Using the Market Penetration Growth Strategy is the easiest and least risky method of achieving growth for your business. Simply put, this strategy involves selling your existing products / services to your existing market or customer base. So, on a micro level, if a customer has bought from you before, you need to follow up with them, develop a relationship with them and work to ensure that there is continuous demand from them.
You can do this by creating a loyalty scheme, adding value to your current products and services, altering your products/services slightly, demonstrating different ways to use your products, demonstrating new benefits of your products etc. For example, if you are selling Shea Butter lotion that customers usually buy for their skin, you can later advertise it as a hair product and showcase the benefits for hair. Customers who had previously bought it for skin will likely buy it from you again for their hair (if you get the Marketing right).
Overall, however, for the Market Penetration Growth Strategy to work, your prices have to be pretty competitive (affordable) to increase demand. If you sell luxury products, this strategy may not be the best for you.
In summary, to maximize this particular strategy, you need to leverage advertising, sales promotion and competitive pricing. Focus on strategically marketing your existing products and services to your existing customers (and existing market) and your business will experience growth.
Have you tried this growth strategy for your business?