What is a Market Penetration Plan?
A Market Penetration Plan is a marketing strategy and a business plan used by sales and marketing teams to increase market share. It includes researching the market and customer needs, setting objectives and targets, and executing related projects to achieve the targets. The plan also outlines how to measure success and the potential risks involved.
What's included in this Market Penetration Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Market Penetration Plan template for?
The Market Penetration Plan template is designed for sales and marketing teams who want to increase their market share. The template provides a set of steps to help teams define their focus areas, objectives, targets, and projects that can help them achieve their goals.
1. Define clear examples of your focus areas
When creating a Market Penetration Plan, it is important to define the focus areas you want to focus on. These focus areas should be clearly delineated and should be clearly linked to the overall goals of the plan. Examples of focus areas could include increasing market share, increasing product usage, and increasing revenue.
2. Think about the objectives that could fall under that focus area
Once you have defined your focus areas, you need to determine the objectives that could fall under each focus area. Objectives are the specific goals you want to achieve and should be measurable and achievable. Examples of objectives could include increasing brand awareness, increasing customer satisfaction, and increasing revenue.
3. Set measurable targets (KPIs) to tackle the objective
A key part of a Market Penetration Plan is setting measurable targets. These targets are known as key performance indicators (KPIs) and should include an initial value, a target value, and a unit of measure. For example, a KPI could be to increase followers on social media accounts from 500 to 3000 people.
4. Implement related projects to achieve the KPIs
Once you have set your KPIs, it is important to implement related projects that will help you achieve your targets. Projects should be actionable and should be designed to move you closer to your goals. Examples of projects could include increasing digital advertising, increasing user interface design, and increasing customer support.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a strategy execution platform used to help teams quickly and effectively achieve their goals. Cascade provides tools to help teams plan, track, and measure progress on their Market Penetration Plans. With Cascade, teams can easily visualize and monitor their progress and make data-driven decisions to optimize their strategies.