TMCVocabulary
How to Chart a Market Penetration Strategy
By Eugenia Jones
Results
Our bowling pin map, which appears quite simplistic on the surface, allowed us to focus subsequent, more refined, bowling pin market penetration maps, a process we undertook only after getting buy in from stakeholders. The team realized that the real value of the mapping exercise was less about getting the “right” answer about the order of niche penetration, but more about agreeing as a cross-functional team on our plan of attack so we could get our resources aligned.
We developed consensus on more refined maps of the basic research, clinical and translational research markets, applying VoC insights to see finer gradations of users and use connections and identify beachhead targets. We have interviewed customers from the beachhead and adjacent niches to determine which features are critical to the design and development of additional products in our portfolio.
Lessons Learned
After our first failed attempt at building a market penetration map we learned that it was important to build a high level view first to determine what areas are within reach in the next 1-3 years (our planning cycle), and which are not. If you were planning a trip Africa it would be easier to plan knowing which countries were nearest each other, and accessible, before you decide which cities you could visit during your vacation. We also learned that when you present the 50,000 foot view to your stakeholders, their first reaction may be to tell you they know about the existence of these markets. The exercise is not necessarily to identify new unforeseen markets. It is rather to plan how best to gain access to markets and to determine if and how markets interact/communicate. Clear communication with the stakeholders regarding the expected outcomes of generating a market penetration is necessary to get buy in.
As a consequence of deriving a market penetration plan, and obtaining the voice of customer for product development, we have realized we need to bolster the procedures in place that capture and measure customer data, and that we were missing opportunities to collect and measure customer data during webinars, tradeshows, and symposia.
