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In the auto insurance example, while there are 25,000 licensed drivers, you may only want drivers with a good driving record that have no tickets or accidents. Market penetration is a crucial indicator as to whether your marketing and sales strategies are working. Defining your market requires looking at demographic data and identifying your ideal prospects. The advertisement contains only an indication of cover offered.
Icici trade logo displayed above belongs to icici Bank and is used by icici Lombard GIC Ltd. Icici Lombard General Insurance Ltd. The insurance company that is saturated with drivers with clean records may either expand its geographical territory to look for more clean driving records or expand the criteria to people who have only one ticket in the past three.
Here's how you determine your penetration rate. The Bureau of Labor Statistics also provides industry insights about growth trends on a national level. Disclaimer, uSGI makes no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to link or the information, services or related graphics contained on the website for any purpose.