Consider Business Growth by Focusing on Increasing Market Penetration
If you are working on increasing your business’ income, you may want to work with existing products rather than create a new line of products and services. This way, you can focus on improving the quality of your existing line while expending to a greater fan base. There are a few useful ways to increase market penetration.
Find New Channels, Expand Existing Ones
One way to increase your reach is to find new channels to promote yourself on. This could mean increasing your social media reach or starting new forms of media such as video. Having a wider variety of channels allows you to connect with clients who have different preferences; different age groups and socioeconomic groups may have different preferences for how they connect with your brand.
You may also want to expand the reach of your existing channels. You can do this in many ways, but one of the most useful ones is to find channel partners who will direct their fans back to your channels. They may do this for a commission, or in exchange for your help in promoting their channels. You should find channel partners based on having similar but non-competitive businesses—for instance, if you sell dog collars you might want channel partners who sell dog toys. The market is likely very similar, so you’ll be able to penetrate your shared market further by sharing each other’s client base.
Include More Promotions
Another tried and true method for penetrating the market is to have regular promotions. If a regular client was on the fence about trying one of your products or services, a promotion may be just what’s needed to get them to buy. The more of your products that each person has, the more loyal of a customer they can become.
The key is to have enough promotions to keep people focused on your product, but not enough to devalue the product entirely, resulting in setting a new, lower price point. Work with a pricing strategist to find the sweet spot on promotions that make people excited for the next discount, but still want to buy your product during normal pricing periods as well.
Increase Global Reach
Another way to penetrate the market is to increase your global reach by attracting new users from around the world. The first step to doing this is to translate website content so that users of different languages can learn about your business. However, you may also need to target your selling points based on users from different languages. What sells a product in one country might not be appealing to users in another country—this will require some market research to find out what’s valuable about your product in other countries. At any rate, having a translated website can bring a lot more traffic to your business.
Try Regional Campaigning
You might also be able to increase your market share by campaigning in just one region. For instance, if you are able to target a few locations where you have a lot of users, you can ramp up your local marketing efforts and create a proximate hype around your product. Even if your business is primarily virtual, having some local hubs of activity can give your product more of a personable touch and allow you to benefit from word of mouth promotions. You’ll also have access to more marketing strategies such as launch parties and in-person promotions.
Increasing your market penetration is extremely helpful, and once you have a larger fan base, you’ll have more people to promote to for your next products and services. This is why a market penetration strategy can be a great option when you’re starting out a business and attempting to increase your fan base. These methods should help you to reach a wider audience around the world to promote your business.
Very informative article. surely i will follow this for my business. thanks for sharing.