- Maintain or increase your product's market share by using more aggressive pricing, launching a smart ad campaign, and look for avenues of sales promotion.
- Secure dominance in growth markets by finding a new a growing demographic, psychographic, or sociographic to market to. For example, if you notice that people over the age of 65 are starting to buy a particular clothing item a lot, market to those people to capture that growing demographic.
- DESTROY YOUR COMPETITORS!...with loyalty programs to guarantee a place in the market share. Many grocery stores and websites do this now where you sign up for a membership to receive bonus deals and coupons. Kmart tried this tactic a little too late and now they are hard to find.
- This sort of ties in with number 3, but try to get your customers to use your product in greater quantity or more often. After introducing a loyalty program or mailing list, you can continue to advertise a new product or a product that has something new with it. For example, Kraft Mac and Cheese removed the artificial dyes from their "cheese" powder to make it seem like a healthier value (it is still cheese powder, people).
For all you avid readers out there, Smartling has a pretty comprehensive list about the basics of market penetration (how to plan, when to penetrate a market, how to, etc.) that I will link right here: https://www.smartling.com/market-penetration/
This will be the last blog post for this class. Hopefully everyone learned a lot. I can see I had some regular clicks from within the class so that was neat. Good luck in the Entrepreneur World everyone!
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