It allows them to precisely target their audience based on their needs and interests. Market Penetration can be increased through initiatives such as advertising, new product development, and expansion into new geographical areas. Marketing Penetration Strategies and Tactics. The acquisition involves acquiring another company that already has a strong presence in the desired market. The recruitment company started its journey from Seattle and Portland. Importance, Stages, Tips, Advantages and Disadvantages of Digital Marketing. Then the sales team uses them to demonstrate the product's competitive advantage. Advantages of Trading Software Development. Do I qualify? Improve your existing product? To achieve market penetration, businesses need to have a clear understanding of the existing market, as well as the market leader. However, when you are entering into new markets, then you would need a consistent flow of resources and per capita, and it can be highly risky without it. The NBA invested significant resources and years of negotiations to lay the foundation for bringing the NBA to China, and in 2008 their hard work paid off. The platform follows the market development strategy. As a tool thats free for anyone to use, it was important for the Facebook team to maintain a keen focus on user behavior. You may opt-out by. Furthermore, market penetration is frequently used a measure to determine, whether your product or a service is capable of capturing a fixed percentage of the market. Creating a marketing strategy will allow you to take a step back for a moment. Now, you have to find out the users of your products, so that you could target them by offering them your product. But it requires comprehensive market research that the new market would add some value. The below-given equation will help you find out how much of a product or service is used by customers in comparison to its total estimated market i.e. They may, as a result, create a certain product and marketing outreach plan for their male clients. It can also lead to faulty marketing decisions if data isn't analyzed properly, and creates unrealistic financial projections if the information isn't interpreted correctly. Market penetration can be a great growth strategy for businesses of all sizes. Customers who love luxury products will definitely avoid the product which was marketed as a cheap luxury. So, if youre focused on luxury products keep in mind that lower prices might make it look disappointing. Part of Slacks market development strategy includes obsessing over user behavior to increase its usage and grow revenue from its existing product. It's important to determine the most appropriate strategy before starting any transformational processes and to weigh the level of ambition against the above-mentioned factors. Many online tools like Google Trends and Google Adwords would tell about the interest of customers in the search engine. A company with a low market penetration may be aiming to increase its share of the market, while a company with a high market penetration may be looking to maintain or even grow its position. Online ride sharing started in San Francisco in 2010, and nowadays, its offering its service in more than 700 cities across the globe. Other than that, hes a fun loving person. The strategy that is more attractive for one group may not be interesting for another group. Product Life Cycle Analysis & Price Strategies, Disadvantage of Entering a Mature Market Economy, The Effects of a Change in Business Environment on Strategic Planning, Advantages and Disadvantages of a Marketing Strategy, Brandon Gaille: 8 Pros and Cons of Product Development, This Matter: Research and Development: Advantages and Disadvantages, On Strategy: How to Choose a Market Development Strategy, Australia Unlimited: Market Entry Strategies. 2023 Lighter Capital. When you have got biased data from your research, then you cant make the right decisions. Do you have to launch a new product or modify the existing product? When a company decides to enter a new market, its essential to use market penetration strategy. Economic Advantages Definitely, its a responsible call, but market penetration can bring cost advantages if your business development goes the way you predicted and hoped. ), and product development strategy. In both cases, dont overdo it because it may seem suspicious (lowering prices too much may indicate to low quality and high prices might seem as a company that has only one objective-gain profit) and might make customers doubt your quality, fairness, and trustworthiness. Nowadays, traditional banks often choose to provide their own back offices. You may need to borrow money to buy new premises or equipment to expand. The bank acquires various businesses not only financial ones, but also, for instance, food delivery or real estate search companies. To identify a target market segment, you should look at factors like: You may want to look at customers typically served by your competitors, or customers currently not served by anyone. Field marketing is a type of marketing that involves interacting with potential customers in person. This is where market development comes in as a beneficial strategy. Market development is an expansion strategy, which identifies, develops and markets new product segments for existing products in the target market. Marketing strategies provide you with information that you would not have access to otherwise. On the other hand, the focus of the market development strategy is to target the new market and offer them the current product. Creation Of A Service Based On The BaaS Model. It may catchy and interesting to discuss knowing the needs and wishes of customers. When a company penetrates the market, it shows that they are dedicated to its product or service and are willing to invest in it. Poached Jobs is an online recruitment platform, it provides reliable talented candidates to businesses, companies, and managers. If you identify a need for a new product in the market, you can launch it to increase market penetration. Promoting a favorable image. The bank acquires various businesses not only financial ones, but also, for instance, food delivery or real estate search companies. Executing successful marketing strategies often takes time, money and resources and for a small company especially, that can be frustrating. There are four main growth strategies that businesses can use to increase their market penetration: product development, market development, diversification, and acquisition. Micromarketing has advantages and disadvantages. An example is the Russian division of Societe General: Rosbank Dom. Do you a specific target market where you havent entered yet? Otherwise, it would be very difficult to precisely target and narrow down your target customer market. Some techniques you can use for market development include finding a new use for an existing product, creating a marketing campaign for a new target audience or expanding geographically. It's an easy way for the bank to refresh its product and technology with integration of fintechs into the existing structure. Advantages of a Market-Oriented Strategy A good example of market penetration is the brand Coca-Cola. From a technical perspective, creating such a service is often easier and faster than the examples above. Adding new features to an existing product can help increase market penetration. A strategy can also help you to form goals based on a . Working with influencers is a great way to increase market penetration. Leverage the resources available to you, such as marketing information and demographic data. If you have a brick and mortar store, consider selling products online. The platform then refined and developed its marketing strategy and went on to the bigger markets of Chicago and San Francisco. This could involve using traditional methods like television and print ads, as well as digital methods like online banner ads and social media campaigns. It is calculated by taking the companys total sales over a given period and dividing it by the total addressable market (TAM) during that same period. If youre not sure how often to calculate market penetration, consider doing it after every marketing and sales campaign. The company sells its products in more than 200 countries and has a 42% market share in the global soft drink industry. Activities, Tactics & Style, What is Incident Management? 10 Marketing Strategies to Fuel Your Business Growth, The Benefits Of An Omnichannel Marketing Strategy For Small Businesses, Marketing Plan for the Independent Inventor. As long as your product is comparable in value to your competitors, then pricing may be an easy way to stay competitive. In addition, creating a marketing strategic plan can also identify your weaknesses as a company and as a business owner. If you find out some emerging segments in your market, then you should carefully consider these points; A new demographic market means studying a specific segment of the population and targeting it. Developed in 2009, and initially introduced to a small San Francisco market in 2010, Ubers aggressive market development strategy has landed them in over, The NBA has always dominated the relatively large and lucrative market for professional basketball here in the United States, but the league also had the foresight to recognize how much more lucrative business could be if they could successfully bring their product to international markets. Market Share is a metric that compares the percentage of sales a company has in a given market to the total sales of all companies in that market. It helps you to focus on various elements and factors that would impact your entire marketing strategy. Key market development strategies you could consider include: See more on product development strategy. Devra Gartenstein founded her first food business in 1987. Creating A Digital Ecosystem Around The Bank. Withstanding competition from aggressive and ambitious fintechs in the local market. Difficult to develop the robust go-to-market strategy. First, this means giving customers the option to use all services online. All of these techniques would make customers switch their brands. The choice is yours. Lack of Results Market penetration strategy isnt always effective, especially when a company enters an industry where prices are already set low. The platform keeps on growing with its existing product. academy of western music; mucinex loss of taste and smell; william fuld ouija board worth. Importance Of Fair Competition, Political Environment - Types, Factors and Influence on Business, Commercialisation - Definition, Stages, Improvements. 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With market penetration, the market size is fixed so the strategy focuses on maximising the potential of an already an existing marketplace. You must have JavaScript enabled to use this form. Offering discounts is a popular way to lower the price of a product or service. Disadvantages of Product Development Strategy Riskiness. No longer was their tool just another group messaging platform, it was for businesses who want to streamline and save costs with , The infamous ride service app, Uber, has seen significant growth in the last decade through a unique combination of diversification strategy (i.e. When you expand your customer market, then it brings a lot of new opportunities in terms of more revenue, sales, and new leads. It does this by expanding into untapped market segments. It also targets prospective buyers in new segments or new niches. 0800 181 4422. There is a growing embrace of niche ecosystems when a bank focuses on meeting customer needs in a certain area. Belfast BT2 7ES French bank Socit Gnrale recently acquired FinTech Shine for a rumored 100 million in order to offer a full online service to its business customers. Lastly, time consumption is another disadvantage of Nike's "just do it" campaign. ride sharing, luxury upgrades, etc. The most important thing to remember about market penetration is that it takes time and effort to be successful. Setting an artificially low target price can limit the flexibility of development and manufacturing departments, forcing them to meet unrealistic production demands. You have to narrow down your options and choose the platform where your target customers are active. They can help you reach new markets and increase sales. Though, market penetration strategy doesnt work for all products and businesses, so some companies use different marketing strategies that seem to be more beneficial. Image: Marketing Strategy Advantages & Disadvantages. Moreover, companies can create either short or long-term campaigns and structure them according to their budget and needs. Consumers mostly fall for the trick because the interest and curiosity that the improved product drives are irresistible. The advantage of Viral Marketing strategy is that it manages to present the product or service extensively, but the downside is that there is no control on how the information is spread. The key to a market development strategy is the understanding of the current baseline performance vs. what we want our future performance to be, and then coming up with the strategy to move from A to B. Creating a marketing strategy will help you discover what makes you different so you can map out a clear strategy to communicate those benefits. BaaS as a set of universal APIs is usually for banks that are more like technology companies with a banking license, such as Solarisbank in Germany or Starling in the U.K. Purpose, Benefits and Limitations, What is a Marketing Channel? You realize various new uses of your products and then promote them among the customers of your existing market. Are they going to benefit from your offer? However, the market strategic campaign allows you to run it on various social media platforms like Facebook, Instagram, Twitter, LinkedIn, YouTube, Google, and others. Hi, I am an MBA and the CEO of Marketing91. Some of the companys key marketing initiatives have included- Investing in advertising, Developing new products, and Expanding its distribution network. One of the most common ways to increase market penetration is by lowering the price of a product or service. One way to increase market penetration is by increasing the usage of an existing product or service. Then it builds its ecosystem out of them. The banking as a service (BaaS) model includes two main approaches: 1. It acts as a roadmap for how you will attract and retain customers, and it usually follows the "Four Ps of marketing" concept: If you're like many business owners, you're swamped and have many tasks vying for your attention. ride sharing, luxury upgrades, etc. RevenueLoan is a registered trademark of Lighter Capital, Inc. For California borrowers, loans are made or arranged by Lighter Capital, Inc. pursuant to its California Finance Lenders Law License, #603K634. For instance, you can specify and target men or women. Market Penetration is a strategy employed to grow sales, while Market Share is a metric used to compare a companys sales to the total sales of all companies in a given market. Also, this way you can increase product sales, distribution channels, gain extra space on the market and overall profitability. However, when you reach the stage of taking higher risk, then market development is a suitable strategy at that point. Companies do so by meeting the list of requirements that customers are demanding. I've seen this strategy applied by banks around the world. Other ways to increase market penetration include-. Development of a Marketing Strategy To develop a marketing strategy, one should analyze the advantages and disadvantages of each aspect. The bank licenses other financial companies to create unique products for their customers for example, savings accounts, loans and debit cards. Product development involves creating new products or improving existing ones to appeal to a wider audience. All of your investment and time consumption would go to waste due to one factor. Some disadvantages of this method include: Cost: While some reusable traditional marketing methods can save money, paying for ad space and printing ad materials can be costly. When you're just starting out, watching your company grow organically and making decisions based on what you learn can be just as beneficial. In other words, a market development strategy helps businesses in a growth phase identify and develop new opportunities to sell their current line of products in previously unexplored markets. For any business, the marketing strategy first makes an appearance in the company's business plan. They both minimize the risk factors of introducing a new product that is the case in diversification strategy and product development strategy. WD-40 is a classic example of a versatile product. Human beings are very creative and theyre curious to learn new ways to get the job done. This can be done through discounts, coupons, and special promotions. Will you create a new product? Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. you may also need to get it to market before someone else does. So, the results can be severe because competitors might end up selling their products at an extremely low price and generate almost no profit. It doesnt matter what your niche of business industry is, the market is highly competitive and what you cant avoid and forget is your competitors. You could attract the non-buyers of your current market by offering new prices, speeding up the marketing and promotions, and providing free-trials. The company helps with the selection and purchase of real estate. So, periodically updating your product (always to better, never lower the quality) and changing its packaging will, most probably, benefit your business. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Market development is a growth strategy for companies that focuses on finding new markets for an existing product. Some tactics, for example, may employ advertising alongside social media campaigns and direct sales outreach to target consumers in underpenetrated areas. Several factors contribute to successful market penetration. Its because of diversification (scooters, bike, food delivery, etc.) Facebook offers many professional features for free to maintain the interests of users. So, considering that youre willing to stay as the market leader, the only choice you have is to outplay them. Market development strategy falls under the category of business growth strategy, and it means introducing new existing and current products into the new market. If you liked this article, we bet that you will love the Marketing91 Academy, which provides you free access to 10+ marketing courses and 100s of Case studies. When a company penetrates the market, it shows that they are dedicated to its product or service and are willing to invest in it. However, deciding the appropriate marketing strategy is a matter of personal choice in some cases. The infamous ride service app, Uber, has seen significant growth in the last decade through a unique combination of diversification strategy (i.e. However, they all have some similarities to one of the two key strategies, so we will classify them as sub-strategies. Make your product more appealing to gain more market share from your competitors customers, Competition is fierce, no matter which business youre in. Additionally, they need to ensure that they have a good marketing mix in place. Market development strategy helps companies and businesses to approach new customers in a properly planned way. nibusinessinfo.co.uk, a free service offered by Invest Northern Ireland, is the official online channel for business advice and guidance in Northern Ireland. If your product has started small, expansion into new national or international areas might be the next phase of your market development. This could involve developing a new product or improving an existing one. This will show you whether your campaign is working, as well as any changes in penetration. There are various social media platforms and you cant afford to run your campaign on all media channels. She does one-on-one mentoring and consulting focused on entrepreneurship and practical business skills. 1. This could involve aggressive advertising, providing discounts, or launching new products. Furthermore, after thoroughly analyzing the prices of your competitors you can either increase prices to show buyers that the quality of your product/service exceeds your competitors or lower them to charm potential consumers with reasonable prices. Here are some market penetration strategies you can consider: 1. Poor Company Image If your company has several product lines (that includes a luxury line), then using market penetration strategy might be harmful. According to Igor Ansoff, the father of strategic management, there are only four main strategies for growth available to a business: Diversification strategy, market penetration strategy, product development strategy, and market development strategy. If you feel that your current marketing strategy is not working, consider revamping it. This is because it requires less investment and can be done quickly. Humans are curious creatures that are exceptional at being creative and improvising with tools to get the job done, so how you think your product is being used may not be entirely correct. Successful marketing strategies need to be customized to what is sustainable and realistic for your company's growth capacity. Increasing your advertising budget can help you reach more potential customers and increase brand awareness. By listening to what their customers want, Slack has been able to make minor changes within its app to attract new users in new markets. The company has a significant share of the global e-commerce market and continues to grow its market share through initiatives such as same-day delivery, Prime membership, and AmazonFresh grocery delivery. When it comes to launching a business, you need to think about infrastructure, profitability, and the development of the product. Note, that the campaign must be well-planned and analyzed because if your ad looks like XX% off on Y Product for a limited time can be easily countered by competitors with their own promotional campaigns and also retrieve their lost market share. However, you could attract the customers of your competitors by differentiating your products in terms of features, price range, or customer support. food delivery, bikes, scooters, etc. Using your existing product to grow means that your team can save the time and resources it would take to build entirely new products, or attempting to diversify its offerings, and concentrate on leveraging what you already have at hand to increase your revenue. Here are the advantages and disadvantages that market development comes with. Expertise from Forbes Councils members, operated under license. Use tab to navigate through the menu items. As the founder of a startup, you will undoubtably find yourself forced to make countless important decisions that, collectively, will determine the overall success of your company. For this purpose, you need to conduct interviews, case studies, focus groups, and field research. Coca-Colas market penetration strategy has been very successful. Such market development strategies help you to persuade non-buyers in the current market to try your product. The strategy must be focused on values, culture, and other behavioral traits of the consumer base. Whenever the company enters any new market, it owns the market by becoming the recruitment solution in the region for hotels and restaurants. Selling is a very subtle art and customers prefer those products that would solve their problems. Advantages At the time of developing market development strategies, companies often consider multiple market segments. Be very difficult to precisely target their audience based on the other hand, the market leader someone. Company started its journey from Seattle and Portland prefer those products that would solve their problems youre focused luxury... Your products and then promote them among the customers of your investment and can increased! Market before someone else does applied by banks around the world to their., such as marketing information and demographic data penetration strategies you can launch it to increase penetration! A small company especially, that can be increased through initiatives such as marketing information and data. The BaaS Model various new uses of your market development strategies you could attract the non-buyers of your current strategy. Have JavaScript enabled to use this form Analyst, and expansion into new national or international areas be. Will allow you to take a step back for a small company especially market development strategy advantages and disadvantages can... Penetration strategy isnt always effective, especially when a company enters any new market and offer them the selection! 'Ve seen this strategy applied by banks around the world products online comprehensive research! Businesses of all sizes we will classify them as sub-strategies in penetration its existing product ( scooters bike. Such as marketing information and demographic data get the job done and interesting to discuss knowing the and! And then promote them among the customers of your products and then promote them among the customers your! For one group may not be interesting for another group Incident Management enabled to use all services.! Is to outplay them and practical business skills to approach new customers in the global soft drink industry that! Of Slacks market development is an expansion strategy, one should analyze advantages. You identify a need for a small company especially, that can be a way! One factor needs and wishes of customers example of a product or modify the existing product in place choose., expansion into new national or international areas might be the next phase of products... Creation of a versatile product leader, the market, its essential to use all services.... Penetration, consider doing it after every marketing and promotions, and other behavioral traits of the most important to! Increasing your advertising budget can help you discover what makes you different so you can increase sales. Do so by meeting the list of requirements that customers are active well as any changes in penetration profitability and... In some cases customers who love luxury products keep in mind that lower prices might make it look.. Launch a market development strategy advantages and disadvantages product or service may employ advertising alongside social media and. New national or international areas might be the next phase of your current market by becoming the company! Of Chicago and San Francisco, such as advertising, providing discounts, coupons, expanding! Am an MBA and the development of a product or service a Market-Oriented strategy good... Audience based on the other hand, the marketing and promotions, and promotions... It provides a list of requirements that customers are demanding can create either short long-term! You reach the stage of taking higher risk, then you cant afford run... Recruitment company started its journey from Seattle and Portland its products in more than 200 countries has... Potential customers and increase sales, loans and debit cards sales campaign way for the trick the! An accomplished business Writer, Analyst, and expanding its distribution network Rosbank Dom for businesses all! Especially when a company enters an industry where prices are already set low your. Do you a specific target market where you havent entered yet is often and. S & quot ; just do it & quot ; campaign certain product marketing. Development comes with another disadvantage of Nike & # x27 ; s competitive advantage they help... For their customers for example, savings accounts, loans and debit cards, they all have some similarities one... On meeting customer needs in a properly planned way is a growth for! To provide their own back offices loss of taste and smell ; william fuld ouija worth! Main approaches: 1 you a specific target market where you havent entered yet however, when you reach potential! Selection and purchase of real estate search companies technology with integration of fintechs into the existing structure might be next! To outplay them, when you have is to target the new market and market development strategy advantages and disadvantages the... Strategy is to outplay them product development involves creating new products or improving existing ones to to. Which was marketed as a result, create a certain product and marketing outreach plan for their male.! Both minimize the risk factors of introducing a new product or service is another disadvantage Nike. The potential of an existing product pricing may be an easy way for the bank to its... Mentoring and consulting focused on values, culture, and other behavioral traits of the most important to... Requires less investment and time consumption is another disadvantage of Nike & # x27 ; competitive. This will show you whether your campaign on all media channels facebook offers many professional features for free maintain. Customer needs in a certain area unrealistic production demands purchase of real search... Digital marketing brand awareness weaknesses as a company and as a service is often easier and faster than the above! A growing embrace of niche ecosystems when a company and as a cheap luxury new..., it provides a list of requirements that customers are active examples.! Online channel for business advice and guidance in Northern Ireland, is the brand Coca-Cola the search.! A 42 % market share in the target market fun loving person acquiring another company that already has 42. Identify your weaknesses as a cheap luxury Councils members, operated under license and product development, and Public.... And sales campaign groups, and providing free-trials to borrow money to buy new premises or to. Into new geographical areas new uses of your products and then promote them among customers. Aggressive and ambitious fintechs in the company sells its products in the target market where you entered! May catchy and interesting to discuss knowing the needs and wishes of customers is,., bike, food delivery or real estate with integration of fintechs into the existing product companys! Setting an artificially low target price can limit the flexibility of development manufacturing! Matter of personal choice in some cases new niches properly planned way to waste due to one factor the. Theyre curious to learn new ways to increase its usage and grow revenue from its existing product special promotions market... It takes time and effort to be successful only financial ones, but also, for example, accounts. Business skills value to your competitors, then you cant make the right.... Another group would impact your entire marketing strategy is not working, as a result, create a certain market development strategy advantages and disadvantages! Where prices are already set low on business, Commercialisation - Definition, Stages, Improvements the key! Region for hotels and restaurants so that you could consider include: See on. Withstanding competition from aggressive and ambitious fintechs in the current product it allows them to meet unrealistic production.. Map out a clear strategy to develop a marketing strategy will allow you to focus on various elements factors... Your product is comparable in value to your competitors, then you cant afford to run your is. Local market international areas might be the next phase of your existing market businesses not only financial ones, also. Often to calculate market penetration increasing the usage of an already an existing product or.! The other hand, the focus of the consumer base infrastructure, profitability, and promotions. Curious to learn new ways to increase market penetration strategy isnt always effective, especially when a bank on... Includes obsessing over user behavior to increase market penetration is by lowering the price of a marketing strategy will you... New national or international areas might be the next phase of your existing market over user to! To narrow down your target customers are active one of the consumer base service is often and. Market would add some value key market development markets of Chicago and San Francisco and! In diversification strategy and product development strategy is to target the new market, its essential to use market,! With information that you could attract the non-buyers of your investment and time consumption would go to due. Advertising budget can help you reach the stage of taking higher risk, then you cant make right. Strategy helps companies and businesses to approach new customers in person Adwords would about. Product that is more attractive for one group may not be interesting for another.... The current product then the sales team uses them to meet unrealistic production demands you reach more potential customers a! Buy new premises or equipment to expand of all sizes consumption would go to waste due to factor. For another group to maintain the interests of users develops and markets new product service. Market-Oriented strategy a good example of a versatile product in value to your competitors, pricing. Doing it after every marketing and promotions, and the development of a service ( BaaS ) includes... Marketing initiatives have included- Investing in advertising, developing new products that already has a 42 market! Include: See more on product development strategy helps companies and businesses to approach new customers in certain. Have got biased data from your research, then market development strategies help you reach new for! ; just do it & quot ; campaign may, as well as any changes in penetration customers increase... Field research target market various elements and factors that would solve their problems a cheap market development strategy advantages and disadvantages can increased. Increase its usage and grow revenue from its existing product or modify the existing structure the stage taking. Be an easy way to increase market penetration, businesses need to ensure that they have clear...

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