Marketing Strategy Example Sentence – Launching a new product (or entering a new market, for that matter) isn’t easy. How can you make sure you’re hitting the right KPIs and achieving your broader business goals? Therefore, in order to increase their odds, the company uses a tool known as GTM strategy (go-to-market strategy).
With an effective GTM strategy, you can reduce time to market, increase adoption/conversion rates, reduce the likelihood of failure, and ultimately drive successful product launches.
Marketing Strategy Example Sentence
There are many factors that you need to be careful about. One mistake can sabotage your new product launch (or entry into a new market), so you have to be careful.
What Is A Go To Market Strategy? How To Position Yourself For Success
In this article, I will show you 7 examples of different go-to-market strategies to inspire your creativity. Also, I will explain the basic foundation of the concept for those who are not familiar.
A go-to-market strategy is a business tool (and a critical component of a business plan) used by product marketing specialists, managers and other decision makers to ensure the smooth launch of a new product, entry into an unknown market, or the relaunch of a previous brand/company. .
Basically, a GTM strategy is a detailed roadmap detailing how a new product or service will reach end customers.
While each product has a different strategy, the ultimate goal of each GTM plan is the same: gain a competitive advantage.
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However, today’s companies prefer to be more specific than that. To elaborate, all go-to-market strategies have these main components:
To be a true product champion, it’s important to know how to implement new products and navigate unfamiliar territory.
But how exactly are they different? Here’s a simple differentiation: A go-to-market plan is a short-term, one-time strategy applied when launching a new product and/or entering a new market. On the other hand, marketing strategy involves your continuous efforts to maintain a competitive edge and keep reaching your end customers.
For a business just starting out, the GTM strategy and the marketing strategy will be the same. After some time, after they have successfully entered their market, they can expand their game plan and marketing strategy for their existing products.
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For simplicity, we have thus far kept our definition of go-to-market strategy limited to new product launches, relaunches, and new market entries.
However, brands can also create a GTM strategy for new components or features for existing products.
By partnering with IFTTT, a free service that allows you to create conditional statements and integrate several applications, Eight Sleep developed a new feature that allows users to simplify their night and morning routines.
By connecting their mattress to the smart home system, customers can turn the lights on/off, start the coffee machine, activate the heating bed and more, all via their smartphone.
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In the official case study on the IFTTT website, Eight Sleep officials said the secret to success is putting everything into the use case.
A proven way to build brand awareness and establish authority around a certain topic/industry is to invest in content marketing.
The folks at TaxJar, a tax automation company targeting businesses, know this well and, therefore, focus on content when designing their go-to-market strategy.
To build their authority and seem like a reliable company for their target audience (entrepreneurs and other executives / decision makers), TaxJar set out to educate the world on relevant topics (mainly sales tax).
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However, around the time TaxJar arrived, there wasn’t much content related to the industry. This gives them a significant competitive advantage, as they can create evergreen content before many of their competitors and become a source of leads.
All this, in turn, has led the company to build a strong authority on the main subject: sales tax.
The main take-home message here is that if you belong to a certain industry, where there is ample opportunity to rank high in search engines without investing in link building, content alone can help you reach your target audience.
A few years ago, the company launched Smart Coach, a premium service and personal training app, which integrates with users’ FitBit.
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The “Get More with FitBit” campaign involved using paid and owned channels to reach the target audience (consisting of people who own devices that work with FitBit smartphones).
When the company was first in its infancy, you thought it was just another standard screen-sharing service, aimed at everyday users.
However, capitalizing on the surge in live chat, the company continued and targeted those who would appreciate it the most: tech support, onboarding specialists, and customer success teams.
Partners with existing live chat companies, such as Zendesk, Drift, Intercom, etc. have been listed on their website.
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Initially, they banked on slow video buffers in some markets as a major pain point.
To gain a competitive edge, the company is selectively targeting markets where mobile networks have not evolved to always support smooth video streaming.
To make things easier, the company chose a web-based system and abandoned the application-based approach in the beginning.
The results? Currently Vuclip has more than 7 million subscribers and is available in India, Africa, Southeast Asia and the Middle East.
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When Southwest Airlines started in the 1970s, it had to overcome many adversities to make it into the commercial airline industry.
However, with an innovative strategy, the airline was able to quickly scale the ladder and steal the limelight.
Most airlines operate using a “hub-and-spoke” system. Imagine a wheel with a hub, which is attached to several spokes, and the hub is the center of those airlines, which leads to several destinations.
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To address this passenger pain point, Southwest Airlines introduced the concept of a point-to-point system. This means that instead of taking passengers to their final destination through a central hub, the airline takes them directly to their destination.
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Today, only about 20% of Western passengers have to make connecting flights, the rest enjoy direct transit.
In 2009, they developed a business case for an integrated go-to-market approach when they launched the Electronic Laboratory Notebook (ELN).
To reach its end customers, the company uses a combination of conventional marketing tactics (print, telecom and public relations) and digital marketing tactics (microsites, websites, display advertising, webinars, email marketing and SEO).
While the deeper technicalities may vary, there are steps anyone can take to build a go-to-market strategy from scratch.
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When you come up with your product idea, you need to think about the pain point it will solve.
The next thing on the list is a basic definition of your target market. Start by asking broader questions, then narrow your focus, like this (in order):
If you are in the B2B space (as a SaaS provider), take it a step further and create buyer personas.
To communicate the value you provide to your stakeholders, create a value matrix, which involves assigning the pain points and product message to each buyer persona.
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The reason I say “the rest” is because the definition of the target market, buyer personas, and product message are all part of the basic marketing strategy.
Last, but not least, don’t forget to set clear marketing goals and understand some SaaS metrics, as both will help you navigate and measure the success of your business.
You can replace “low quality” with “less” or “limited” functionality. Because, let’s face it, nobody wants to buy low quality products these days.
Another sure way is to look at your competitors’ prices and determine if you can match them, provide better deals, or even choose value-based pricing.
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Since we have discussed the marketing/promotion part, what remains is to determine how you will sell your product.
Depending on the nature, type and market of your product, what means will you choose to deliver your product?
For example, if you are a SaaS business with cloud-based solutions, you can simply choose the online route.
That’s why, when you launch your new product (and long after it’s on the market), you need to continue to provide excellent technical support to your customers.
Steps To Build A Go To Market Strategy (framework And Examples)
Last but not least, once you enter the market, it’s time to determine where your new product occupies in the overall roadmap.
With the right research, a decent value proposition, smart SaaS sales and marketing tactics, and a little luck, you can easily achieve great product-market fit. Marketing strategy refers to the company’s overall game plan to reach potential customers and convert them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messages, target customer demographics, and other high-level elements.
A clear marketing strategy should revolve around the company’s value proposition, which communicates to customers what the company stands for, how it works, and why the business is worth it.
This gives the marketing team a template that should inform their initiatives across all of the company’s products and services. For example, Walmart (WMT) is widely known as an “everyday low price” discount retailer, in which its business operations and marketing efforts are rooted.