Market penetration means increasing market share for a firm's products in its existing markets.
Several approaches help to achieve this, including product improvement; updating and building/improving existing products.
Market penetration invariably brings huge growth potential and a focus on an increased revenue generation. Most businesses who are trying to adopt these concepts also have to remember that these plans do not operate on their own and that they must be aware of specific plans to challenge their competitors and boost their sales figures.There are a number of different penetration techniques we shall examine a few of them during this learning.
In a post-Brexit world, UK business owners are being encouraged to export and grow as soon as possible. However, since June 23rd 2016 not much has really happened in terms of results; the triggering of Article 50 and then the election in June 2017, should be the catalysts to change for any business trading in the UK or abroad.
According to research undertaken by the North East Chamber of Commerce, only 1% of UK companies of any size export their products, versus 41% in Germany.
After the decision is made, and the routes to market are decided, it is important to actively manage it and always look for new sales points, and channels to drive growth.
The challenge is for a business to make certain it has put the consumer first - that it is designing a go-to-market strategy that starts from the customer perspective.
Many businesses build their route to market plan from the inside out, but there is much more importance in constructing it from the outside in, or at least in modifying it on the basis of knowing what customers want to have change.