Market penetration or expansion
Posted: Sun Dec 22, 2024 10:16 am
The vision represents the raison d’être and provides guidance for all its activities along with the mission – another statement indicating why a brand exists.
This is the starting point to allow a company, even thailand phone number list a small one, to expand and grow. Only in this way can it have the strength to gain new market shares . It is not always necessary to expand forcefully, small steps are enough. But what are the dynamics that help this path?
The point to clarify in order to grow a small business (often family-run) concerns the structural dynamics of the process. In some cases it is better to proceed with market penetration.
It is an evolution in which the company tries to increase its market share within an existing segment, which it already presides over with products or services. So it is an evolution, not a discovery.
Which instead happens with market expansion, which allows you to reach niches that are not yet known or new customers. In this scenario you diversify, you present yourself in sectors that did not belong to you before; in the first case instead you increase the share of customers in an already known universe. Before working on the growth of the company you must clarify how to proceed, you cannot improvise anything on this front.
Especially if you decide to have a hybrid approach to growth. For example, you can decide to work on both market penetration and expansion. This can be a decisive step in your journey . Both in positive and negative terms. To proceed, you always need to have a solid foundation.
This is the starting point to allow a company, even thailand phone number list a small one, to expand and grow. Only in this way can it have the strength to gain new market shares . It is not always necessary to expand forcefully, small steps are enough. But what are the dynamics that help this path?
The point to clarify in order to grow a small business (often family-run) concerns the structural dynamics of the process. In some cases it is better to proceed with market penetration.
It is an evolution in which the company tries to increase its market share within an existing segment, which it already presides over with products or services. So it is an evolution, not a discovery.
Which instead happens with market expansion, which allows you to reach niches that are not yet known or new customers. In this scenario you diversify, you present yourself in sectors that did not belong to you before; in the first case instead you increase the share of customers in an already known universe. Before working on the growth of the company you must clarify how to proceed, you cannot improvise anything on this front.
Especially if you decide to have a hybrid approach to growth. For example, you can decide to work on both market penetration and expansion. This can be a decisive step in your journey . Both in positive and negative terms. To proceed, you always need to have a solid foundation.