Extending to a global scale. 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. 1. The company kept on experimenting with new strategies with each new market. If you identify a need for a new product in the market, you can launch it to increase market penetration. Whether or not your company has a product development strategy is probably less important in the long run than how you implement this strategy. This can be done by simplifying the buying process, providing free shipping, or offering financing options. Market Development is best used when a business wants to expand into new markets. 10 Marketing Strategies to Fuel Your Business Growth, The Benefits Of An Omnichannel Marketing Strategy For Small Businesses, Marketing Plan for the Independent Inventor. Considerations about which demographics are likely to respond to which types of traditional marketing can result in more strategic and cost-effective marketing plans. Are they going to benefit from your offer? Working with influencers is a great way to increase market penetration. This allowed them to better articulate the value of their software. Every marketing strategy has its own advantages and disadvantages. For instance, when a firm aims to increase sales, lowering prices is an effective tactic to attract potential customers. The market strategy reduces your risk factor by telling you the type of product or service you should produce and the market to enter. Businesses can use a variety of ways to evaluate the degree of competition in their sector. This is because it requires less investment and can be done quickly. Here are some of the disadvantages of targeted pricing: Errors introduced during the process of calculating the ultimate selling price can impact the rest of the marketing plan. The goal is to increase market penetration by targeting this relatively untapped group. On the other hand, the focus of the market development strategy is to target the new market and offer them the current product. Creating a marketing strategy will allow you to take a step back for a moment. Selecting the right media platform to launch your campaign is the key to the success of your campaign. A market development strategy is a business growth strategy that focuses on introducing existing products to new markets. The strategy must be focused on values, culture, and other behavioral traits of the consumer base. 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. Today, we see Facebook as the worlds largest social media platform, and the platform is still expanding and entering into newer markets. In the business world, there is no perfect marketing strategy. They also need to research the competition and find ways to differentiate their products or services. Here's how to calculate cost-plus pricing:: 1. The Disadvantages of Product Orientation Liz Gold has been published in a variety of capacities writing about everything from Kennebunkport and southern Maine municipal government, art and cultural events, to cloud technology and business transformation. A strategy can also help you to form goals based on a . Adjust your pricing. As a tool thats free for anyone to use, it was important for the Facebook team to maintain a keen focus on user behavior. Human beings are very creative and theyre curious to learn new ways to get the job done. Market penetration is one avenue you can take to achieve this goal. You realize various new uses of your products and then promote them among the customers of your existing market. By implementing a market development strategy, the NBA brought televised games to China, where just a decade later its become the most popular sports league in the country and. In turn, this can give you fresh ideas about how to market, and who to market to. ), and product development strategy. If you think that customers are using the product, then you could be wrong. These decisions may feel small when they involve things like who to hire and when, but they will almost certainly feel more consequential when they involve things like optimizing sales models, pricing models, and high impact growth strategies. For more information on how we use your data, read ourprivacy policy. This can be done by-. Transformation can end in a fiasco if the bank team doesnt have sufficient competence and experience and a hunger for innovation. By implementing a market development strategy, the NBA brought televised games to China, where just a decade later its become the most popular sports league in the country and worth more than $4 billion. Market development has both positive and negative sides as well. Additionally, it is often more economical than other marketing strategies. Market penetration also helps to create goodwill for a company. Slack began life as an internal company tool. Finally, they need to track their progress and make adjustments as needed. Unmet Production Costs Its not always possible to lower the product price as you will. Market development involves expanding into new markets with existing products. The new market may be a foreign market. 2. Or, companies target different segments for their products. If you thought this was useful, youll love getting Lighter Capital's thoughtfully curated monthly e-newsletter. But keep in mind, no matter what marketing strategy you use, if you don't have an effective sales funnel or pipeline and optimize your conversions, you'll be leaving money on the table. 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. Missed Opportunities Brands that produce luxury products often make mistakes like marketing it as a cheap item. 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. 2. 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. This can be done through traditional methods such as television and print ads, or through digital methods such as online banner ads and social media campaigns. In 2013 she transformed her most recent venture, a farmers market concession and catering company, into a worker-owned cooperative. It helps you to focus on various elements and factors that would impact your entire marketing strategy. Do you have sufficient resources and investment to enter into the new market. To put it simply, take your products current sales volume and compare it to the total sales volume of similar products on the market. Creation Of A Service Based On The BaaS Model. Which method you choose will depend on your product, your messaging, or your overall approach. Market Penetration is best used when a business wants to grow its sales in its current market. Distribution Channels One of the most constructive components of market penetration strategy is distribution channels. I've seen this strategy applied by banks around the world. If you have found success online, consider moving to a specific geographic physical location. The goal is to find out the new interested customers in the current market. This is where market development comes in as a beneficial strategy. Existing customers can be a great resource for finding new markets, and also for helping to promote your products or services in those markets. For example, advertising is one of the most effective ways to increase brand awareness. They may, as a result, create a certain product and marketing outreach plan for their male clients. Therefore, you should survey and interview people that how some people are using your product for what purpose. Poached Jobs is an online recruitment platform, it provides reliable talented candidates to businesses, companies, and managers. This could involve partnering with a complementary business, setting up dealer networks, or partnering with distributors. Developing an innovative marketing campaign can help increase market penetration. Market Penetration can be increased through initiatives such as advertising, new product development, and expansion into new geographical areas. Failure to do so may make all your hard work irrelevant. For example, if your organizations primary source of income is selling through retail outlets, it can open other channels like email marketing, telemarketing, etc. Buyers always want better and when the opportunity comes, they always shift towards the best. Developing an online and offline marketing strategy will help integrate your business. The choice is yours. Successful marketing strategy may depend on the use of different strategies to obtain the best result . Leverage the resources available to you, such as marketing information and demographic data. Slack began life as an internal company tool. Market penetration also helps to create goodwill for a company. Based on the above information, it seems that a market penetration strategy is a good way to have a good market penetration rate, increase sales and grow a business. Here are two examples to consider: Discovering new uses for your product enables you to promote to new customers and expand into new markets. Otherwise, it would be very difficult to precisely target and narrow down your target customer market. All of these techniques would make customers switch their brands. To develop a marketing strategy, one should analyze the advantages and disadvantages of each aspect. Product development involves creating new products or improving existing ones to appeal to a wider audience. The marketing team should also adjust the price to achieve a marketing competitive advantage. 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. Understanding Market Penetration Strategy, Market Development vs. Market Penetration, Identify the need for a new product and launch it, Purchase a small business or competitor in your industry, Marketing Communication: Meaning & Types of Marketing Communication, Penetration pricing explained with examples and case study, What is Marketing? Furthermore, the competitor that was first to lower prices, will have to continue doing the same in order to maintain its market leadership. Doing research helps you understand patterns of consumer behavior so you can calculate the likelihood of your products and services succeeding with your target market. They also need to be prepared to make adjustments along the way. An organization can even begin to develop a product that is seen as valuable, but have it become worthless before they can bring it to market. Increase Usage Market penetration can be increased through product consumption. 2. ), market development strategy (i.e. Let us know in the comments below. This could involve giving them more leads to contact, providing training on how to sell your product, or setting quotas for them to reach. 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. Lastly, time consumption is another disadvantage of Nike's "just do it" campaign. Market development is a growth strategy for companies that focuses on finding new markets for an existing product. Sometimes, products are expensive to create and small businesses tend to struggle while trying to produce enough to lower the production and product price. Advantages of a Marketing Strategy Maintain Focus When you have a bunch of tasks fighting for your attention, it's easy to lose focus. As a new business owner, there are many questions you'll need to tackle. ), and product development strategy. The company has made significant growth for the last 10 years. 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. 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. So, the results can be severe because competitors might end up selling their products at an extremely low price and generate almost no profit. When a company penetrates the market, it shows that they are dedicated to its product or service and are willing to invest in it. Becoming technologically fresher and starting the transformation process of the core business, thus creating a startup atmosphere. This can be done through coupons, sales, and special promotions. Several factors contribute to successful market penetration. When you're just starting out, watching your company grow organically and making decisions based on what you learn can be just as beneficial. Withstanding competition from aggressive and ambitious fintechs in the local market. 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. If you have competition in your market, its important to thwart their efforts. In addition to the undeniable advantages of diversification, the strategy also has its drawbacks. As the software became the Facebook we know today, it became increasingly important to reach new users and markets in order to expand. Thus, the development efforts of the organization are focused on characteristics that are most widely demanded. Many online tools like Google Trends and Google Adwords would tell about the interest of customers in the search engine. Your email address will not be published. To find new potential markets, companies must carry out systematic market research. For this purpose, you need to conduct interviews, case studies, focus groups, and field research. 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. Market development strategy falls under the category of business growth strategy, and it means introducing new existing and current products into the new market. 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. 1. As long as your product is comparable in value to your competitors, then pricing may be an easy way to stay competitive. Its because of diversification (scooters, bike, food delivery, etc.) One of the most common ways to increase market penetration is by lowering the price of a product or service. This will allow you to quickly enter the market and gain market share. Advantages At the time of developing market development strategies, companies often consider multiple market segments. Market development is a strategy employed to seek out new markets for a product or service. Disadvantages of business diversification. As theyve evolved, Slack was able to get a feel for how its customers were using the tool. Air India to discontinue Vistara after merger, DS Group Partners with Lderach (Swiss Chocolate Maker), Castrols unveils a New Logo and a Refreshed Brand Identity, Increasing marketing and advertising efforts. The marketing team communicates these unique qualities through their campaigns and promotions. The market strategic campaign allows you to promote your business and spread your brand awareness. Diversification involves developing new products for new markets. You may need to borrow money to buy new premises or equipment to expand. The goal and objective of every business are to satisfy the needs and requirements of customers. Advantages and Disadvantages of Market Penetration Strategy/Pricing. 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. Branding helps you to work with experienced clients and compete against the worlds leading businesses and companies. Building a brand is a crucial part of marketing. An all-encompassing marketing strategy will keep you relevant in all the mediums your customers engage. The ideal methods of a market development strategy will look different for every business, so you should think about this type of strategy in a way that best suits your operations and type of product or service. Looking at the image above, we can see that market development strategy is a business growth strategy that involves adding existing products to new markets. First, businesses need to identify their existing customers and understand their needs and wants. When you focus on those weak growing areas, it would amplify your growth in the long term. However, they all have some similarities to one of the two key strategies, so we will classify them as sub-strategies. Then the sales team uses them to demonstrate the product's competitive advantage. Making it easy for customers to purchase your product or service will help increase usage. Her experience extends to both corporate and freelance; she's a former Senior Editor at the B2B publication Accounting Today, writing about public accounting firms with a specialization in diversity, technology, best practices, and business development. This button displays the currently selected search type. If competitors sell similar products and one of them decides to lower prices, its natural that others will try to match them to create a balance and avoid consumer shifting. Market penetration is important because it allows for easy diffusion of a product or service in the market. There are other digital development strategies, of course. In articles about the banking industry over the past year or two, authors often talk about the necessity of implementing big data, AI and quantum technologies. 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. Market development is a growth strategy that involves selling your existing products or services to a new group of customers. However, the market strategic campaign allows you to run it on various social media platforms like Facebook, Instagram, Twitter, LinkedIn, YouTube, Google, and others. Part of Slacks market development strategy includes, This differentiation in the market has set them apart from other products with very similar features. Disadvantage: Cost Executing successful marketing strategies often takes time, money and resources and for a small company especially, that can be frustrating. All Rights Reserved. It becomes more complex when competing with large firms. One of the primary benefits of exporting is access to a global market of buyers. For instance, low upfront prices will oblige your competitors to shift to alternative strategies with different price regulations. Another example of market penetration is the online retailer Amazon. 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. Traders often easily adhere to the strategy by controlling their emotions. Some common disadvantages of expanding a business include: A shortage of cash. Some tactics, for example, may employ advertising alongside social media campaigns and direct sales outreach to target consumers in underpenetrated areas. Market Share can be increased through initiatives such as price cuts, promotions, and marketing campaigns. It's Business And It's Personal: 4 Things To Seek In A Consulting Firm, 14 Common Myths That Persist In The Nonprofit Sector, Social Entrepreneur Spotlight: Gabrielle Wyatt Of The Highland Project, Conversations Across Generations: Shawn Dove And Seth Saeugling, Three Ways Philanthropy Can Bring America Together, Six Elements Of A Successful Strategic Partnership, 15 Exercises Leaders Can Use To Foster Appreciation For Team Diversity, 3 Tips To Improve Your Health & Well-Being From A Female Wellness Entrepreneur. Market penetration can lead to fast growth for a company. Today, well discuss the advantages and disadvantages of marketing strategy. The most important element of a market strategic campaign is to recognize the needs and wants of target customers. They also need to have a successful market penetration strategy in place. This could involve adding new functionality, improving the design, or increasing the quality. three days. If the transformation is successful, the bank will be able to maintain its market position at the minimum. During this process, the cost is usually the main factor that determines the pros and cons of a strategy. Increased capital requirements. A larger business requires a larger workforce, more facilities or equipment, and often more investment. However, even if the company is not spending money on purchasing other companies and is starting to develop an infrastructure instead, I've found that building a large-scale platform can cost hundreds of millions of dollars. The most important thing to remember about market penetration is that it takes time and effort to be successful. Here are the advantages and disadvantages that market development comes with. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. Fast Growth If your business and marketing objective is to enlarge your consumer base, then market penetration is the most effective way to act. Combat Competitors One of the best parts of the market penetration strategy is combating your competitors. 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. But when you have a product/service and ready to grow your business you might use various strategies for the growth and development of your business. Develop the strongest idea possible, and revisit your product development strategy throughout the long process. Market penetration is a great strategy to start with, but it can only get you so far on its own at some point you may need to consider a higher risk, higher reward strategy in order to continue steady growth. For instance, if we use an effective marketing strategy that will increase product awareness in certain areas itll result in higher product consumption that will also increase market penetration. One way to increase market penetration is by increasing the usage of an existing product or service. This is usually accomplished through recommendations and by social media networks such as Facebook and Twitter. As your business grows, its important to consider ways to increase your market share. Here are the advantages of conducting market research: 1. The cost of implementing a strategy depends on the company's appetite and approach. Required fields are marked *. If youre not sure how to get started, Market Development Strategies can help. Today well review what market development strategy is, identifying a clear definition and looking at some useful examples. It is the successful selling of a product or service in a given market. This is a BETA experience. Devra Gartenstein founded her first food business in 1987. Market development strategy helps companies and businesses to approach new customers in a properly planned way. 3. It helps companies in the growing period to identify new opportunities and sell their current products in the new unexplored market. The absence of a clear vision of and plan for integrating a fintech into a legacy structure may not bring the desired effect. The company spent the whole year of 2015 focusing on the one market, the focus was to establish growth, success, and credibility, and then move on to the next market. Furthermore, some companies risk more and first buy products in bulk (for discounts) and then implement the penetration pricing strategy. food delivery, bikes, scooters, etc. It is important to do your research to make sure you are entering a new market wisely, and also to have a solid plan for how you will penetrate that market. It allows them to precisely target their audience based on their needs and interests. The platform keeps on growing with its existing product. It will help you analyze and understand your message and how to effectively reach a larger pool of prospective customers. ride sharing, luxury upgrades, etc. Anew company should concentrate on gaining its worthy place in the industry, rather than trying to beat others low prices. There are many ways to increase market penetration. Better Information. 2. Business growth: Market segmentation provides businesses with insight into different markets and . Consumers mostly fall for the trick because the interest and curiosity that the improved product drives are irresistible. Low prices that guarantee customer base growth, means that you can increase the quantity of products ordered from the supplier, which will result in higher profits gained from low prices. Market penetration can be a great growth strategy for businesses of all sizes. To calculate market penetration, you need to know two things: 1) the size of your target market, and 2) how many people in that target market have purchased your product or service. WD-40 is a classic example of a versatile product. Would your product be successful in the new market? Along with being time-consuming, it requires a huge investment. Like who to hire and when to share the responsibility, they may seem small steps. Keep your entire team involved so you can hear feedback from many levels. If your startup is ready to take its growth to the next level, youll be weighing up the different avenues you can use to get there. With very similar features access to a new business owner, there is perfect! A new group of customers and experience and a hunger for innovation increased through product consumption part! Company kept on experimenting with new strategies with each new market selecting the right platform... 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