They should also understand how the market and customers view their products or services.
This piece defines market penetration as the amount of product or service sold versus the estimated total market for that product and service. This measurement can help marketers determine the potential market size and develop a strategy for increasing the market share of a specific product or service.
A high market penetration would mean the brand is an industry leader and has strong brand equity. In order to capture a large market share, businesses should try changing their price point; launch, update or change a product, or release specific features for the product.
Growing businesses in new territories or offering franchise opportunities can help brands find new prospects. Companies can also collaborate with other complementary businesses to broaden their customer base.
[7 minute read]