Market Penetration Strategy Checklist

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Define the Need for a Penetration Strategy.

• Identify why your business needs to reach higher market penetration
• Check whether you will reach an increase in total profitability through a penetration strategy
• Determine whether your business can increase profitability per product line through higher penetration
• Figure out how you can secure profitability
• Have a survival scenario for an unfavorable market situation
• Check whether your business will have a need for product development under the circumstances of higher penetration

Consider Penetration Criteria.

• Market has size and potential for growth – be sure your company will have sufficient sales and profits for business growth in the market
• Costs for investment - calculate the amount of financial resources required to maintain product offers, advertizing, staff training, system modification, etc.
• Product positioning – figure out whether your product/service will be positioned better through higher penetration

Plan Investments.

• Start drawing up business scenarios and calculations regarding your penetration effort
• Decide what sort of investment you need to make
• Measure investment potential and translate it into sales revenue to be gained over a reasonable time span
• Estimate in advance what return on investment is expected to be
• Designate a specific budget and time plan for your investment project
• Consider investing in a specific training program for your personnel

Plan Actions.

• Think about whether you can gain an additional market share with the same product/service
• Identify the total number of registered trademarks in your market and determine what trademark group your product/service belong to
• Measure the degree to which your company can capture the target market for its product or service
• Calculate the cost of your product/service to the end users and consumers
• Consider using the same product/service, but promote it with additional features
• Consider reducing product price in order to reach higher customer attractiveness
• Think about implementing customer incentive strategies, including loyalty programs, discounts, and pricing adjustments
• Analyze your competitors and determine.....

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