No doubt, establishing a good market penetration strategy is a complex task. Whether you are entering a new vertical or a new geographic market, building a solid foundation in the form of a strategic plan is extremely important.
When I advise my clients regarding market penetration, I tell them three things: Research; research; research.
Start with market research and begin to understand where it is you will be going. If secondary research information is available and adequate, use that. If you have an internal market research department, get them involved early and often. If you need outside help, talk to someone like OnTarget.
Next, you will need to understand your targets from both a company and contact perspective. Who will be buying, and why? What will motivate them? Who has the budget? Where is the pain? Exploring all of these factors will take some serious time and energy, but will be worth it in the end.
Finally, as you begin to roll out your marketing program, be watchful and fluid. If you see that something is working, do more of it. If not, stop.
Research is the key when you are establishing a market penetration strategy. As Dr. Carl Sagan is known to have said: “Somewhere, something incredible is waiting to be known”.
Ed Trachier can be reached at 469-200-4901, or via email at firstname.lastname@example.org.