Market Penetration Strategy Extract the full value from your market
Increase market share by expanding your customer base
Most companies don’t engage in comprehensive competitor monitoring and are excessively optimistic about their market position, overestimating their market position on average by a factor of two. Focusing on deepening market share in existing sectors allows companies to leverage the wealth of latent opportunities in customer engagement and retention that may have been overlooked or are accessible with adjustments to the product or service portfolio.
The Hanover Research Market Penetration solution is customized to enable you to maximize your market share. Using primary, secondary and data analytics research techniques, we uncover customer needs, identify purchase behaviors and sales drivers, allowing you to maximize customer acquisition and minimize attrition.
More than 6 in 10 companies prioritize growing market share in their current markets.
Source: Hanover Research Market Analysis Report
Take advantage of the markets you know to maximize potential sales
Identify
Find new opportunities and customers for sales growth in current markets.
Convert
Increase market share by attracting customers away from competitors.
Profit
Grow your bottom line without the expense and risk of entering new markets.
Key components: Market Penetration
Hanover Research draws from multiple research methodologies—benchmarking, survey research, and data analysis—to help you identify and maximize your market presence.
Competitor Scan
Hanover Research collects data on competitive or product/service-level market factors to determine what actions competitors are taking in the market, their price points, and their offerings.
Customer Needs Assessment Survey
Measures the customer’s need for your product or service, providing data on unmet needs, pain points, and challenges, as well as purchasing behaviors and what product/service attributes are most essential.
Drivers of Sales Analysis
Identifies factors and variables that impact your sales conversion, using data analytic techniques to determine which variables drive successful sales. Use the project's results to allocate resources to focus on those factors, ultimately increasing sales.
Marmon Water Inc. Makes Important Investment Decision Based on Insights from Hanover Survey
“Hanover’s survey insights helped inform our sustainability strategy: we saw that consumers and contractors really care about sustainability and value a manufacturer that is prioritizing sustainability in their business decisions. Hanover brought out research techniques like MaxDiff to help create the best survey instrument for our needs.”
– Mohammed Bayati, Senior Vice President Innovation and Growth Strategy
Make decisions with confidence, not guesswork
Hanover Research provides high quality, custom research and analytics through a cost-effective model that helps clients in the corporate, education, and healthcare sectors make informed decisions, identify and seize opportunities, and heighten their effectiveness.
Flexible
Ongoing research agenda adapts with your organization’s needs
Expert
200+ analysts with advanced research expertise
Efficient
Annual, fixed-fee model delivers shared costs and benefits
Dedicated
Exclusive account and research teams ensure strategic partnership