Tag: go to market strategy

go to market strategy framework

Factors to Consider for an Ideal Go to Market Strategy Framework

What is a go to market strategy framework?

Go to market strategy is often confused with a business plan. While the two are closely related, they are different from one another. While a business plan is a broader concept, a go to market strategy framework is primarily focused on delivering a product or service to the end consumer. In a competitive market, an organization’s chances of standing out not only depends on the products or services offered but also on how these products or services are brought to the market. A go to market plan is the unique approach that sales leaders take for winning a market. It’s the decisions leaders make to prepare their organizations for the future and outperform their competitors. Experts at Infiniti Research have listed below some crucial factors to consider before building a go to market strategy framework.

An ideal go to market strategy framework delivers your core narrative which will accelerate your business. Request a free proposal to know how we can help you build a great go to market plan.

go to market strategy frameworkTarget audience

Identifying who the target audience is the foundation of a go to market strategy framework. It begins by defining various customer segments while ensuring that each segment is discrete and distinct. Once the target customer segments are identified, understand the challenges faced by them. Pinpoint specific reasons why the target group of customers should choose you and how you can help provide them with a solution to overcome their challenge.

Channels

Once the target audience segments have been sketched, the next step in building an ideal go to market strategy framework is to identify the best channels (both direct and indirect) for reaching out to the customers. This helps businesses examine and understand where their target customers are. Then appropriate marketing channel selection can be done based on the best way to reach customers.

Meaningful success is dependent on how well your company’s ongoing marketing and go to market strategy framework are performing. Get in touch with our experts to know everything about creating an ideal go to market strategy framework for your business.

Packaging and pricing

Packaging and pricing requirements vary from company to company. Therefore, brands must identify the best solution that suits their offering rather than trying to copy their counterparts. A successful go to market strategy framework begins with creating a strong product and brand image. The packaging, as well as the pricing, should do justice to the brand image that the company has created or wants to create in the market.

Customer acquisition cost strategy

A go to market strategy framework becomes incomplete without an appropriate customer acquisition and costs model. The customer acquisition cost is related to pricing and packaging. If what you get from the target customers is lesser than the costs of acquiring these customers, then businesses need to reconsider their customer acquisition strategy. The ability of a firm to monetize its customers is critical. So, keeping tabs on the customer acquisition cost and lifetime value helps avoid any imbalance in the money being spent and returns gained.

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Go to market strategy

Infiniti’s Go to Market Strategy Helped a Consumer Electronics Company Successfully Launch their New Product and Enhance Profit Margins by 17%

Go to market strategy for a consumer electronics company

The US consumer electronics industry is growing at a fast pace. This rapid pace of change has opened up a host of market opportunities for companies operating in the consumer electronics industry. However, with a large number of new products being introduced every year, consumer electronics companies have also been forced to alter their business strategies to stay relevant in today’s competitive marketplace. This necessitates consumer electronics companies to leverage a go to market strategy to develop customer-driven marketing strategies and identify the best channel to reach their customer base.

Are you planning to launch a new product in the market? Choosing the wrong sales channel can prove to be costly for your company. Request a FREE brochure to gain more insights into our services portfolio and learn how our go to market strategy can help you devise an efficient plan for your new product launch.

Business Challenge

The client is a consumer electronics company based out of Midwestern United States. The client wanted to launch a new electronic device in the market. As many of their previous product launch attempts failed, the client required help in commercializing and launching their new product. Before the product launch, the client wanted to identify specific gaps in the marketplace that their new device will help overcome. They also wanted to identify channels preferred by their target customers. Also, by gathering comprehensive insights into the US consumer electronics market, the client wanted to competitively price their products. Furthermore, with Infiniti’s go to market strategy, they wanted to maximize the chances of their product success.

Solutions Offered and Value Delivered

The experts at Infiniti Research worked closely with the client’s sales team to develop a go to market plan. The experts at Infiniti Research identified the gaps in the marketplace which the client’s new product will help solve. The experts also analyzed customers’ buying patterns and channels of purchase. This helped them devise a product positioning strategy. The insights obtained from Infiniti’s go to market strategy engagement helped the client to focus on key niche markets and develop effective marketing and advertising strategies to support the product launch.

Infiniti’s go to market strategy helped the client to launch their new product successfully, ensuring its commercial success without affecting the performance of the current product line. In a span of 1 year, the newly launched electronic device significantly exceeded their revenue expectations. By identifying the channels of purchase preferred by their customers, the client was able to efficiently engage with their target customers. Also, by leveraging Infiniti’s go to market strategy, the client was able to enhance their profit margins by 17%.

Infiniti’s go to market strategy also helped the client to:

  • Reduce time to market
  • Enhance customer experience
  • Increase brand visibility and customer loyalty
  • Reduce cost-to-serve (expenses associated with product distribution process)

Request a FREE proposal to know how our go to market strategy can help your business choose the right channel to promote your new products or services.

What is go to market strategy?

Go to market strategy is the way by which an organization introduces a new product to the market. The GTM strategy is a part of marketing strategy. A well-defined go to market-strategy offers actionable insights by analyzing the potential customers, the value proposition, and the need for product differentiation. Steps to developing a go to market strategy are as follows:

  1. Defining the target market
  2. Defining target customers
  3. Defining brand positioning
  4. Defining product offering
  5. Choosing marketing channels

Steps to Formulate an Effective GTM Strategy

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brand positioning

Achieving Successful Brand Positioning in Your Market

What is brand positioning?

A Strong brand is what sets apart the products of one company from another.  Companies use brand positioning strategies to create a brand association in the minds of customers in order to make them perceive a brand in a particular manner. Effective brand positioning maximizes customer relevancy and competitive distinctiveness while enhancing the brand value in the market. The extent to which a brand is considered as favorable, credible, and unique by customers determines the success or failure of a company’s  positioning strategy.

What is a brand positioning statement?

A brand positioning statement refers to a brief description communicated to the target customers about the brand’s unique value in relation to the key market competitors. It is an expression of how the company’s products fills the gaps in a particular customer need better than the competitor brands in the market. It involves identifying a market niche and then establishing the brand in that area.

Need help in creating an ideal brand positioning statement that truly represents everything that your brand stands for? Request a free proposal to know how experts at Infiniti Research can help.

Steps in an effective brand positioning strategy

Brand positioningA successful brand positioning strategy requires companies to deep dive into the brand details and discover their unique selling propositions that make their offerings unique and more desirable than similar products in the market. Experts at Infiniti Research have highlighted six critical steps to create an effective brand positioning strategy:

Determine current brand positioning 

One of the first steps towards creating an effective brand positioning strategy is to determine your brand’s current positioning. This gives you important insights into where to go next and also provides an opportunity to further analyze the competition. Start by segmenting and defining your target customers. The next step is to identify your brand’s vision and values and understand what makes your brand different from others in the market.

Determine your competition

Using competitor analysis, you can analyze your key competitors in the market. This will help you gain a better idea of who you are up against in the market and what their key strategies are. Some of the key methods you can use to determine your competition include:

  • Market research
  • Customer feedback
  • Social media

Identify your unique selling proposition

A successful brand positioning is all about communicating to customers about what makes your brand different from the others. Competitor research will reveal patterns in the business operations of competitors that would have been previously unnoticed. Also, as you examine the strengths and weaknesses of the competitors, you may notice that their weakness is your strength. You can use this as a key element in promoting your brand positioning strategy.

What sets Infiniti’s market intelligence solutions apart from others in the market? Request a free brochure to find out how our expertise in providing actionable insights using advanced business intelligence capabilities can help your business.

Create a brand positioning statement

As mentioned earlier, a brand positioning statement is a comprehensive declaration that communicates your brand’s unique value to your customers. Before drafting a positioning statement, some of the questions that you must answer includes:

  • Who are your target customers?
  • What are the categories that you deal in?
  • What are the core benefits that your products offer?
  • What is the proof of those benefits?

Test your brand positioning statement

Creating a brand positioning statement is only the beginning. The real challenge lies in testing and gathering feedback on whether the  positioning strategy is living up to what is expected. You must take out time to gather feedback from the target customer and identify if there are any improvements that can be made to achieve the desired result.

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route to market

Essentials for a Successful Route to Market Strategy

What is a route to market strategy?

A route to market strategy, also known as a sales execution strategy provides a roadmap for companies to get their products from the factory or warehouse to the end-users, customers, or distributors. The primary objective of a route to market strategy is to ensure that the products reach the clients/customers in an efficient and effective manner, thereby ensuring satisfied customers and increased sales growth.

Developing a high performing route to market strategy involves focusing on the right markets, with alignment to the behaviors and needs of the customers in those markets. Furthermore, it is vital to choose the right sales channels, products, and value propositions, which would consequently result in a company that delivers high revenues, profitability, and customer loyalty. Experts at Infiniti Research have provided some general guidelines for achieving a successful route to market strategy:

Are you leveraging the right and most profitable route to market strategy to reach your end users? If you are not sure, request a free proposal to know how our route to market intelligence can help.

route to marketStart with the customers

Route to market intelligence involves identifying the depth of understanding that a company has to its customers, their expectations, behaviors, and needs. All route to market decisions largely depends on this kind of detailed information. Businesses must only sell products that customers need and are willing to buy. To gain a better idea, they must interact directly with the customers through focused interviews, customer surveys, or prototype testing. Then, understand what makes the company’s products or services add value to the customers. It is also critical to evaluate the best channels to reach out to the target customers.

Low-cost channels for improved profitability

Sales is an area of business that can have the greatest impact on profitability, especially if it includes selling some of the products through lower-cost channels. The challenge here is to understand which channels can be used for which customer. While some products and sales transactions require more complex and expensive channels, others can be maintained by lower cost channels such as telesales.  Therefore, utilizing the correct channels can significantly affect profitability.

Identify gaps in your business process and formulate the best strategies to win in the market. Request a free brochure to learn how our solutions can help you achieve this.

Balance between market penetration and control

Using a global market coverage route to market strategy with a mix of channels can result in channel conflict, margin erosion, and even dissatisfied customers. This is especially true when channels are not closely controlled. To stay in control, it is important to identify these potential risks. For instance, several luxury brands maintain quality, stability, exclusiveness and, ultimately, high margins on a defined segment of the population. At the same time, they forgo the fact that they could probably sell ten times as many products as they manufacture, but at a cost to brand image and market position.

Products sold and channel should match

Businesses must ensure that the products that they sell and the channels that they choose are suited to each other. They must try to sell products through the channels that customers use to buy the product that is being sold. It is also necessary to resort to channels that give economic sense to the point of sale. Which means, avoid using expensive channels to sell cost-based products which are not unique from others in the market. An effective route to market strategy is to use low-cost channels for such products.

Ready to explore the best route to market strategies for your business? Get in touch with us to learn more.

IR4

5 Things to Consider Before Entering A New Market

Grace

Today, external forces are affecting the success of any business like never before. Experience and conventional wisdom cannot be expected to guide the strategies of the future. This is especially important when it comes to entering a new market. It is aptly said that “One man’s ignorance is another man’s opportunity.” What one organization ignores becomes an opportunity for another. Therefore, to have a strategic advantage, companies should learn about what, where, and why of the market environment before entering a new market. However, before stepping ahead to explore a new market, there are several factors that must be considered. This methodical process of analyzing every potential opportunity and investing resources, time, and effort in market analysis and finally deciding on the entry method to ensure success in the new markets, forms the basis of a new market entry strategy. 
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healthcare market research

4 Key Benefits of the Market Planning Process

The market planning process is a crucial part of the journey to success for any firm. The absence of a marketing plan makes it very difficult for any organization to have a systematic approach to promote itself among its potential customers. So, it is very important to learn what and how an effective market planning process can be built. It is also critical to follow a specific process that tables a plan which is custom tailored to the needs of your firm; after all, “a vision without a proper strategy remains an illusion.” But before we get into that process, let’s clarify soAsk An Analyst_IRme of the concepts involved in a market planning process.

What is the Market Planning Process? 

The market planning process can be defined as a systematic approach to achieving the marketing goals. There are a few steps involved in the process, which include:

  • Analysis of situation
  • Defining objectives
  • Formulation of strategy
  • Action programs development
  • Implementation of the plan
  • Evaluation and review

 

Market Planning Process Benefits Request Proposal

Helps reexamine old ideas and assumptions

Market trends keep on changing every day. Consequently, it becomes important to revisit and examine if your old idea is working in the current scenario. A proper plan for marketing enables the firm to come out of its comfort zone and question its own strategies and modify them as per the needs.

Helps minimize the risk

A focused, research-oriented market planning process that involves reexamining older marketplaces, competitors, potential audience, and prospects helps minimize the risk. It helps reevaluate the business model and marketing programs. 

Helps in accountability

The market planning process makes marketing and business development teams set specific objectives and assess their progress towards them. The management of an organization is accountable for facilitating sufficient resources to ensure that there is a reasonable chance of the process of market planning to succeed.  

Helps gain a competitive edge

Successful firms use their market planning process as a differentiator. If proper thought is given to what makes your firm unique, it becomes easy for your target audience to select your firm over your competitors.Get More Info

Market Plan Example 

Are you truly lost when it comes to how and where to start your market planning process? Here is a simple guide or a market plan example to help you reach your target audience and ensure that your audience becomes your loyal customers:

  • Summary of executives
  • Target audience
  • Unique Selling Proposition (USP)
  • Strategy for Positioning & Pricing
  • Plan of Distribution
  • Offers for your customers
  • Strategy for Promotions
  • Strategy for Online Marketing
  • Strategy for Conversion
  • Strategy for Referral
  • Transaction Prices Strategy
  • Strategy for Retention
  • Strategy for projecting your finances

This is a simple market plan example that can serve as an initial resource to start your process of marketing and effectively deliver what your customer wants.


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IR18

Market Entry Planning for Dewatering Equipment in the Middle East and North America

Business Challenge
A global professional engineering services provider wanted Infiniti Research to provide consulting services for planning its market entry into the Dewatering Equipment market in the Middle East and North America.
Situation
The client wanted to utilize emerging market opportunities across the Middle East and North America for dewatering equipment, and was looking for strategic consulting services for a complete market entry plan.
Approach
We conducted a detailed assessment including situation analysis, market size, market structure, and identifying high potential growth segments for each region, along with an analysis of the potential end-user segments and obtained insights specific to their emerging requirements.
Impact
Based on our insights, the client was able to assess the market situation and critical success factors in each region, determine the right time for entering the market, and identify the best route to entry in the market.
IR21

Market Entry Planning for Earthmoving Equipment Market in Japan

Business Challenge
A industrial equipment manufacturer wanted to understand the market landscape and major customer segments for the Earthmoving Equipment market in Japan.
Situation
The client wanted to determine the current market size for the product of interest, establish demand forecast across product segments and markets, understand market trends and key user segments in terms of product requirement, product usage pattern and purchase criteria.
Approach
We conducted a detailed market assessment including market size and structure, and identifying end-user segments with high potential growth, along with an analysis of their product requirement and usage pattern to derive insights specific to the client’s requirements.
Impact
Based on our insights, the client was able to improve its market positioning through careful strategy planning for future sales, based on demand forecast, and targeting the most profitable end-user segments.
CPG Industry

Atomized Steel Powder Market Assessment Study

Business Challenge
A leading metal powder manufacturer wanted to identify new industry segments in Europe to increase its revenue.
Situation
The client was generating over 80% of its revenue primarily from two industries, which were facing severe economic pressures. Therefore, the company wanted to identify other industry segments to supplement its revenue.
Approach
We identified key alternative segments and ranked them based on criteria such as profitability, supply-demand scenario, and manufacturing cost structure. We also helped the client gather detailed insights on the top segments to devise an effective go-to market strategy.
Impact
The client used our market segmentation information to realign its sales force and aggressively target alternative industries. It also determined a new set of potential customers within existing industries, thereby balancing the revenue share of different industry segments for the next four quarters.