Market Penetration Strategies

For many businesses, especially smaller ones, the primary challenge for growth is getting their product/service in front of more customers. Creating more opportunities for customers to purchase your product/service is what we refer to as Penetration Strategies.

Let’s illustrate our point with an example. A manufacturer of a wonderful baby doll that speaks and teaches 10 languages wants to expand into the United States. They start by trying to get their product into the big box retail stores such as target and Walmart. There is a whole chapter on how to sell to these big box stores but that is for another time.

Other toy stores are a natural expansion of their distribution/buying points. Where else? What other points of sales exist? Ideas include adding new channels of delivery such as the Internet or direct marketing. Could they buy the mailing list of adult language tapes or software and send direct mail solicitations? You bet.

While the adults may not want their baby doll, these buyers do want to speak another language and may want the same for their children. By increasing the points of purchase, you can increase sales.

Get your team together and do some brainstorming. Talk with your customers. Use social networking to explore what others might look for a product like yours. Don’t be afraid to work with other companies that are looking for the same channels. In our example above, the company might want to team up (formally or informally) with a company who sells children’s games.

The opportunity for Penetration Strategies exist in every company. Look carefully.

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