When social media platforms first came onto the scene, they were just a blip on the marketing radar. Their impact was slight, drowned out by traditional methods studied and carefully honed over decades.
But fast forward to today, and the marketing landscape has changed dramatically. Social media has now morphed into a fierce, no-holds-barred marketing arena where individuals, organizations, and brands go head-to-head to win the hearts and wallets of consumers.
And who can blame them? After all, 74% of consumers say companies’ social media posts impact their purchases, and 55% claim social media is one of the most typical ways they learn about brands. That’s a lot of marketing power packed into a few little apps.
If you’re not yet convinced of social media’s market penetration potential, buckle up — because we’re about to dive headfirst into the deep end. We’ll take you through the basics of market penetration, explain how social media can help, and leave you with a few tips to get started. So without further ado, let’s jump in!
What is Market Penetration?
Market penetration is a powerful growth strategy that enables companies to break into existing markets, stake their claim, and drive market share growth. It involves increasing visibility, exposure, and demand for your goods or services – all with the ultimate goal of edging out the competition and growing your market presence.
The concept of market penetration as a viable growth strategy was first introduced by H. Igor Ansoff in his 1957 Harvard Business Review article, “Strategies for Diversification.” Ansoff developed an easy-to-follow grid (now known as the Ansoff Matrix) to help companies evaluate their options and determine the best path forward while weighing the associated risks.
How Can Social Media Help With Market Penetration?
Capitalizing on the ever-growing social media landscape provides the perfect opportunity to deepen your market penetration and become a household name. Here are some convincing reasons why this is so:
Brand Awareness Galore
The rise of mobile technology has completely changed the game when it comes to how, where, and when consumers buy. Google first proposed this notion ten years ago, introducing the Zero Moment of Truth (ZMOT) concept, which describes how customers conduct online research before pulling the purchase trigger.
Back in 2011, customers mostly did this research on their laptops. But now, thanks to the proliferation of smartphones, customers can scour the internet for information anywhere and anytime. And that’s often done on social media platforms — which presents an incredible opportunity for businesses to increase their visibility.
Customer shopping journeys today are nothing like it was a couple of decades ago. People no longer take a straightforward route, from seeing an ad to joining the checkout line. The current process follows a much more winding and complex path involving multiple Google searches, YouTube videos, Instagram stories, and more.
Social media is the perfect place to guarantee your brand stands out along this new customer journey. In fact, according to stats by AdEspresso, 52% of online brand discovery happens on social media platforms – making it a key driver of brand awareness and, ultimately, market penetration.
Goldmine of Customer Data
Social media presents unparalleled opportunities for understanding your target audience’s needs, wants, and behavior. With each like, comment, and direct message, you start to piece together the puzzle of how best to meet their needs and differentiate yourself from your competition.
You’ve got access to their stated preferences but also subtle clues about their behavior. It’s all there for you to observe and act on – from the types of content they share to the topics they discuss and their interactions with you and your competitors.
You can use this data to craft the perfect advertising message, the most compelling content, and the best offers to attract your target audience. All these will help you win more customers and increase your market penetration.
And if you really want to take things to the next level, deploy social media analytics and listening tools to crunch your data and give you deeper insights into customer sentiment, conversations, or trends.
That way, you’ll get a front-row seat to your audience’s honest thoughts about your brand, your competitors, and the industry in general. Harnessing this rich data source will empower you with the knowledge you need to fine-tune your strategies and dial up your brand’s market penetration.
Promote Brand Loyalty
Nothing can give your market penetration a bigger boost than dedicated and loyal customers who trust and recommend your brand. Social media is the perfect platform to forge and nurture these meaningful connections with your customers.
Research demonstrates that 90% of people buy from brands they follow on social media – a clear indication that brands that try to cultivate strong ties with their audience will substantially improve their chances of being chosen over their competitors.
But creating customer loyalty isn’t a once-off task – brands must consistently work to keep their customers engaged and interested. This could be done through a variety of activities such as running competitions, hosting Q&As, or offering exclusive deals. And if you get it right, you’ll have a passionate and loyal tribe of customers who will become your brand advocates, spreading the word far and wide about your products.
And we all know how powerful word-mouth can be in getting your message out there and boosting market penetration. A survey conducted by RRD on 1,000 consumers found that 55% learn about new products through word-of-mouth, while 40% have admitted to making purchases based on those recommendations.
28%, moreover, stated that they preferred using word-of-mouth over any other discovery method. Bottom line? This kind of grassroots marketing can bring your market penetration to a whole new level – and it all begins with building solid customer-brand relationships on social media.
Getting Started With Social Media for Market Penetration
Learning how to harness the power of social media for market penetration isn’t something you can pick up overnight. It requires a bit of trial and testing, some strategic insights, and just the right amount of creativity. Here are a few nuggets of wisdom to get you started on the right track.
Get Your Profile Up to Scratch
First, you should make sure your social media profiles are presentable and up to date. This includes selecting the right profile photos, appropriate cover images, and a well-written description that speaks to your target audience and gives your page some personality.
It’s also essential to ensure all your pages are consistent in terms of visuals, brand voice, and messaging. This cohesiveness will help you create a unified presence that customers can recognize across the board, strengthening your brand’s image and cementing it in the minds of potential customers.
Make Your Online Presence Easily Accessible with QR codes
Unless you’ve made a notable impression or accomplished something to really stand out, potential customers won’t take the time to actively dig around for your social media profiles or try to type in lengthy URLs slapped on your business cards and promotional materials.
That’s where the mighty QR code swoops in to save the day! These funky little squares that look like high-tech puzzles give your potential customers direct access to your social media pages with just a single scan.
Just choose a reliable and user-friendly QR code generator, generate a social media QR code that aggregates all your social media profiles in one convenient square, and plaster it on everything from business cards to flyers to posters. This will grant your social media profiles prime visibility, helping them reach more potential customers and revving up your market penetration.
Flesh Out Your Target Customer Personas
Before you start concocting content and posting willy-nilly, you must define your target audience: Who are these people? What do they value? What kind of content will draw them in? Answering these questions from the outset will give you a solid starting point to come up with the right content tailored to your target audience.
But, more importantly, it will allow you to take a closer look at your customers and use that insight to build relationships with them. When you know your customer personas inside out, you can develop a better understanding of how to communicate with them more effectively. This will help you build stronger relationships with prospective customers, possibly improving conversions and boosting market penetration.
Of course, you won’t be able to implement any of your market domination plans without a good dose of organization. It’s easy to get lost in social media’s hustle and bustle, especially when managing multiple channels simultaneously.
That’s why you need a rock-solid file management system that keeps everything neat, tidy, and at your fingertips. Whether you opt for a cloud-based system, an all-in-one social media marketing tool, or merely a folder hierarchy on your computer, a reliable system will help you make sense of the chaos and ensure nothing slips through the cracks.
Another thing you can do to stay organized is to use a straightforward project management tool like Trello or Asana. They offer a handy breakdown of who’s in charge of what, when items are due, and how things are going, streamlining the production process.
But if you need more robust features for bigger tasks or larger teams, you can always look for a more sophisticated project management solution like Jira. With it, you can manage more complex projects and collaborations more efficiently, helping keep your tasks in order and your processes humming along at their best.
Unlocking Social Media’s Market Penetration Power
There’s no denying it — social media is one of the most potent marketing tools available to businesses today. With the ability to penetrate target markets and win customer trust and allegiance, companies would be remiss not to use this invaluable marketing resource. So take advantage of your newfound social media prowess to give your market penetration goals a much-needed push!