GO TO MARKET STRATEGY
Target
This was a group assignment completed for my Brand & Product Management class. The main objective of the project was to showcase comprehension of the brand's category and how a GTM strategy can effectively stimulate growth.
The project's agenda is presented here.
Due to the decline in Q1 and Q2 profits by 40% and 90% respectively, which is linked to the shift in shopping patterns and deep discounting of excess inventory brought about by the post-COVID-19 era, our team has proposed a strategic partnership with Apple. This will involve creating Apple storefronts within Target stores, with a particular focus on meeting the growing demand for electronics, as opposed to furniture and home goods.
Our team showcased a thorough understanding of the competitive landscape by conducting a SWOT analysis on Target and Walmart. Through this analysis, we discovered that Target boasts a higher brand quality as well as a loyal customer base due to its REDcard Loyalty program. We have taken this into account in our proposal and plan to incorporate the REDcard Loyalty program into our strategy to enhance customer loyalty and drive sales.
As part of our analysis, we investigated the potential benefits of integrating an Apple store within Target, as well as the pain points that customers typically experience when shopping at standalone Apple stores. We recognize that by incorporating an Apple store within Target, we can attract more customers to the store, offer greater convenience, and potentially increase sales. We also identified that customers may face challenges when shopping at standalone Apple stores, such as long wait times for appointments, limited inventory, and high prices. Therefore, by bringing an Apple store within Target, we can address these pain points and provide customers with a more seamless and efficient shopping experience.
After conducting a thorough analysis, we identified three key target audiences: the Tech Bro, the Loyal Mom, and the Convenience Shopper. These audiences were selected based on their distinct purchasing behaviors and preferences.
The Tech Bro is interested in the latest and most innovative technology products, such as smartphones, laptops, and smart home devices. They are willing to spend money on high-quality products and value a seamless shopping experience.
The Loyal Mom is a frequent Target shopper who prioritizes convenience and affordability. They are looking for products that cater to their family's needs and prefer to shop at a store that offers a wide range of items and value for money.
The Convenience Shopper is looking for a quick and efficient shopping experience. They prioritize convenience and accessibility, and are attracted to stores that offer a broad selection of products and services that cater to their needs.
By understanding the preferences and behaviors of these audiences, we are able to tailor our go-to-market strategy to meet their unique needs and preferences, thus increasing the likelihood of success for our proposal.
Above are the persona maps of the three main target audiences that we have identified for our go-to-market strategy.
Here are the mockups that we have created to appeal to each of our target audiences. These designs have been specifically tailored to address the unique needs and preferences of each persona, in order to effectively capture their attention and drive sales.
We then allocated a budget for remodeling, promotion, and staffing. This budget will be utilized to ensure that the stores are optimized for the integration of Apple storefronts and to promote the new partnership through various marketing channels. Additionally, it will enable us to hire additional staff to support the new offering and provide a seamless shopping experience for customers.
After analyzing our proposed go-to-market strategy, we identified key performance indicators (KPIs) to track our progress and measure the success of our efforts. With these KPIs in mind, we created a go-to-market (GTM) roadmap that outlines the specific steps and timelines for implementing our strategy.
In addition to our GTM roadmap, we developed an advertising schedule that highlights when and where to showcase our mockups in order to generate maximum impact on brand, market, and consumer behavior. By strategically timing our advertisements, we aim to capture the attention of our target audiences and encourage them to engage with our new offering. This schedule will be continually evaluated and adjusted based on our KPIs and overall performance, ensuring that our advertising efforts are as effective as possible.
