In 2022 Magic Hat Consulting was contracted to develop a growth-oriented GTM strategy for a novel dietary supplement ingredient. Our team developed a comprehensive market strategy, custom-tailored to this cutting-edge ingredient, including a launch roadmap featuring these key components to ensure their success:
1. Brand name, positioning, & guardrails for consistency & easily identifiable branding.
2. Detailed consumer profiles to attract a prioritized consumer base.
3. In-depth competitive analysis to differentiate and stay ahead in today's market.
4. Targeted distribution & shelf placement strategies to optimize visibility & increase sales.
5. Pricing strategy that ensures maximum profit margins while keeping consumers happy.
6. Consumer-tested innovation pipeline that ensures a sustainable innovation pace.
Identifying the Challenges
The road to market success is paved with challenges, and our client's novel ingredient was no exception. From the lack of ingredient awareness to potential public distrust, and from identifying user profiles to designing an effective sales and distribution strategy, there was so much to be done. Engagement with advocacy groups and spreading awareness were also critical components. As we faced these challenges, we asked ourselves, how can we craft an effective go-to-market strategy for our client?
Uncovering Valuable Insights
Conducting a thorough Discovery Process was integral to our holistic understanding of the market. To gather insightful data, we collected both qualitative and quantitative information from primary sources like concept studies and interviews, along with secondary sources like Mintel Reports and SPINS data. Moreover, our custom consumer study delved deep into attitudes and usage. Finally, to ensure the measurability of our GTM strategy, we established success metrics.
Our team developed a comprehensive market strategy, custom-tailored to our client, including a launch roadmap featuring these key components to ensure their success:
1. Brand Name, Positioning, Messaging, & Guardrails The development of our client's brand involved creating a meaningful name, crafting unique brand positioning and messaging, and establishing guardrails for consistent branding. Our process included strategy sessions that delved into the characteristics of an effective brand name, exploring different types of names, as well as working sessions on positioning.
Types of Names
2. Consumer Profiles
Our team developed extensive consumer profiles to specifically target potential customers for our clients. Through identified attitudes, behaviors, emotional and functional needs, current solutions, frustrations, and average monthly spending habits on supplements, we established a full spectrum of information for our clients. Moreover, we researched trusted sources of information among consumers and preferred shopping destinations.
3. Competitive Analysis
After analyzing 55 potential competitors and substitutes, we created in-depth competitive analysis to distinguish our client and stay ahead of the competition in today's ever-changing market.
4. Distribution & Placement Strategies
Drawing on decades of experience from our sales experts and the assistance of physical store assessments, SPINS reports and in-depth category analysis, our team crafted a thoughtful, omnichannel distribution plan for our client. Our plan included targeted sales channels, distributors, brick and mortar retailers, DTC, Amazon, and B2B partners. Additionally we identified the ideal category and in-store placements to ensure optimal consumer impact.
5. Pricing Strategy
Through a meticulous assessment of competitors, economic trends, and consumer preferences, we developed a pricing strategy that ensures optimal profit margins and customer satisfaction.
6. Innovation Pipeline
We created a series of diverse product concepts for multiple store categories. After careful evaluation, we selected six concepts and put them through rigorous consumer-testing to determine the optimal first phase launch. In order to ensure a sustainable pace of
development we also defined additional product line opportunities for future phased launches.
Our team is proud to have developed an actionable roadmap from launch through post-launch stages. We crafted an effective plan that leveraged consumer needs and potential revenue opportunities for our client. The comprehensive GTM plan also included channel strategies, marketing objectives, communications strategies, and positioning techniques all designed to ensure success after launch.
If you or your team is looking for an experienced partner who can create a holistic go-to-market strategy, contact us at Magic Hat Consulting today!