What informs the perfect marketing strategy? Taking the first step towards success
What makes a good go-to-market strategy?
Like any product, there is an infinite number of potential market strategies you could use to best market your given product. You may need to look at some basic marketing elements before putting your product campaign strategy together- which are; Consumer Insights and Brand Insights as described on our previous posts.
Knowing how to gather and assemble these elements will ensure that you are saying the right things to the right people, and right at the time when they need to listen to it. You will hit the market as you work to convince your customers that your service or product is the super-weapon they need. You will want to focus on how to gather brand insights and position your product within the existing cultural tension to create a campaign strategy that will really sell. Do it right and you just might end up changing your company turn over.
Cultivating Brand Insights:
In creating your product's market campaign, you would first need to do an in-depth study on your brand history, which will help you in laying a foundation for identifying the unique selling point of your brand. This is critical in building your Strategy Statement- which outlines strategic actions for your company, giving it the sense of direction and serving as the blueprint for your company's movements for years to come, thereby setting your company's long-term strategic plan.
After doing a brand history analysis, you may want to do a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis- which will help you contextualize the knowledge you gained on your history analysis, which is how you make sure that your campaign strategy is aligned with both your product and your target audience.
Doing a SWOT analysis will help you answer the single most important question:
What is your company offering that no one else isn't?
The answer is the brand’s unique selling point. In simple terms, you should be looking for the following:
- Strengths; What are the best sellers in your brand? What are you nailing that no one else does?
- Weaknesses; Where could your product do better?
- Opportunities; Where does your brand have room for growth? Are there products that you could develop that would apply to their consumers? Is there technology that you could adopt that would make the experience more seamless?
- Threats; What other companies out there are stealing away consumers from your brand and how are they doing it?
Knowing what you already know, out of your brand history and comprehensive SWOT analysis, you can now identify your brand's unique selling point.
This is an interpretation of trends in human behavior which aims at increasing the effectiveness of a product or service for the consumer, as well as to increase sales for the mutual benefit. Most businesses use consumer insights to gain a deeper understanding of how their audience think and feel. Analyzing these behaviors will allow your company to really understand what its customers want and need, and most importantly, why they feel that way.
Understanding your consumers’ needs and wants has become essential to ensure your company is future-proof. Listening empowers you to learn from and talk to your customers in order to create ever-improving experiences. Businesses with quality data are more likely to collect actionable customer insights, which can help them grow their bottoms line in the long run.
When you conduct a research on consumer insights properly, it will improve the effectiveness of how your company communicates to its customers, which is likely to change consumer behavior thereby increasing your sales. Collecting good consumer insights can be challenging, so here is what you need in order to collect and use consumer insights properly:
Good data quality
Data quality is vital to the collection of consumer insights. Without high-quality data, your conclusions or results might suffer.
Dedicated analytics team(Your team in general)
The role of your data analytics team is essential in order to understand how your customers think and behave. If you don’t have the right analytics team, it’s hard to understand what the data is telling you.
It’s important to understand and acknowledge the consumer behavior and insights as a tool to help you get an emotional engagement with your customers. And to successfully execute that, it’s essential not to ignore the results of your consumer research, whether you agree with them or not.
Consumer insights help analyses the competition whether or not you are the market leader in your industry, looking at how consumers talk about products and services in your industry can reveal a lot about consumers’ needs, and what you can implement to improve your own product, service, or business. Being aware of consumers’ conversations when it comes to other products can be extremely valuable, regardless of whether or not they mention or are aware of your business.
Consumer insights can also help your company map its customer journey and identify any gaps where there might be some, as well as find what works best, and what can be improved for better user experience and customer journey, from awareness to purchase and advocacy.
Consumer insights can also help your businesses understand why people buy certain products over the others and what’s driving those preferences, which can also aid your business in personalizing its marketing.
As a marketing professional, you should always be observing your customers: Their habits, behavior, and feedback serve as a yardstick for measuring the strength of your company's relationship with its customers.
"Insight without action is a daydream. Action without insight is a nightmare."-Japanese proverb.