Go to Market Strategy
Introduction
Choosing a go-to market strategy is necessary for any business to realize the desired results. At times people who venture into business find the market already swelling with similar products and sometimes the products introduced to the market do not solve the demands of the consumers. It is profoundly eminent that a product should be introduced to solve consumer demand and its demand should be favorably high. This paper looks at the go-to market strategy for a coffee outlet and it gives the possible scenarios that one find when they finally venture into the market.
Identification of persona roles is important to enter a market. Sometimes referred to as the buying center; the buying center helps a business to determine the roles of the individuals that serve at a business. They are important since they make it possible for the business to take place. For instance, a coffee outlet will require those who prepare coffee, the waiters, manager, suppliers, and cashier(s). The roles should be defined adequately so that people can execute their duties as assigned. These groups of people will make sure that coffee is available for it to be sold. For a coffee outlet it will be necessary that these roles are filled as an individual executes a go-to market strategy.
Preparation of value matrix and advertisement to the target audience and other relevant platforms should be initiated. The product should indicate how it solves consumer problems to resonate well with the target audience. For that target audience to receive and respond positively to the product, adequate information on how they will solve consumer problems should be provided. For instance a coffee outlet business should include solutions to problems such as; enabling individuals to get early to work since they do not need to spend time at home to prepare coffee and coffee will be always available whenever needed and saving one the trouble to prepare it. These solutions solve the problems for most people who have to get to work early. As well appropriate advertisement platforms where most target groups are found should be done to get feedback that will be necessary to make better business decisions. For instance, Facebook, twitter, and LinkedIn offer good platforms that one can get the responses for the target audience.
Understanding of the buyer’s journey to becoming a customer and finally, a reliable client should be taken into consideration. As you put out the product to the market you must understand a buyer’s journey from a company and buyer perspective(s). For instance, a company (for this case coffee outlet) will seek to attract customers in terms of product quality to sell it however this is different from the customer’s perspective. The customer wants to see if the product solves his problem for them to make purchases. For example, after getting information on twitter, the customer will seek to see how the product offers a solution to his problem. When they offer the solution the customer will make a step to purchase and if they are happy with the product they become regular clients.
Furthermore, a sales strategy should be agreed upon as one makes strides to go to market strategy. It should be a strategy that will most likely work with our product and budget. A strategy where one will be comfortable and able to maintain the success of the business. For instance, a coffee will require that customers make purchases directly therefore; a self-service model will fit well. The customer will either purchase online and the product is delivered or they purchase from the restaurant by themselves. For a coffee outlet such a model will ensure efficiency and maximum profit as there will be no third party included.
Moreover, the generation of interest from the target group is crucial to go to the market. After advertising your product through social media or paid adverts, if the product is acceptable one will get positive responses and people will show interest to have your products. At this stage it is therefore ripe for one to go out to the market. The product will be already acceptable and there is a demand for the product. For instance, if the people in the nearby workplaces express interest where the coffee outlet will be set up, therefore; the market is receptive and the coffee will be a problem solver thus, the market is available. At this stage the target group will have accepted the product.
Create a website that explains the nature of your business. The website with social media outlets, and advertisements should provide enough content about your products. Content about products enables potential customers to know your product. The website should contain the content with key words that are mostly searched. The content should include appealing images of the product and descriptions that are captivating. The content about a product has been known as the influencer for consumers to make a decision to make a purchase or not. The description of the coffee outlet should be appealing to the target audience and enough information about the outlet should be provided.
Nonetheless, optimization is crucial ingredient to manage a successful business. Look out at the growth of the business by managing the selling and buying trends. Advance and provide more on what the customers need. For instance, if the customers prefer coffee hot it should be provided for them as they require. Customer preference should dictate how products are prepared.
References
Capon, N., & Go, F. (2016). Frameworks for Market Strategy: European Edition. Taylor & Francis.
Sako, M. (2012). Business models for strategy and innovation. Communications of the ACM, 55(7), 22-24.