Go to Market Strategy for a Retail Firm
The rapid growth of the e-commerce sector has put immense pressure on retailers to differentiate their product offerings and launch new products meeting the market demand. To successfully launch a new product in the market, retailers must develop a solid business plan outlining the target audience, marketing plan, and sales strategy. A go to market plan is a unique approach that sales leaders take for winning a market. A well-defined go to market-strategy offers actionable insights by analyzing the potential customers, the value proposition, and the need for product differentiation.
The client a retail firm based out of Canada.
As the Canadian retail market was heavily saturated, the client realized the need to separate itself from the rest and create a distinct identity as well as a reputation for reliability. To achieve these objectives, they decided to launch new products meeting the market demand. However, the client noted that leading retailers failed in their attempt to launch a new product. The client, therefore, did not wish to take a chance. They approached the experts at Infiniti Research to leverage their expertise in devising a go to market strategy.
By leveraging Infiniti’s go to market strategy, the client also wanted to achieve other business objectives such as:
Identify target markets – By leveraging Infiniti’s go to market strategy, the client wanted to identify the target markets that are aligned with their corporate strategy and also the largest markets with the least competition.
Define target customers – By leveraging Infiniti’s go to market strategy, the client wanted to identify the most loyal and profitable customers. By doing so, they wanted to personalize their marketing strategies to retain and acquire profitable customer segments.
Determine brand positioning – With Infiniti’s go to market strategy, they wanted to focus on developing a solid marketing strategy for promoting their new product in the market. By doing so, they wanted to position their brand in the mind of your customers and generate greater brand loyalty.
Define a unique value proposition – By leveraging Infiniti’s go to market strategy, the client wanted to identify customers’ needs and differentiate their product offerings to best meet the market demand.
Infiniti’s go to market strategy engagement involved a four-phased approach that included:
A market research engagement to thoroughly analyze different markets and identify the largest markets with the least competition to focus on to achieve huge profitability.
A customer intelligence study to gather comprehensive insights into customers and categorize them into various categories based on their value for the brand.
A marketing and sales strategy engagement to develop a solid marketing plan for product promotions
A competitive intelligence study to analyze key competitors and identify business gaps.
By leveraging our go to market strategy engagement, the client was able to identify the target markets that aligns with their corporate strategy. Also, the client was able to identify profitable customer segments, develop a solid marketing strategy, and define a unique value proposition.
Infiniti’s GTM strategy helped the client to focus on key niche markets and increase sales. Also, the newly launched product achieved huge commercial success and exceed revenue expectation. In addition, by leveraging Infiniti’s go to market strategy, the client was able to target the right set of customers and reduce expenses associated with product promotion processes. This subsequently helped the client to enhance brand loyalty and reduce time to market, all within a short period of six months. Infiniti’s go to market approach also increased profits by 16%.