Originally published October 6, 2015 , updated on September 17, 2024
In the marketing sphere, it is often necessary to keep your fingers in many pies. That’s to speak, in order to maintain a competitive edge. When marketing a new product, it is of utmost importance to keep a close eye on your market penetration statistics. Market penetration, in a nutshell, refers to the extent to which a product or service is being purchased by customers in the current market. As one would imagine, figures for a new product can give a real-world representation of the efficacy of a company’s marketing strategy as a whole. The more convincing you’ve been, the higher the number tends to be.
There are a number of strategies that exist to increase your market penetration. For example, dropping the price of your product, bumping up the number of promotional schemes and encouraging non-users to take the plunge and try something new.
All in all, the market penetration figures for a product will give you a very clear impression of its popularity. Also, by extension, it can validate an entire marketing strategy. It gives a solid impression of the initial and ongoing impact your strategies are having on customers. As such, it should be regularly monitored.
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