Cycle glossary

Product terminology simply explained

Market Penetration Strategy

Market Penetration Strategy is a plan that focuses on increasing the market share of a product or service within its current market. It aims to attract more customers and encourage existing customers to purchase more frequently or in larger quantities.

Imagine you're at a farmer's market selling your delicious homemade jam. To increase market penetration, you could offer free samples and discounts to attract new customers. You could also create a loyalty program to incentivize your existing customers to buy more jars. The goal is to dominate the jam market by getting more people to try and love your jam, and by encouraging loyal customers to keep coming back for more.

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