How to Implement a Market Penetration Strategy: A Step-by-Step Approach

Hello my friends and welcome to Educated Marketing Decisions, your monthly dose of practical marketing strategies and tips - tailored to the aviation industry! 

As a market analyst in the private aviation industry, I find it crucial to focus on relationship building as a key component of a market penetration strategy. Building strong relationships with potential customers takes time and effort, but it is essential to eventually acquire them as customers.

However, simply reaching out to potential customers once or twice is not enough to build a relationship. Like any friendship, consistent effort is necessary. 

This is what I learned- If you only contact a potential customer once every few weeks, it's unlikely that you'll build a strong relationship with them. On the other hand, bombarding potential customers with daily emails or calls is not sustainable either. Besides, this approach can quickly become overwhelming and turn off potential customers.

So in order to develop a successful market penetration strategy, I needed to find a balance between consistent effort and sustainability- easier said than done. I needed to build a process around relationship building that was both consistent and reliable.

I went ahead and putted together a 7 steps process that enabled me to build great relationships with potential customers as a marketing strategy -and I believe you could benefit from it as well. 

1- Build a customer database: To build a customer database that will help you tap into the existing market, the first step is to gather the names, email addresses, and phone numbers of potential customers. You can collect this information through a variety of means, such as attending aviation networking events or setting up online sign-ups on your website or social media channels.

2- Segment your customer list: Segmenting your customer database based on their preferences is an effective way to not only target your existing markets but also to expand your reach to new markets. This approach allows you to personalize your messages and tailor your marketing efforts to the specific needs and interests of each customer segment, whether they are jet brokers, ATCs, AMTs, Controllers, FBOs, Flight Attendants, Flight Schools, future pilots, or any other potential market. Though it requires some effort, this strategy can help you gain traction in new markets and achieve greater success overall.

3- Develop a communication plan: When developing your communication plan, it is important to consider the distribution channels through which you will deliver your messages. Newsletters, blogs, social media updates, and email marketing campaigns are all effective distribution channels to consider. Your plan should outline the frequency and content of your messages, as well as the appropriate delivery channels for each type of message. By strategically utilizing these distribution channels, you can ensure that your messages reach your target audience in a timely and effective manner.

4- Create engaging content: When developing your content strategy, it is important to consider the value that you can provide to your customers. This could include useful tips, industry news, and other relevant information that will engage and inform your audience. Additionally, it is important to differentiate your content from that of your competitors by highlighting unique aspects of your existing products or services, or by providing information about similar products that are not offered by your competitors. By developing content that is valuable, unique, and informative, you can establish yourself as a thought leader in the industry and attract and retain customers over the long term. 

5- Special events: promote special events, such as social media LIVES or networking events allow you to connect with your customers in person or virtually. These events can provide opportunities to learn about their needs, build relationships, and generate leads.

6- Gather feedback: Gathering feedback from your customers on a regular basis is a key component of any successful business growth strategy. This feedback can be obtained through surveys or individual conversations, and can provide valuable insights into your customers' needs, preferences, and pain points. By incorporating this feedback into your messaging and offerings, you can tailor your approach to better meet the needs of your target audience, ultimately driving business growth and increasing customer satisfaction.

7- Measure and adjust: Measuring the success of your communication plan is crucial for achieving your desired sales volume and making adjustments where necessary. Using analytics tools to track open rates, click-through rates, and conversion rates can provide valuable insights into the effectiveness of your messaging and delivery channels. By testing different messaging, formats, and delivery channels, you can identify which strategies are most effective and adjust your plan accordingly to optimize your results. This ongoing process of refinement can help you achieve your desired sales volume and drive long-term success for your business.

By following these steps, you can not only build strong connections with your customers but also increase your market share. The key is to strike a balance between engaging your customers without being intrusive. Providing valuable and engaging content and staying in touch regularly can help build trust and foster positive relationships, which in turn can generate loyalty, larger product market or new products and increase market share. By consistently finding new and creative ways to connect with your customers, you can keep them genuinely interested and motivated to stay engaged with your brand over the long term.

Building strong relationships with customers is crucial for business success, but it's important to strike a balance between engagement and intrusiveness. One approach is to focus on providing value through current products and services, rather than lowering prices to attract customers. By emphasizing the quality and uniqueness of your offerings, you can differentiate yourself from competitors and build a loyal customer base, ultimately leading to a higher market share. Additionally, regularly gathering feedback and making adjustments to your approach based on customer needs and preferences can help ensure that you are building lasting relationships that will drive long-term success.

Share your thoughts in the comments below- Do you have an approach to building relationships without going overboard?

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Have a wonderful week!

Rebekah

Founder of Becks and the Jets