Marketing Strategy Example For Product – The ultimate goal of any business is growth and scale. Conquering a single market or customer segment is never enough. Companies must innovate to grow, and many innovations carry operational risks. Will investing $X in this new feature pay off? What should we offer to consumer group X to effectively sell to them? These are just some of the questions that go-to-market strategies are designed to answer.
A go-to-market strategy (GTM strategy) is a tactical framework that breaks down all the steps necessary to succeed in a new market or audience segment. You can create GTM plans for almost any business endeavor – launching new products/services, launching a startup or relaunching a brand, or even creating a plan to expand into a new market.
Marketing Strategy Example For Product
To some extent, go-to-market strategy is a more crystallized approach to marketing planning, but comes with a more detailed scope and greater focus on a single product or service. Generally, it deals with implementing a specific growth strategy to drive your business forward.
Steps To Build A Go To Market Strategy (framework And Examples)
Regardless of their size and industry, most businesses choose the following four marketing strategies to scale. All require careful market planning, but not all require you to develop a full-scale go-to-market strategy:
Your business wants to sell more existing products/services to your primary market. You already know your consumer base/market better, so the risks are lower. At this stage, you need to prepare a new marketing strategy and marketing plan to reach more customers.
You want to introduce new products/services in a new market through a strategic approach. To be successful and reduce the risks of failure, you need to carefully study the latest market. Therefore, it pays to develop a comprehensive marketing strategy, go to market strategy and marketing plan.
Are you planning to launch a new product/service in your existing market? You must carefully weigh the pains, gains, and value of the new offer you will make. Prepare GTM, marketing strategy and marketing plan.
Marketing Strategy Template
Are you entering new markets with new products/services? An aggressive growth strategy involves high risks and potentially high rewards for the business. To achieve success, you need to study new markets, do better delivery, plan marketing strategy and go to market strategy.
Use the Insuff growth chart to analyze your go-to-market strategy and identify the various risks associated with going-to-market or following a different plan.
Why are you launching this product or are you planning to enter a specific market? What do you hope to achieve? Studying your business case through these questions will help you understand the rationale behind your go-to-market strategy. You’ll discover new ideas that will open doors to new ways to bring your product to market.
Where will your new offering be located and how do you plan to attract customers to the new market?
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How will your pricing strategy work? Do you plan to use discounts/promotions to differentiate yourself in a new market? A pricing strategy allows you to study the market and understand the consumer’s willingness to pay for your product or service. In this way, you will find the balance point between market supply and demand and effectively implement it in your go-to-market strategy.
Pricing is as much a financial decision as branding. In fact, your price points should match your business model, but they should also indicate what kind of value you offer for that amount. What kind of message will your price communicate? Do you offer premium quality for a premium cost? Or will you try to beat your competitors by providing a cheaper alternative – the path most startup strategies take?
Your pricing will further influence your overall sales strategy. If you plan to go to market with a premium product, you will need to stay a little longer in this area and create a detailed outline of your sales process. Consider visualizing this using the 7-Step Buying and Selling Process PowerPoint Template for more clarity.
What will be your sales model and approach to generating new business? Will you be operating as a DTC (direct to consumer) brand or through resellers? Developing a customer acquisition strategy will allow you to understand the type of customer you want to deliver your message to and which channels will reach your company.
Pitch Deck Go To Market Slide
How will you increase repeat business, increase customer lifetime (LTV) and re-engage/re-engage existing customers? A retention and engagement strategy is essential to satisfying existing customers, generating new revenue from complementary products and making new referrals.
How will you develop and introduce a new offering to the market? How would you decide on product improvements or additional features? Creating a product roadmap will help you set your budget and development strategy. It is a plan that allows you to define how your product will achieve specific business goals and the method of achieving them.
What marketing strategies/channels do you plan to use to generate buzz around your brand? Your plan should include:
Decide on the key milestones of your go-to-market strategy and set KPIs to measure the success of your initiative.
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Before you outline your plan and turn it into a detailed go-to-market strategy presentation, you need to do some in-depth research. The go-to-market strategy is a relatively short document, but contains a lot of good information. To simplify the process, you can start using a marketing strategy template (similar to the one described above, available for Microsoft PowerPoint and Google Slides) and start building your data step by step. Here are the pieces of information that your GTM strategy should cover.
The first thing you want to cover is product-to-market fit. Strategize what problems your offering will solve for customers and how you will validate their need for that solution. “Umbrellas for lefties” might sound like a good idea on paper because there are a lot of lefties and it rains a lot in your state… but do lefties really need a special umbrella? maybe not Coming up with the exact product market can be a heavy research phase, but failing to get it right can spell failure. According to CB Insights analysis, nearly half (42%) of startups fail because their solution doesn’t address a valid customer concern.
Through a SWOT analysis, you will discover your strengths, opportunities, weaknesses and threats. This analysis will give you new ideas about your business and at the same time you will be able to find new ideas and concepts for future development.
Knowing who your competitors are and where they are in the market will give you valuable insight. You will find areas of innovation and differentiation to create a unique value proposition. You will know your competitors, products and business strategy through competitive matrix.
What Is A Market Development Strategy
If you are launching a new brand or product in the market, the best strategy you can choose is to find well-placed partners that will allow you to build a brand, legitimize and multiply your brand. Find new partners that offer complementary products, enter into medium and long-term alliances and develop joint growth strategies.
You will need to clearly understand your target audience and individual customers. Without it, you will fail to develop an actionable ROI-driven marketing strategy and engage with your prospects.
Customer research can take time because you will need to schedule interviews and perhaps conduct several focus group surveys. However, these efforts pay off in the long run – 71% of businesses that exceed their revenue and lead generation goals have documented customer personas.
A customer persona is your ideal customer. Through customer research, you will discover their profile and understand their goals, challenges, pain points and objections. At the same time, you will receive valuable demographic information. Their socioeconomic level, age, gender, hobbies and interests are where they live. This information will allow you to develop communication strategies that are best focused on this type of customer.
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On the other hand, the customer journey represents the stages of the user’s purchase decision process until they become a customer. Having a good customer journey that includes awareness, consideration, decision and retention is vital to the prosperity and growth of your business in the medium and long term.
Whether you’re entering a new market, preparing for a new product launch, or preparing a pre-launch strategy, you need to know who you’re up against on the battlefield. Your go-to-market strategy should respond to current (and emerging) market trends that may affect your product launch and competitive position, and to which other players are likely to respond to your entry.
The purpose of a unique value proposition is to provide a clear and transparent idea of how the business can relate to the customer and solve their needs. This exercise, usually carried out by the marketing department, will give you a clear idea of how your business should communicate with your ideal customer and clarify how your value proposition differs from the rest.
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