Market Penetration Strategy

As we previously mentioned, before you create a market penetration strategy it’s important to know what stage your business is in. Below are some important questions to consider before crafting your market penetration strategy.

How long has my business operated in this industry?

How long has my average competitor been in this industry?

What kind of sales are my competitors experiencing for similar products and services?

Where can my product add more value than my competitors?

How do my competitors price their products and services?

What are common problems experienced by my competitors?

Answering these questions will help you gain a further understanding as to where you stand against your competitors. These questions will help you gain a more clear idea about the stage of your business and whether you are ready to penetrate a new market.