Market Penetration Analysis

Market Penetration is the practice of implementing a successful product on the market. It is essential for succeeding in today’s economy since it enables you to master your market share, attract new customers and achieve commercial success.

Marketing research is conducted to identify which products are best suited to penetrate the market while taking into account several factors such as consumer demands, competition and company objectives. 

Below are some of the most innovative ways that can help you penetrate the market:

1) Focus On The Customers’ Needs And Wants  

Before launching any product into the market, identify its needs and wants; determine how satisfied people would be with this product; set realistic targets; and present it in a way that convinces consumers that there must be a solution to their problems.

2) Promote The Product To Different Groups Of People  

In terms of marketing, not everyone can have access to the same product. For instance, there are some products that only a specific age group or gender can effectively use and then benefit from. By identifying who you want to target, you will be able to present your product in a way that appeals to them. This will directly influence how likely they are going to buy it when it is finally released into the market.

3) Offer Customer Service That Is Second To None    

It does no good trying to attract as many customers as possible if those very same people cannot find adequate customer service once they purchase your product. Promote well-trained staff members who are knowledgeable about your product and who are always available to answer any questions consumers might have about it.

4) Highlight All Of The Benefits Of Your Product      

According to the website Social Triggers , you don’t want to stop at simply outlining what your product can do. You should also show how it will make life easier for the consumer and even save them money in some cases. For example, if your product is a vacuum cleaner that destroys pet hair on furniture, carpets and other surfaces, let customers know that they won’t have to purchase expensive supplies or replacement tools because it does all of that for them.

5) Time Is Crucial In Marketing      

When marketing a new product, timing is everything, says the website Mashable . If you don’t launch your campaign when people are looking, they will simply move on and forget about it. The best way to market a new product is to present it as the solution to an existing problem or offer a limited time deal that can only be found in this specific promotion.

6) Launch Your Product With A Bang      

Many new products fail because they aren’t marketed right, not because they aren’t good enough, says social triggers . That’s why it’s important to make sure your product gets attention from day one. To do this, create buzz for your new product among consumers before its official debut by giving out hints of what’s coming through press releases, social media posts and other means. Then, on launch day, hype it up some more. Then after the first few weeks have passed, put it back in front of consumers’ eyes again to remind them that your new product is still available.

7) Sell A Bundle      

If you’re planning a limited time sale for your new product, consider selling it as part of a bundle with related products or accessories that are popular among consumers. For example, if you sell consumer electronics and want to generate buzz for a new laptop model coming out next month, run a deal where buyers get 50 percent off of their order when they buy the new laptop along with other items like an office suite or surge protector .

8) Get Social      

There are countless opportunities out there for you to get your product in front of consumers. You can use social media channels like Facebook and Twitter, but don’t forget about other platforms like Reddit and Tumblr that might be a better fit for the kinds of content you’re sharing. In general, viral online video is also a great way to raise awareness among new audiences.

9) Leverage Your Partners    

If you have partners who are well known among your target audience, find ways to work together to promote a deal or a new product launch. This will not only lend more credibility to the offer, but it could also help make your promotion seem more relevant if consumers see your name mentioned along with some major brands they trust .

10) Keep Promotions Fresh    

Once you’ve wrapped up a promotion, take a breather and plan for the next one. This will not only keep consumers coming back to your site or store, but it can also increase engagement over time if their expectations are met with fresh ideas .

Depending on what you’re trying at promoting, set goals that make sense for your audience before you even start. For example, if you want to drive traffic to your site in order to get more email sign ups – maybe that means getting 10 visitors before noon rather than 100 after lunch. Use that goal to guide all of your marketing efforts including learning what works (and what doesn’t) along the way.

By Hemant Kumar

I am a zealous writer who loves learning, redesigning the information, and sharing the original content in an innovative and embellish manner. I hope you will find my work beneficial and entertaining. Happy Reading!