Another strategy you can use for market penetration is creating loyalty programs to increase the frequency and volume of purchases from existing consumers.
Offer incentives, such as points, rewards, or discounts, to consumers who frequently or make substantial purchases of your product or service.
Ensure that your loyalty program is attractive, easy, and beneficial for consumers, without causing losses for your business.
Ensure that your loyalty program aligns with your business goals and objectives.
An example of a company using loyalty program strategies is Starbucks, the world’s largest coffee company.
Starbucks has a loyalty program called Starbucks Rewards, which awards points to consumers every time they purchase Starbucks products.
These points can be redeemed for free drinks or food or special discounts.
This loyalty program encourages consumers to make more frequent and larger purchases of Starbucks products.