Market penetration: what is it, how does this strategy work and best examples

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Market penetration: what is it, how does this strategy work and best examples

Competitive segments require strategic efforts to gain space, and Marketing precisely enables this. Sometimes, companies see good opportunities to expand their audience and reach more consumers, and at these times, the best thing to do is work to increase market penetration . Spain Email Address This strategy helps not only in increasing sales, but in conquering a wider share of consumers who, at that time, are engaged with other brands.

Generating more competitiveness is a constant pursuit, especially in markets with many competitors. This is possible as long as strategic work is planned and executed. Market penetration aims to gain space intelligently, considering all factors related to the product and consumer expectations.

What is market penetration

Market penetration is a strategy that aims to increase sales within a base in which the company already operates . The idea is to reach more consumers within that audience, generating competitiveness in the quest to win over those who are not yet a customer of the brand. Consequently, this will enable the company to attract consumers from its competitors.

This penetration work brings a main outstanding result, which is the increase in market share , that is, the market share that the company covers with its products and services. The reach expansion strategy allows us to have a larger customer base, which will bring more revenue and enhance competitiveness in that segment.

There is sometimes a little confusion related to this concept. When this happens, it is classified as a market entry strategy, so as to seek competitiveness. However, it is about expansion, reaching more people who are already part of the audience segmentation. The practice aims to increase visibility and sell to more people within the target audience.

 

How does this strategy work

Market penetration needs to be based on a Marketing strategy , as it is necessary to work on the understanding of the market, first.
Based on this, companies need to invest in the development of their brands , focusing on what they intend to convey to the market. These are changes that must naturally start from the inside out.

In these efforts, a properly strategic branding work will help the brand to project its image in a stronger way with the target audience, reinforcing its market share.

As penetration is an expansion strategy, it is essential to ensure that the consumer sees your brand from a standout perspective, seeing its differentials.

It is always important to remember that market penetration will continue to work with the products that the company already sells , for the people that the company already wants to reach, but doing so in a stronger way.

Expanding, in this case, will go through a work of approximation, which is associated with specific Marketing strategies that will enable more engagement.

 

How important is market penetration

Market penetration can be decisive for your company to occupy a prominent place in the market. This directly impacts the consumer’s perception of your brand and, naturally, can attract more chances to boost your revenue.

To achieve goals, however, there are a number of goals that need to be achieved. A good job of market penetration is important to ensure that the company is able to stand out from its competitors and consumers. Below, understand in some points the importance of this strategy, considering different perspectives.

Increase market share

Market share is your company’s coverage percentage in a market. This means, exactly, the segment’s List Provider  consumers that are your customers , that is, they are engaged with your brand and consume your products.

Of course, this share can grow at any time, and for that to happen, market penetration is an essential job. Covering a large part of the market means competitiveness. While you dominate the industry and gain new customers, competing companies are losing customers to you.

When developing a penetration strategy, brands need to project this growth so they know that it will be important to gain even greater market share.

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