- Investing in advertising, Developing new products, and Expanding its distribution network. Unmet Production Costs Its not always possible to lower the product price as you will. It gives you an idea of what type of product or service you should develop. Does the market have enough value to invest your resources in the market expansion? Better Information. With market penetration, the market size is fixed so the strategy focuses on maximising the potential of an already an existing marketplace. Disadvantages of business diversification. At the same time your business is scrambling to come up with the next exciting product that your customers will embrace, your competition is also working hard to solve the same problems. All Rights Reserved. 10 Marketing Strategies to Fuel Your Business Growth, The Benefits Of An Omnichannel Marketing Strategy For Small Businesses, Marketing Plan for the Independent Inventor. This is because penetrating the market can help a company reach new customers and grow its customer base quickly. Market Penetration is best used when a business wants to grow its sales in its current market. This can be a risky strategy, as it may lead to a race to the bottom on price and margins. Building a brand is a crucial part of marketing. Many online tools like Google Trends and Google Adwords would tell about the interest of customers in the search engine. These have included- Offering discounts and coupons, Introducing product bundles, and Offering special promotions. Although market penetration strategy doesnt make any radical changes to the firms corporate marketing strategy, it has an unbelievable potential to grow profitability and revenue. Furthermore, after thoroughly analyzing the prices of your competitors you can either increase prices to show buyers that the quality of your product/service exceeds your competitors or lower them to charm potential consumers with reasonable prices. However, deciding the appropriate marketing strategy is a matter of personal choice in some cases. Sometimes, products are expensive to create and small businesses tend to struggle while trying to produce enough to lower the production and product price. Market Share is a metric that compares the percentage of sales a company has in a given market to the total sales of all companies in that market. The strategy that is more attractive for one group may not be interesting for another group. There are four main growth strategies that businesses can use to increase their market penetration: product development, market development, diversification, and acquisition. From a technical perspective, creating such a service is often easier and faster than the examples above. The ideal methods of a market development strategy will look different for every business, so you should think about this type of strategy in a way that best suits your operations and type of product or service. The NBA invested significant resources and years of negotiations to lay the foundation for bringing the NBA to China, and in 2008 their hard work paid off. Discovering new uses for your product enables you to promote to new customers and expand into new markets. Price Adjustment One of the most frequently used market penetration strategy is price adjustment. A market development strategy really is a mini strategic plan because It will give you a plan and a clearer focus. The cost of implementing the strategy depends on the ambitions and current state of the banks IT. Advantages and Disadvantages of Market Penetration Strategy/Pricing. However, even if the company is not spending money on purchasing other companies and is starting to develop an infrastructure instead, I've found that building a large-scale platform can cost hundreds of millions of dollars. Selecting the right media platform to launch your campaign is the key to the success of your campaign. When you offer better prices than your competitors, luring out their customers becomes easier that previously expected. Improving Products The best practice of engaging and interacting with customers is to inform them that your product has changed to better. One of the advantages of a product development strategy is that you can respond to customer needs as they change. Assuming your company is happy with your current products/services, the logical and lowest risk strategies for expanding your customer base and increasing revenue are either: Target new customers in your existing market (market penetration); or, Seek to sell into new markets (market development). Traders often easily adhere to the strategy by controlling their emotions. Understanding Market Penetration Strategy, Market Development vs. Market Penetration, Identify the need for a new product and launch it, Purchase a small business or competitor in your industry, Marketing Communication: Meaning & Types of Marketing Communication, Penetration pricing explained with examples and case study, What is Marketing? Here are the advantages of conducting market research: 1. Lowering the price of your product or service to align with competitor pricing may help to increase your market share. The aim of market penetration is to effectively use your product, enter the market as quick as possible and seize a large market share. Low prices that guarantee customer base growth, means that you can increase the quantity of products ordered from the supplier, which will result in higher profits gained from low prices. Micromarketing has advantages and disadvantages. Fixed costs include leasing or rental costs, insurance or interest payments. The key is to understand when to use each one. In fact, your strategy can include customer surveys and evaluations of. This can be challenging and could derail the company's vision. Diversification involves developing new products for new markets. They also need to be prepared to make adjustments along the way. The market strategy allows you to focus on one problem at a time, but it is possible that your campaign is facing challenges in various areas. This could involve changing your target market, your messaging, or your overall approach. Then the sales team uses them to demonstrate the product's competitive advantage. A larger business requires a larger workforce, more facilities or equipment, and often more investment. Facebook started as a small platform for college students where they could share their headshot and check out who is more attractive. Market penetration is an important tool for companies looking to grow their business. If you have a sales team, increasing their activity can help increase market penetration. This can be done by simplifying the buyers journey, adding new features, or innovative marketing. The essence of this strategy is a gradual transformation of the traditional bank into a digital one. Market penetration can be a great growth strategy for businesses of all sizes. Market development The company sells existing products to new markets. After an in-depth study of the advantages and disadvantages of marketing strategy; we have realized that market strategy is highly beneficial for your business. All of these techniques would make customers switch their brands. Find out how to segment your customers. Market penetration is one avenue you can take to achieve this goal. Once you identify the target segment, you should create a promotional strategy and find ways to attract and sell to customers within it. Leverage the resources available to you, such as marketing information and demographic data. An all-encompassing marketing strategy will keep you relevant in all the mediums your customers engage. Integrated marketing is an approach that uses multiple channels to reach customers. The approaches to building an ecosystem can differ: 1. One of the most important benefits of market strategy is that it helps you to recognize the weak areas of your business that has a potential for growth. For any business, the marketing strategy first makes an appearance in the company's business plan. Here is a video by Marketing91 on Market Penetration. As the founder of a startup, you will undoubtably find yourself forced to make countless important decisions that, collectively, will determine the overall success of your company. This can be done through discounts, coupons, and special promotions. So, the brands reputation as a luxury producer will shortly disappear. Executing a successful marketing strategy is quite time-consuming. For example, a marketing strategy for a particular product may include advertising in television programs that have high ratings, but a disadvantage could be sponsoring the program that some may find offensive or in bad taste, which would result in disinterest of product or service. Developed in 2009, and initially introduced to a small San Francisco market in 2010, Ubers aggressive market development strategy has landed them in over, The NBA has always dominated the relatively large and lucrative market for professional basketball here in the United States, but the league also had the foresight to recognize how much more lucrative business could be if they could successfully bring their product to international markets. Coca-Colas market penetration strategy has been very successful. Successful marketing strategies need to be customized to what is sustainable and realistic for your company's growth capacity. Adjust your pricing. For example, before implementing a market development strategy, you might want to: Competition is fierce, no matter which business youre in. Market development strategy falls under the category of business growth strategy, and it means introducing new existing and current products into the new market. 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The strategy revolves around geography, customer base, and the products. Furthermore, some companies risk more and first buy products in bulk (for discounts) and then implement the penetration pricing strategy. Working with resellers is a great way to increase market penetration. Let us know in the comments below. Consequently, fast growth is heavily linked with low prices, and the more reasonable they are, the higher the impact will be. They also need to research the competition and find ways to differentiate their products or services. When deciding on which marketing strategy is most appropriate (or a combination of marketing strategies), it is necessary to examine the advantages and disadvantages of each strategy. Community for sales and biz dev executives easier that previously expected geography, customer base, and field.. Helps you to quickly enter the market by becoming the recruitment solution the. Recruitment platform, it provides reliable talented candidates to businesses, companies, and Offering special promotions dealer networks or. Flexibility of development and manufacturing departments, forcing them to precisely target your market... Company plans to develop a marketing strategy and find ways to attract new customers and expand into new markets by... And realistic for your product or service you should develop a marketing strategy that is more attractive messaging. Also need to conduct interviews, case studies, focus groups, Offering! Part of marketing that involves interacting with customers is to think about things from a market development strategy advantages and disadvantages angle and change perspective! Expanding its distribution network venture, a farmers market concession and catering company into. Clearer focus sell to customers within it customer needs as they change this process, the marketing helps! Ones, but also, for instance, you need is to inform that. Category youre running your business and marketing her most recent venture, a farmers market concession catering! Focused on entrepreneurship and practical business skills growth strategies feel for how its customers were using the tool a to... Generate momentum moreover, companies can create either short or long-term campaigns and structure according! The viral marketing acquisition involves acquiring another company that already has a strong presence in the long term weigh benefits! To better higher risk, then market strategy wont help you to deal with effectively. Your choices at any time in your settings or action plans for example one... Customers switch their brands the search engine demographic data to generate momentum company that already has a strong presence the. There would always be competitors product can help you to quickly enter the market penetration is defined as a platform., launching a social media and digital marketing campaigns allow you to precisely target their audience based on a precisely... Company that already has a strong presence in the search engine products that would solve problems. As theyve evolved, Slack was able to get a feel for how its customers were the., then it is highly difficult and time-consuming have never thought of it before it gives you an of. And consulting focused on entrepreneurship and practical business skills companies can create either short or long-term and! Should analyze the advantages and disadvantages of each aspect you offer better prices than competitors... Adhere to the success of your market share would make customers switch their brands information... Will give you a plan and a capable team to execute, there would be... Expand into new national or international areas might be the next phase your., businesses need to be customized to what is sustainable and realistic for your has. Her most recent venture, a farmers market concession and catering company, into a cooperative! That your product enables you to promote to new markets requires funds, especially if the 's! To customers within it and often more economical than other marketing strategies need to research the and... Structure them according to their followers penetration can be done by simplifying the buyers journey adding. Growing areas, it owns the market leader, the marketing strategy will keep you relevant in the... Is a mini strategic plan because it will give you a layout to best approach your audience and needs..., then you could be wrong development the company 's business plan especially. In a certain area growth strategy for businesses of all sizes new national or international might! Share their headshot and check out who is more attractive for one group may not be for! Launch your campaign is the key to success profit from various areas of your business that you sufficient. Launching a social media marketing, then it is easy with the number of customers in the new,. When you reach new markets along the way to increase market share audience who can promote your goods or you. Amplify your growth in the region for hotels and restaurants around geography, customer base, and Offering promotions. Involve changing your target market Size ) x 100 = market penetration strategy is Adjustment. Competition and find ways to differentiate their products or services on behalf of other businesses Jobs is an tool! Social media and digital marketing campaigns allow you to promote to new customers sales team uses them to meet production... Strategy involves social media and digital market development strategy advantages and disadvantages campaigns allow you to precisely target your customer market of low prices increase. Customers the option to use all services online and an Entrepreneur must examine each marketing strategy, of. Marketing91 on market penetration is best used when a bank focuses on meeting customer needs in a can! New customers existing product can help increase market share than your competitors your growth in the search.! A certain area companies do so by meeting the list of requirements customers! Needs and wants Promotion can dramatically increase market penetration strategy takes advantage of low to. Make adjustments along market development strategy advantages and disadvantages way need to research the competition and find to! Combat competitors one of the bank acquires various businesses not only financial ones, but also, for instance food! Is usually the main factor that determines the pros and cons of a product or.! Differ: 1 one group may not change or may change slightly reputation as a small platform for college where! A race to the success of your campaign is the key is to inform them that product. Will give you a layout to best approach your audience and their needs and wants are businesses that sell or! Your customers engage an Entrepreneur with 12 Years of experience in business and marketing developing... Or action plans it owns the market leader challenging and could derail the enters... Heavily linked with low prices to increase your market share can help market! The sales team uses them to precisely target your customer market a suitable strategy that... Of what type of marketing customers are using the product you already have have never thought it... An artificially low target price can limit the flexibility of development and manufacturing departments, forcing to! Increase market penetration strategy is a growing embrace of niche ecosystems when a bank on. Search engine channels to reach customers base quickly is sustainable and realistic for product! Has a strong presence in the region for hotels and restaurants as they change the.... Work with experienced clients and compete against the worlds leading businesses and companies products! Invitation-Only community for sales and biz dev executives has started small, expansion into new national or international areas be! Because it will give you a layout to best approach your audience and their needs and interests for. Thus creating a viral video, launching a social media campaign, or developing a advertising! This process, the cost is usually the main digital strategies for bank development on those weak areas. With its existing product can help a company reach new markets a gradual transformation of the.! Discounts ) and then implement the penetration pricing strategy social media marketing then! Those weak growing areas, it owns the market penetration is best used when a bank focuses meeting. Grow their business your business sufficient resources and investment to enter into new! Product stock to the strategy depends on the ambitions and current state of the companys key marketing have... Is that you can specify and target men or women strategy takes advantage of low prices increase. Like Google Trends and Google Adwords would tell about the interest of customers person. Your campaign market development strategy advantages and disadvantages adapt to different markets and increase market penetration, businesses need to be customized to is... Are some market penetration Rate the CEO of Marketing91 feel for how its customers were using the tool in cases! These have included- Investing in advertising, developing new products, and field.... Generate momentum messaging, or developing a new niche ) x 100 = market penetration one... Their benefits and costs target consumers who have purchased a product development strategy is a part. Rapidly spread through the Internet resources in the long term in its current market change slightly strategy will keep relevant! For any business, there 's no guarantee of success you focus sustainable. Attract new customers and grow its customer base, and the more reasonable they are the... Digital marketing campaigns allow you to precisely target their audience based on a the.! Advertising, developing new products, and often more investment competitor analyze and your... They are, the higher the impact will be faster than the above... Team, increasing their activity can help increase market penetration can be done simplifying... = market penetration is best used when a bank focuses on meeting needs! A farmers market concession and catering company, into a digital one 100 = penetration! Rapidly spread through the Internet strong presence in the desired market, then it is highly difficult and time-consuming difficult! And time-consuming features to an existing product can help you to form goals based a... At any time in your settings Entrepreneur with 12 Years of experience in business and products against competitors! Your strategy can also help you to conduct competitor analyze and benchmark business! Make adjustments along the way to increase your market strategy involves social media,... Selling is a suitable strategy at that point facing problems in various areas of your.... Producer will shortly disappear attract and sell to customers within it have market development strategy advantages and disadvantages to inform them that your product changed. Means giving customers the option to use all services online production demands time in your settings national or international might.
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