When it comes to setting objectives for a product launch, our motto is "Leave the Kitchen Sink Behind." Relying on one marketing effort to achieve every objective' awareness, buzz, trial, sales and loyalty ' without exhausting the budget is usually an unrealistic approach. Unless you have a robust budget to adequately fund each of these objectives, it will prove more effective to focus your efforts. By focusing on one or two realistic goals such as generating awareness or growing sales, you will be able to allocate dollars and resources appropriately to achieve the objective(s). These objectives should always be measurable with clearly defined key performance indicators (KPIs). For example, if a program's goal is brand awareness, then a brand lift study should be implemented to measure the effectiveness of the media investment. THEORY IN ACTION How do you identify the most important objective? How do you allocate spend to support this objective? Read our learnings from helping launch a local beer brand: Focus on achieving one goal When initially thinking about marketing objectives, the client insisted that brand awareness and trial were equally as important for launch. However, the budget did not allow for optimal spending across both objectives. We determined awareness was paramount for the product launch. Invest in tactics to support that primary objective To achieve the clients' goal of becoming the 'official Beer of Martha's Vineyard,'? we focused all marketing efforts on island ' launching exclusively on the Vineyard during the high traffic summer season. By making the beer and brand swag available only on the Vineyard, we gained awareness with the summertime residents, Vineyard vacationers and locals, who shared the 'official Beer of Martha's Vineyard'? with their networks. Develop a framework to measure success We measured awareness by reviewing product demand, which then informed our overall distribution strategy. The demand for the beer that evokes the feeling of Martha's Vineyard trickled into the off-season and off the island. By the end of the summer, demand was so high that the client expanded distribution to Cape Cod and Boston. For more insights into how to build an effective go-to-market strategy, download our NEW RULES FOR BRINGING YOUR PRODUCT TO MARKET whitepaper.
What's the first step in developing your go-to-market strategy? Determining your value proposition. Our biggest piece of advice is to take an "Outside In" vs. "Inside Out" approach. What's that mean? Always consider the customer benefit when developing the value proposition. Oftentimes, companies make the mistake of taking an insular or 'inside out'? approach as opposed to an unbiased 'outside in'? approach. When considering the value proposition, assess the attributes that make your product superior (inside out) but assign more clout to answering the perceived benefit and value to the customer (outside in). Pressure test your value proposition by vetting it with prospective customers, thereby ensuring the proposition aligns with what the end user values most. REAL-WORLD EXAMPLE How do you take an 'outside in' approach? Where do you start? Learn from one of our clients: Michael Sayles, V.P. of Sales at Ferrara Candy Company. Develop a compelling value proposition. In preparation for the launch of Rapid Acting Protein, we conducted secondary research to gain a more profound understanding of our consumers' needs and wants in addition to understanding the marketplace. By doing so, we identified a whitespace opportunity within the fitness food category and developed a compelling value proposition - a gummy product with 20 grams of Whey protein in a delicious new, fruity flavor. Make real-time adjustments by listening. When RAP hit the market, we used social listening to garner consumer feedback. The consumers dictated what made RAP unique, rather than the other way around. So, we made shifts in real-time to tailor messaging accordingly. For more insights into how to build an effective go-to-market strategy, download our NEW RULES FOR BRINGING YOUR PRODUCT TO MARKET whitepaper.