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.
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)
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:
- Defining the target market
- Defining target customers
- Defining brand positioning
- Defining product offering
- Choosing marketing channels