Designing a Go-To Market Strategy: Part II
As promised today we shall talk about the Marketing part of our GTM Strategy. If you missed our previous update, we would advise you to read that (here) to gain a holistic understanding of the idea that we are trying to express.
For any GTM strategy, we are almost always trying to move up the Brand loyalty ladder.
We start from Ground 0, or no loyalty. The customer doesn’t know about the product, he is unaware.
Then comes the real challenge - Getting the customer into the ideal loyalty stage.
Inertia Loyalty - A situation in which the buyer prefers our brand out of convenience. There is no attachment to the product, but I have made a habit of buying it, hence I prefer it.
For eg, I personally prefer Swiggy over Zomato. Why? We’ll come to that in a while.
Covetus Loyalty - These are people who never purchase the product but have a strong attachment towards it. This usually happens in case of aspirational products, something people want to gel with the crowd. Like the Nike Airmax or the iPhone.
Premium Loyalty - Now this is every brand’s golden ticket. People who love the product and buy it often. This is where our brand wants its customer’s to land.
So now that we understand the three main loyalty stages, let us look at how to incorporate these in our brand campaigns.
Building inertia loyalty is often the first step to a premium loyal customer. I preferred Swiggy over Zomato because of their restaurant collection initially, now even if the restaurant is on both Swiggy and Zomato, I have become inert and hence I prefer Swiggy.
So here comes our first lesson, ads should emphasize on our USP, in a way that the customer relates. Telling me that Swiggy has 40,000 restaurants on board didn’t make me inert. Showing me that a restaurant near me has a discount, made me prefer Swiggy and thus made me inert.
Second comes the Covetus Loyalty. This might seem like a waste of advertising bucks at the first glance. But no.
People falling into this segment serve as what we call Opinion Leaders. They might not be the ones buying the product, but they tell 5 people around them that it is the best thing available in the market.
The reason why this category does not buy, is usually unaffordability or prior commitment. By prior commitment we mean - I just bought a Xiaomi TV, but then Samsung TV came out and it was much better. So now whenever I talk about TVs, I’ll definitely praise Samsung, making sure people don’t make this mistake.
Additionally, it should be noted that Covetus customers are highly likely to become premium loyal in the future hence it is a segment that must not be blatantly ignored.
Lastly, we have premium loyals or as I like to call it, Fans.
They love the product, overlook all its shortcomings and prefer it above everything. Now in such a situation, a smart move would be to create a new exclusive category for people who want and are willing to buy the best.
Think of L'oreal. They have created a L'oreal Professional segment for these premium loyals. A slight tweak in the product and a huge price premium. This is a go-to formula for a lot of brands around you.
Now that we’ve understood what ideal customer behaviour we desire, let us look at the AIDA model to better understand how to do it.
A - Awareness
At this stage we spread awareness about the product, target our specific audience via Mass Marketing (TV, Newspaper or Radio ads) or Social media promotions.
I - Interest
Unfortunately, a single ad is never enough to bring a customer. According to the three-hit theory, one needs to be exposed to an advertisement thrice before it registers in their mind. So this stage calls for repeated ads, jingles and taglines to generate interest and retention.
D - Decision
Now that the customer is intrigued, we need to help him make a decision. This is facilitated by reviews on websites, or even actors and professionals advertising the product.
A - Action
Our final stage is a Call-To-Action. Our customer is prepped and willing to buy, now we need to give him a direction so that action is prompt. Be it anything like your website URL, Helpline number, available at your nearest store, a Call-To-Action is crucial in any campaign.
That’ll be from our side on the GTM strategies, if you need help on any framework or approach. Just drop a message on the chat box and we’ll be happy to help!