Market Penetration
A measure of the extent of a product’s sales volume relative to the total sales volume of all competing products. https://getsling.com/blog/business-terms/
Refers to the strategy of increasing a company’s sales and market share by selling more of its existing products or services to its current customer base, or by attracting new customers in the same market. It involves expanding a company’s reach within an existing market through various tactics such as pricing, promotions, and advertising. The goal of market penetration is to increase a company’s revenue and profitability by maximizing its potential within its current market, without necessarily developing new products or entering new markets.
A business coach might work with a small tech startup looking to increase market share for their cloud-based project management software. The coach might advise the startup to offer a free trial period to attract new customers, and then offer a competitive pricing structure to encourage customer retention. The coach might also recommend expanding their marketing efforts to target specific industries or demographics where there is high demand for project management software. By pursuing a market penetration strategy, the startup can establish a strong foothold in their industry and build a loyal customer base.
Market Penetration DEFINITION:
Market Penetration QUOTE:
1."Market penetration - because sometimes it's easier to make more friends than find new ones." 2."Market penetration is like adding hot sauce to your product - it makes it spicier and more appealing!"