Successfully breaking into a new market is tough. And without effective market penetration strategies at play, the entire process can turn cumbersome. Any product market generally has well-established players, going around them to find a footing is pretty challenging for an entrant. But despite the tedious process that market penetration entails, corporations worldwide have been doing so for decades, all thanks to effective strategizing.
If a company decides to enter a new market, it first needs to conduct thorough research to take the lay of the land, then devise a foolproof plan before actually setting foot in the foreign sector. It is the tried and tested pathway that the most successful enterprises of the business world have taken for market penetration.
Let\’s dissect the time-honored course of action in detail and dig out the arcane tips needed to successfully break into a new market.
The first step to fail-safe market penetration is gathering as much information about its business landscape. List down all the leading contenders and their respective strengths and weaknesses so that you know how to use those to your benefit.
Once you have thoroughly studied and assessed all of your future competitors, chalk out a plan to enter the market.
Use pricing smartly
Initially, undersell your products to break away some customers from your competitors. Setting a lower product price is a prudent way of catching the consumer\’s attention. Hence, market penetration becomes a little more attainable.
Publicize your USP
The key to success in business, or any other field for that matter, is playing to your strengths. Draw out an appealing USP from your business model and blazon it to catch the consumer\’s eye. Before announcing your entry into a new market, make sure to develop a strong, unique selling point to make a mark immediately.
Look for New Customers.
Even though you are selling the same product as your rivals, but try to modify it some way to create a niche market. For instance, if you are planning to enter the soap industry, offering yet another soap won\’t get you far. However, marketing an organic soap surely will. With the increasing awareness regarding the harmful chemicals used in synthetic soaps, people are moving to more natural counterparts to avoid developing allergies. Offering an organic soap will keep you within the market, but also, distinguish you from others, which is essential for successful market penetration.
Build a Persona and Advertise it Relentlessly
A brand can only secure a prominent place in any new market by creating hype. And the best way to do it is by creating a persona for your brand and selling it. Giving a personality to business makes it stand out and makes consumers see engaging with it as special. Brand personas increase relatability and enable business-client connectivity.
A corporation must stand out to garner attention from a market\’s consumer base. And as long as a company manages to do that, regardless of the means, it will successfully penetrate any market.