Why Digital GTM need to be powered by Consumer Insight
Go To Market Strategy:
It is an action plan with proper specification in which it is shown how a company will reach its
customers and achieve competitive advantage. Its purpose is for providing a blueprint for delivering
a product or service to the end customer, taking into account such factors as pricing and
distribution.
Why Digital GTM needs to be powered by Consumer Insight
1. To identify target market
A “target market” or “target customer” is a group of potential customers who you
intend to be the recipients of your marketing efforts.
Often target customers will be identified as a group of people or organizations that have
similar needs or pain points that your product/service looks to address
Identifying your target market will likely require a deep understanding of your customer
and their needs. This knowledge can be obtained through:
a) Primary Market Research
b) Secondary Market Research
2. To decide on value proposition of your product or service
Market positioning is the effort of attempting to influence your customer’s perception of
your brand or product/service relative to their feelings toward your competitors’ brands
or product/services.
Effective positioning will allow your brand or product/service to occupy a clear, unique,
and advantageous position in the customer’s mind.
A Value Proposition requires an understanding of:
a) Your target customer
b) Common needs or pain points your target possess that sets them apart
c) The category of products/services you compete in
d) The distinct value(s) your solution offers your target customers
e) How your product/service provides the stated distinct values
3. To conduct more effective marketing
Consumer insights derived from data help your company better understand the
behaviour and motivations of your target audience, and in-turn to build campaigns with
the consumer's actual desires as the central focus.
Brands with a deeper understanding of their customers can create highly personalised
and targeted brand and marketing strategies.
Brands can identify real solutions to their customers’ problems, and engage with them in
the most effective way.
4. To decide on the Pricing
A successfully priced product/service typically requires the seller to:
Gain in-depth insight into how much a customer is willing to pay in order to solve the
problem your solution intends to fix. A suggested way to gain this insight is market
validation interviews.
Consider competitors’ pricing and how your solution compares.
Understand the relationship between quality and price.
5. To decide What channels or routes-to-market (RTM) you want to use
Route to market involves identifying the depth of understanding that a company has to
its customers, their expectations, behaviours, and needs.
All route to market decisions largely depends on this kind of detailed information.
To gain a better idea, they must interact directly with the customers through focused
interviews, customer surveys, or prototype testing.
Then, understand what makes the company’s products or services add value to the
customers. It is also critical to evaluate the best channels to reach out to the target
customers.
6. To adapt to changing Consumer behaviour
Consumers are increasingly using voice search, social media, gaming consoles and chat
to interact with businesses
Companies must meet shoppers at the places where they prefer to spend their time.
Use analytics to discover how your target audience consumes content and which
platforms they prefer to spend time on, along with the common keyword phrases they
use when searching or buying online. Studying consumer behaviour down to that level
of detail will help your business keep pace with changing consumer behaviours as
technology evolves.
7. To help improve the customer journey
Consumer insights can also help companies map their customer journey and identify any
gaps where there might be some, as well as find what works best, and what can be
improved for a better user experience and customer journey, from awareness to purchase
and advocacy.
