Marketing Strategy Hypothesis – The ultimate goal of any business is to grow and scale. Winning in one market or customer segment is never enough. Companies must innovate to expand, and many innovations involve operational risk. Would it pay to invest $X in this new feature? What do we suggest to X’s customer group to effectively sell to them? These are some of the questions that a marketing strategy is designed to answer.
A Go-to-Market Strategy (GTM Strategy) is a tactical approach that breaks down all the steps necessary to succeed in a new market or audience segment. You can create GTM plans for pretty much 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 Hypothesis
To some extent, the Go Marketing Strategy is a more polished version of your marketing plan, but it comes with a much more detailed scope and a higher focus on just one product or service. Usually, it involves implementing a specific growth strategy to push your business forward.
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Regardless of their size and industry, most businesses tend to adopt these four marketing strategies to scale. All of them require a careful marketing plan, but not all of them require you to create a masterful Go-to-Market strategy:
Your company wants to sell more products/services to your primary market. You already know the customer base/market very well, so the risk is low. At this point, you need 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 be successful and reduce the risk of failure, you must carefully study the latest market. Therefore, it is necessary to create a comprehensive marketing strategy, Go marketing strategy and marketing plan.
Are you planning to expand your existing market with a completely new product/service? You must carefully weigh the pain, benefits, and cost of this new proposition that you want to create. Develop GTM, marketing strategy and marketing plan.
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Are you entering new markets with new products/services? An aggressive growth strategy assumes high risk and high potential reward for businesses. To be successful, you need to learn new markets, find the best delivery, make a marketing plan and go to market strategy.
Use Ansoff’s Growth Matrix to analyze your marketing strategy and determine the various risks associated with pursuing any Go To Market plan.
Why are you launching this product or planning to enter a particular market? What are you hoping to find? Studying your business case with these questions will help you understand your go-to-market strategy. You will discover new ideas that will open doors to new ways of producing your products.
Where will your new offer sit and how do you plan to engage customers in the new market?
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How does the pricing strategy work? Do you intend to use discounts/promotions to appear in the new market? A valuation 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 supply and demand in the market and effectively apply your Go to market strategy.
Valuation is both a financial and symbolic decision. In fact, your price levels should match your business model, but they should also reflect the kind of value you bring to that audience. What message will your price convey? Do you pay for premium quality? Or do you want to try to beat your competition by offering a cheaper all-in-one solution to the most go-to-market strategies for startups?
Your pricing will further influence your overall sales strategy. If you are planning to enter the market with a premium product, you need to go a little further in this section and make a detailed overview of the sales process. Consider illustrating using the 7-Step Buying and Selling PowerPoint Template for further clarification.
What will be your sales model and approach to create new business? Do you want to work as DTC (Direct to Consumer) or through dealers? Developing a customer acquisition strategy allows you to understand the type of customer you want to convey your message to and the channels that will reach your business.
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How will you grow repeat business, increase customer lifetime value (LTV) and re-engage/re-engage existing customers? A retention and loyalty strategy is essential for satisfying existing customers, generating new revenue from complementary products and generating new referrals.
How will you develop and introduce a new offer to the market? How will you decide on product improvements or additional features? Creating a product roadmap will help you define a budget and development strategy. It is a plan that allows you to set out how your product will achieve specific business goals and the process by which you will achieve them. Find alternative roadmap formats and timelines to develop your strategy.
What marketing strategies/channels do you intend to use to create buzz around your brand? Your plan should include:
Determine the most important milestones in your marketing strategy and set KPIs to measure the success of your initiative.
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Before you spell out your plan and turn it into a detailed presentation of the Go to Market Strategy, you need to do some thorough research. The Go to Market Strategy is a short document, but it contains more refined details. To simplify the process, you can start using a Go-to-Market strategy template (similar to the one mentioned above, which is available for Microsoft PowerPoint and Google Slides) and start collecting data step by step. Here are the things your GTM strategy should cover.
The first thing you want to cover is the market fit of your product. Define the problems your proposal will solve for the customer and how you will satisfy their need for a specific solution. “Leftist umbrellas” may seem like a good idea on paper because there are a lot of leftists and it rains a lot in your state… but do leftists really need a special umbrella? Probably not. Coming up with the right product market can be a serious research phase, but if it is not covered properly it can translate into failure. According to CB Insights analysis, almost half (42%) of startups fail because their solution doesn’t address the right customer problem.
With a SWOT analysis you will know 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 insights and ideas that you can develop in the future.
Understanding who your competitors are and how they are doing in the market will provide you with valuable information. You will discover areas of innovation and differentiation to create a unique value proposition. You will identify your competitors, products and business strategy through the 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 partners in a good place that will allow you to create a brand building, legitimize your brand and hit it. Find new partners that produce complementary products, enter medium and long-term partners and develop a joint growth strategy.
You need to clearly understand your target audience and potential buyers. Without this, you will fail to create an actionable, ROI-driven marketing strategy and connect with potential customers.
Customer surveys can be time-consuming as you have to schedule interviews and possibly conduct several group surveys. However, this effort is beneficial in the long run – 71% of businesses that exceed their revenue and genetic goals have documented customer personality.
A customer is your ideal customer. Through customer surveys, you will discover their profile and discover their goals, challenges, pain points and objections. At the same time, you will receive valuable statistical information. Their socio-economic status, age, gender, hobbies and interests are where they live. This information allows you to create communication strategies that are better focused on the type of customer.
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On the other hand, the customer journey represents the stages of the buyer’s decision process until the user becomes a customer. Having a good customer journey that includes awareness, consideration, commitment 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 planning a strategic move forward, you need to know who you’re up against on the battlefield. Your marketing strategy should address current market trends (including new ones) that may affect your product launch and competitive situation, and that other players are likely to respond to your listing.
A unique value proposition aims to provide a clear and transparent idea of how the business can be relevant to the customer and solve their needs. This practice, often carried out by the marketing field, will give you a clear idea of how your business communicates with your ideal customer and