The Ultimate Go To Market Strategy for Success
Posted on February 21, 2014
The Ultimate Go To Market Strategy for Success
Setting up a business is rarely as easy as hitting on an idea and running with it.
You’d have to create a business plan, get assistance and training, find a good location, scare up some financing, register the business. The list goes on and on. But even after the business is already operational, there’s the matter of generating a profit. I mean, I assume that’s why you’re building one up, right?
That means you have to get your product or service out there and get people to pay attention. That’s called marketing. And it’s really easier said than done, too.
Case in point: in the 60’s, a Xerox commercial advertising its new copier made use of monkeys to show how easy it is to use. The effect: legions of fuming mad secretaries. If that’s not a massive value communication fail I don’t know what is.
So, yes. Marketing can make or break your company and your brand.
But just how do you effectively market your product?
The Road to Marketing Success
Leading market research company Copernicus helpfully gives a list of things to consider.
1. Clear and effective marketing strategies
Here are a few questions to ask:
- Why would anyone use your product/service?
- Who would use the product/service?
- Who are your competitors and how can they take away your success?
- How would you position your product/service to your customers?
Before you can even start promoting what you’re offering, you need to know what it does, who it’s for, and what value it’s going to give your customers over the competition.
2.Profit-directed approach to market segmentation and targeting
Being able to identify what will generate the highest return in terms of profit should be a priority. Learn to assess your customers’ value because this will be critical to your success.
3. Brand strategy
It’s been mentioned that the single greatest determinant of success is brand strategy. And that’s certainly true.
Take for example Whole Foods. By the time the new millennium rolled around, it has already maxed out its target market under the “organic and natural” banner. What did it do? It did it’s research and targeted “Foodies” instead.
The brand became lessened the organic messaging (even if they didn’t totally eliminate it, either) and the tagline became “passionately picky.” The result was extraordinary growth.
4. Early implementation planning
Okay, now you’ve got 1-3 down on paper. Those are still basically useless unless you implement it.
So start laying down the objectives. Set deadlines for tasks. And keep a chart to monitor your progress.
5. Product selection
When you choose to market your product, pick the one that’s most profitable, not the one that’s most appealing.
One of the more common mistakes you’ll ever make is choosing a product you’re personally passionate about. Your interest in the product doesn’t necessarily translate to other people being invested in it as well.
If you want to turn a profit, you’d do well to set personal feelings aside, do your research and stick with a product that actually sells.
6. Shopper insights are gold
How do they make decisions? What catches their attention? How much information do they need? What makes them choose faster?
Shoppers hold the purse. You want to get your hands on the moolah. So how do you do it? By understanding what they want.
7. Continuous improvement
You’ll no doubt be making mistakes. Some processes will work better than others. Keep honing your marketing strategies. Do not rest on your laurels.
But, Ramnath, the above steps lay out the groundwork. How do I actually market? That’s what you’re thinking, aren’t you?
Don’t stress. We’re getting there.
The Answer is in Cyberspace
Because you’re absolutely right. The above tells you how to plan, what to focus on, who to target. And now that you’ve done all that, what’s your go to marketing strategy?
One word: internet.
In 2012, a survey of small businesses listed the 10 most effective marketing strategies. Bear in mind that this was for both business-to-business (B2B) and business-to-consumer (B2c) organizations.
Here is the result:
- Email marketing – 83%
- Website (content and SEO) – 71%
- In-person interactions – 68%
- Social media – 49%
- Events – 41%
- Outbound calling – 33%
- PR – 22%
- Direct mail – 21%
- Traditional advertising (TV, radio, print, etc.) – 17%
- Pay-per-click – 17%
Notice anything? Traditional advertising and marketing methods are on the outs. Consumers are now making full use of the world wide web to control the amount of information they want and need.
So you wanna know where to go to market your product or service successfully? Cyberspace is the answer.
Jayson DeMers of Forbes talked about the top marketing trends to look out for this year. And as expected, they’re all internet-centric.
He talked about content marketing. What does he mean?
- Social media
- Articles on the business’ websites
- case studies
- articles on other websites
These days, it’s all about building your reputation in the industry as a reliable brand. And nothing screams “trustworthy” more than appearing on top of Google search.
And speaking of social media, now is also the time to diversify. It’s no longer just focused on Facebook, Twitter and LinkedIn. You’ll find willing audiences in other sites, too, like Instagram and Pinterest.
And since we’re talking about those two, do you notice what they have in common? Pictures, pictures, pictures. There’s a reason why Buzzfeed is such a hit.
People are looking for easily-digestible, readily-understandable content. Pictures, images and demographics cannot make things any simpler.
And finally, mobiles.
If you haven’t heard about it yet, social media behemoth Facebook made majority of its profit last quarter from mobile ads. Mobile and tablet use is increasing by leaps and bounds every single day. And the time is ripe to utilize it for marketing purposes.
So what’s a surefire way to successfully market your product? Here’s the math:
(Personal judgment + seasoned experience + careful analysis of data)*internet savvy = marketing success
And that, ladies and gents, is your go-to strategy right there.