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Launching a new product into the market space is not enough, you will need to employ working strategies that can enable the product to gain acceptance and penetration into the market. As a business owner, you will need to ensure that things are put in place for your new product/service to sweep the market, as soon as possible, and to garner a large market share. Your business needs to take initiative to penetrate the already saturated market. This can only be achieved by projecting the advantage your business has over your competitors.

Market penetration could be challenging, however, there are strategies which when effectively implemented, will cause your business to breakthrough. Here are a few penetration strategies:

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  • Uniqueness

To a very large extent, this is a competitive differentiation strategy. Your customers want to know what sets you apart from your domineering competitors. You need to be unique in approach and think and act differently. In your marketing efforts, try as much as possible to educate your customers about your product. This will make purchases much easier, as they will have solid information about your product and even be able to refer others to purchase your product. You could also expand your distribution network. Make your product available in different locations. This will also make it easier for your customers to purchase your product without stress. Baseline, put your product out there, let it be in their faces; readily available for purchase.

  • Price Optimization

One of the greatest advantages you could have as a new business is to make the cost of your product or service more affordable, in comparison to those of your competitors. This will make your product gradually find its way into the market because everyone wants products that are more pocket-friendly. This is simple logic. Have you noticed that when new products come into the market space, they sometimes have ridiculously lower prices? Several people, myself inclusive, have purchased new products due to their cost-effectiveness. Your customers may eventually get to love your product and even prefer it to others because you have thrown the ‘bait’ for them to make their first purchase. As time goes on, you can gradually increase prices, but make sure you maintain the trust of your customers, that way, even if your own product becomes the most expensive of its competitors, they will keep running to you.

  • Rigorous Marketing

Marketing cannot be overemphasized when it comes to business, especially in the process of gaining more market penetration. As earlier mentioned in the first listed strategy, you need to put your product out there. Of course, no one will purchase what they cannot see. You need to invest largely and wisely in marketing – online and offline. Utilize channels like social media marketing, e-mail marketing and telemarketing. Run campaigns and promotions. Make people aware of your new product, and while doing this, always lay emphasis on the benefit your product will be giving your potential customers. Don’t just sell the product, sell the benefits!

  • Improve product quality

This is a vital market penetration strategy. While launching your product, give adequate room for reviews, as this will enable you to work on necessary improvements. It is also a way to let your customers know that you are actually interested in serving them better. And when you get the reviews and recommendations, constantly find ways to improve on the product. You may need to just make slight adjustments and inputs to thrill your customers. Several businesses across different niches are already taking advantage of this strategy. You can join the league and expand your business.

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  • Diversification

This is an effective way to penetrate the market. Many manufacturing companies do this and it helps them scale their businesses big time. For instance, a tablet soap company might decide to manufacture complementary products like detergent, bleach and clothe starch. That way, the brand tends to become an authority in that niche and when customers purchase a product, they will likely go for the complementary product.

Penetrating the market space, especially as a new business enterprise can be difficult, but when these strategies are implemented, you will definitely penetrate the market and overtake your strongest competitors.

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This article was first published on 13th August 2021

chidiogo-akaelu

Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.

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