![]() ![]() ![]() Identify a business partnership that can help you grow your market share.Change pricing strategy: Lower or increase the price of your product.You may also offer incentives for people to buy more of your product in exchange for a discount.You may be more aggressive with your marketing but in the same customer segment.Here are some possible examples of how you can approach it: Market penetration strategy is focused on selling your current product to the same people but in larger quantities. A year later, Coconut Water had snagged nearly 6% of the global juice market. They enlisted sports stars and celebrities, positioning Coconut Water as the healthy alternative to sports drinks such as Gatorade. More recently, several large manufacturers decided to change how they marketed the product. Use of new sales channels such as onlineĬoconut Water had been on sale in health stores for decades.Expanding into foreign markets (international expansion).Some examples of market development strategies that would fit into this part of the matrix would be: These new customer segments will have the same needs as your existing customers, but perhaps aren't aware that your product could help them. In other words, you will focus on finding new market segments to sell your product to. This is all about selling more of your current product or service to a different or expanded group of people.
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