A footwear component manufacturer specializing in PU soles, aimed to establish a strong presence in the domestic market. Seeking our expertise, the client engaged IKON to develop a comprehensive Brand and GTM strategy to capture market share and increase brand visibility.
Approach & Recommendations
Our approach involved in-depth market analysis, competitor research, and customer insights to gain a comprehensive understanding of the target market and industry landscape. Key insights revealed the untapped potential for PU soles within the domestic market, affirming the need for a tailored strategy to capitalize on this opportunity. With an estimated market potential of 5-6% of the total production of footwear, equivalent to approximately 110-132 million pairs and growing at a healthy double-digit CAGR, we recommended focusing on this opportunity
To effectively penetrate the market, we developed a multi-faceted approach. Firstly, we conducted a comprehensive internal analysis to understand the client's unique value proposition. We then proceeded with brand naming, brand positioning, and logo design to differentiate the client brand from competitors. By highlighting the superior quality, durability, and performance of their products, we aimed to resonate with target customers.
Additionally, we developed a Go-to-Market (GTM) strategy that addressed the identified market potential. This involved identifying target customer segments and understanding their needs and preferences. We recommended tailored marketing messages and selected appropriate channels to reach the target audience effectively. Moreover, we provided guidance and support in the development and execution of a digital marketing strategy, utilizing various online channels to enhance brand visibility and drive lead generation.
The implementation of our recommended strategies yielded significant results for our client. They successfully acquired two major customers - national brands - within 3 months of launch, demonstrating the effectiveness of the strategies developed and executed. Through our brand positioning and GTM approach, the client achieved increased brand visibility, market penetration, and customer engagement.
Note: We are committed to clients' confidentiality. So their names have not been disclosed, but the results are real.