Marketing Strategy Retail Example – The ultimate goal of any business is to grow and scale. Conquering one market or customer segment is never enough. Companies must innovate to expand further, and many innovations involve operational risks. Will the $X investment in this new feature pay off? What do we have to offer X customer group to sell effectively? These are just some of the questions that a go-to-market strategy is designed to answer.
A go-to-market strategy (GTM strategy) is a tactical framework that outlines all the steps needed to succeed in a new market or audience segment. You can create GTM plans for almost any entrepreneurial endeavor—launching a new product/service, launching a startup or relaunching a brand, or even creating a plan to expand into a new market .
Marketing Strategy Retail Example
In some ways, a go-to-market strategy is a more crystallized approach to your marketing plan, but with a more detailed scope and greater focus on just one product or service. This is usually about executing a specific growth strategy to move your business forward.
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Regardless of their size or industry, most businesses tend to adopt the following four marketing strategies according to scale. All of them involve careful market planning, but not all of them require you to go full-scale into the creation of a market strategy:
Your business wants to sell more of its existing products/services to your primary market. You already know your customer base/market so the risks are low. At this point, you will have to prepare a new marketing strategy and marketing plan to reach more customers.
You want to introduce new products/services to a new market through a go-to-market strategy. To achieve success and reduce the risks of failure, you must carefully study the latest market. That’s why it’s worth creating 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 will need to carefully weigh the pains, gains and costs of this new offering you will create. Prepare GTM, marketing strategy and marketing plan.
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Are you entering new markets with new products/services? An aggressive growth strategy involves high risks and potentially high rewards for the business. To conquer, you will need to explore new markets, develop the best results, develop a marketing strategy plan and go to market strategy.
Use the Ansoff Growth Matrix to analyze your go-to-market strategy and identify the various risks associated with transitioning to a specific plan.
Why did you launch this product or plan to enter a specific market? What do you hope to win? By examining your business case through these questions, you will understand the reasons behind your go-to-market strategy. You will discover new insights that will open the door to new ways to market your product.
Where will your new offering sit and how will you engage customers in the new market?
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How will your pricing strategy work? Are you planning to use discounts/promotions to stand out in a new market? A pricing strategy enables 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 use it effectively in your go-to-market strategy.
Price is both a financial and a branding decision. Indeed, your price levels should match your business model, but they should also indicate what kind of value you’re delivering at that rate. What type of message will your prize be associated with? Do you offer premium quality at a premium cost? Or are you trying to beat your competitors by offering a cheaper alternative solution—a route most startups’ go-to-market strategies take?
Your pricing will further influence your overall sales strategy. If you intend to enter the market with a more intensive sales (premium) product, you will need to spend time on this section and make a detailed outline of your sales process. For more clarity, consider visualizing this using the 7 steps of the Buying and Selling Process PowerPoint.
What will be your sales model and approach to generating new business? Will you operate 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 reach and which channels your company will reach.
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How will you develop repeat business, increase customer lifetime value (LTV) and reactivate/reengage existing customers? A retention and loyalty strategy is essential to satisfy existing customers, generate new revenue from additional products and generate new referrals.
How will you develop and introduce a new offering to the market? How do you decide on product improvements or added features? Generating a product roadmap will help you determine your budget and development strategy. It is a plan that allows you to identify how your product will achieve specific business goals and the approach to achieve them.
What marketing strategies/channels do you plan to use to create buzz around your brand? Your plan should include the following:
Decide on key milestones in your go-to-market strategy and set KPIs to measure the success of your initiative.
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Before you write your plan and turn it into a detailed Go to Market strategy presentation, you need to do a deep level of research. The go-to-market strategy is a relatively short document, but contains more fine details. To simplify the process, you can start using a go-to-market strategy template (similar to the one described above, available for Microsoft PowerPoint and Google Slides) and start collecting your data step by step. Here are the information elements your GTM strategy should cover.
The first thing you want to cover is your product market fit. Strategize what problems your offering will solve for customers and how you will demonstrate their need for that particular 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. Finding the exact product market can be a difficult phase of research, but getting it right can be a failure. According to CB Insights analysis, nearly half (42%) of startups fail because their solution didn’t address the right customer problem.
Through SWOT analysis you will discover your strengths, opportunities, weaknesses and threats. This analysis will give you a new perspective on your business and at the same time you will be able to find new insights and ideas to develop in the future.
Understanding who your competitors are and how they are positioned in the market will provide you with valuable information. You will discover areas of innovation and differentiation to create a unique value proposition. You define your competitors, products and commercial strategy by means of a competitive matrix.
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If you are launching a new brand or product in the market, the best strategy you can choose is to find well-positioned partners that will allow you to create brand, legitimize and multiply your brand. Find new allies offering complementary products, establish medium and long-term alliances and develop a joint growth strategy.
You need to understand your target audience and individual buyers. Without it, you won’t be able to create an actionable, ROI-driven marketing strategy and engage with your prospects.
Customer research can take time, as you will need to schedule interviews and possibly conduct multiple focus group surveys. However, these efforts pay off in the long run – 71% of businesses that exceed their revenue and leadership gender goals have a documented customer persona.
A customer persona is your ideal customer. Through customer research, you will discover their profile and learn about their goals, challenges, pain points and objections. At the same time, you will receive important demographic information. Their socioeconomic level, age, gender, hobbies and interests are where they live. This information will allow you to create communication strategies that are better focused on this type of customer.
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On the other hand, the customer journey represents the stages in the customer’s purchase decision process until they become a customer. A good customer journey that includes awareness, consideration, decision and retention is essential for your business to thrive and grow in the medium to long term.
Whether you’re entering a new market, preparing to launch a new product, or creating a pre-launch strategy, you need to know who you’re up against on the battlefield. Your go-to-market strategy should address current market trends (plus emerging trends) that may affect your product launch and competitive position, and to which other players are likely to respond to your entry.
A unique value proposition aims to create a clear and transparent idea of how a business can be relevant to customers and solve their needs. This practice, usually carried out by the marketing department, will give you a clear idea of how your business should communicate with your ideal customer and highlight how your value proposition differs from the rest.