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Best practice Go-To-Market to maximise revenue

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Forging sustainable growth requires a deep understanding of your market and a meticulously crafted Go-To-Market strategy. 

Think of a Go-To-Market strategy like an iceberg. The visible tip – the actual launch – is merely a fraction of the story. Beneath the surface lies the critical foundation: in-depth market research, strategic planning, and meticulous execution. Neglecting this crucial groundwork can lead to costly missteps and derail even the most promising ventures.

Essential Tips for a Winning Go-To-Market Strategy

Deep dive into your market

  • Go beyond surface-level data: Don’t just rely on generic market statistics. Conduct in-depth research to understand the nuances of your target market, including customer needs, pain points, and competitive landscape.
  • Evaluate market entry feasibility: Assess your brand’s readiness to enter new markets, considering factors like investment requirements, price elasticity, and competitive intensity.

Listen to your customers

  • Engage with your frontline: Actively engage with customer service representatives, delivery drivers, and retail staff. These individuals interact with customers daily and possess invaluable insights into customer preferences and behaviours.
  • Embrace customer feedback: Involve customers in product development and actively solicit feedback to ensure your offerings genuinely resonate with their needs.

Build unwavering capability

  • Assess resource requirements: Determine the resources and capabilities necessary to execute your strategy successfully.
  • Invest in essential skills: Identify and address any capability gaps within your organisation, whether through internal training, hiring, or strategic partnerships.

Validate your value proposition

  • Challenge your assumptions: Critically evaluate your value proposition. Does it address a significant market need and offer a compelling advantage over competitors?
  • Consider cannibalisation: Analyse the potential impact of your new offering on existing products or services.

Plan for all scenarios

  • Anticipate demand fluctuation: Be prepared for both high and low-demand scenarios. Ensure your operations can effectively scale to meet unexpected surges in demand while maintaining service quality.

Optimise inventory management

  • Develop robust inventory management strategies: Avoid stockouts or excess inventory, particularly for products sourced from offshore.

Quantify your ROI

  • Calculate customer lifetime value: Determine the expected return on investment for each customer acquired.
  • Map customer acquisition costs: Analyse the full cost of acquiring a new customer, including marketing, sales, and customer service expenses.

Focus your efforts

  • Define your ideal customer profile: Develop a clear understanding of your target customer segment, including their demographics, psychographics, and buying behaviour.
  • Map the customer journey: Analyse the customer’s decision-making process from initial awareness to purchase and ongoing engagement.

Embrace continuous improvement

  • Regularly monitor performance: Track key metrics and review your Go-To-Market strategy to ensure it remains aligned with market realities and business objectives.
  • Be agile and adaptable: Be prepared to adjust your strategy based on market feedback and changing conditions.

 

ABOUT EMMET 

We’re growth partners. We work closely with our clients to develop data-driven Go-To-Market strategies that deliver tangible results. Contact us today to learn how we can help you unlock your full growth potential.

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