Knowing your target market and how to reach them is a major part of marketing strategy. This article will take an in-depth look at the Go-to-market Strategy and how it functions in Management Strategy Consulting.
Go-to-market strategy is the business process of defining how a company will deliver their products or services to customers. It encompasses all activities involved in generating leads, converting leads to sales and delivering the product/service to the customer. This process includes: Marketing Strategy – positioning, branding and communications; Sales Strategy – sales, sales force and channel management; and Delivery Strategy – channels and capabilities needed for execution.
The Go-to-market strategy is a fundamental piece of a business’s operational structure that determines the production and marketing of a product or service. It is the structure within which all other strategies are built, executed and measured.
In order to promote competition in an industry, consumers should be made aware of products by the producers. In the days before mass media advertising, this meant that companies must build their operating situation around direct marketing, such as flyers and posters.
However modern marketing communications have evolved considerably since then. The Internet has become a major driver for change in this area, but while it can be used for both promotion and relationship building online it cannot replace traditional channels such as newspapers or radio for this purpose.
Therefore, companies adopt various media mix of various media, based on the strategy of target market segment of each product.
Many companies utilize the services of a marketing consulting firm to guide them in respect to their market, customers and competitors.
An example for this would be the automobile industry. The type of vehicle purchased by the consumer is based on their lifestyle. If they are young, fresh out of college with families or individuals who are looking for a fun car will drive different automobiles then middle-aged couples looking for a family ride. A similar trend can be seen when you consider individuals living in rural areas compared to city-dwellers.
There is a lot of data and information that is available in the form of reports and provides valuable insights and data which can be key to success when developing a go-to-market strategy for a company. A few reports that will assist in the Go-to-market strategy for Management Strategy Consulting include:
This will provide you with the best information on your competitors, consumers and market trends.
Analysing your competitors will give you an insight into their target market, audience and consumers. Use the provided Key Performance Indicators (KPI’s) to analyse how your competitors are performing against each KPI in an integrated system which includes a combination of qualitative and quantitative analysis.