For field service organizations (FSOs), market awareness and perception are among the most vital assets and they are entirely out of their control, except for the capability for continuous attempts to shape and nurture them in the marketplace. In the present market environments, there are two alternative market awareness and perception scenarios that exist upon which organizations function. This can be narrated through two examples to provide a detailed picture.
In the first case, an FSO operates with 100 percent market awareness and has only 10 percent market penetration. This means the particular organization managed to get only 10 percent customers out of the total population of a marketplace even if the entire marketplace knows the organization and its service very well.
In the second case, an FSO functions with 25 percent market awareness and has 10 percent market share. Here, the FSO has the potential to cover 40 percent of the total marketplace before it reaches its saturation point if the remaining three-quarters of the marketplace brought awareness about the company and its services.
If we analyze the two FSOs, the first organization needs to re-educate the population to raise the number of its customers. Less attractive products, services may have blocked the market penetration even if it has 100 percent market awareness. The second organization needs to educate the remaining three-quarters of the marketplace to attract new customers.
Mere knowledge of the perception of the market on the products and services won’t help FSOs to increase their market share. Instead, they should adopt necessary market strategies to improve the quality of their products and re-educate the marketplace to get new buyers.