The challenge when launching a new product or innovation is that the market may not be ready to embrace it – the market needs to be developed, shaped and activated. The first step in shaping the market is to conduct amarket landscape analysis, focused on understanding the various stakeholders in the marketplace. These stakeholder insights are then used to build amarket development planwith a core narrative and stakeholder engagement activities specifically designed to help prepare and shape the market. Market shaping is the execution of the market development plan, including the implementation of campaigns, the engagement of external stakeholders, and metrics that evaluate the resulting changes in the market.
Implementing a
Market Shaping Strategy
Duringmarket development planning, we develop the story we want to tell and define the behavior change or awareness change that we want to create. Now, in the market shaping phase, we put that message out in the world. We get in front of stakeholders and begin to move them down a path to understanding what the product or innovation is, as well as how to use it, what its benefits are, and what behaviors need to change to maximize those benefits.
Market shaping includes a variety of planned activities and strategies, such as marketing campaigns, investor presentations, public service announcements, speaking engagements, and otherstakeholder communication efforts that are running simultaneously to target various stakeholder groups.
The core narrative is translated into audience-specific creative execution and we ensure these efforts are carefully coordinated with a focus on message discipline and compelling calls to action. That said, market shaping is also opportunistic. It’s about being mindful of all the external stakeholder events, forums and gatherings happening in the marketplace, and seizing those opportunities to get in front of and engage with stakeholders, as well.
Measuring the Success
of Market Shaping
To measure the ROI of a market shaping strategy, we first establish the changes we think we can expect in the market over time. These expectations and goals are informed by the research and data we collect during themarket landscape analysisphase, and form a checklist against which we can measure our success going forward. In some instances, that measurement may be as simple as noting a policy change or other desired outcome has been achieved. In other cases, it may require the use of surveys and research to measure the change in market perspective.
We conduct evaluation activities with two goals in mind: to track our success over time and to learn what works and what doesn’t work in inspiring change in the market ecosystem.
Ultimately, a successful market shaping strategy is one that increases stakeholder awareness, drivesbehavior change, and opens up the market’s willingness to embrace change. When the market is primed and ready for a new product or innovation, the timeframe for adoption is sped up significantly.
FAQs
Implementing a
Market shaping includes a variety of planned activities and strategies, such as marketing campaigns, investor presentations, public service announcements, speaking engagements, and other stakeholder communication efforts that are running simultaneously to target various stakeholder groups.
What is an example of a shaping strategy? ›
Nature is rife with examples of mutually beneficial shaping strategies, like the co-evolution of species and animals feeding on, and simultaneously dispersing, plant seeds.
Why is a market growth strategy important? ›
A growth strategy is important in business because it allows a company to increase its revenue and market share, which can lead to increased profitability and sustainability over time.
What is market development in growth strategy? ›
A market development strategy is a growth strategy that a business adopts to help introduce its existing products in a new market. This strategy is usually used by companies when identifying and developing new opportunities to help sell their products in the markets they had not previously explored.
How do you shape a marketing strategy? ›
Here are some of the steps you need to take when creating one:
- Outline how you'll reach customers. There are many different forms of marketing that you can choose from. ...
- Define how you'll create marketing materials. ...
- Plan how you'll share those materials. ...
- Outline how you'll analyse its success.
It leads to activities to make sure that there is a good range of care services and supports available. This involves the actions 'commissioners make in order to deliver the kind of market believed to be necessary for any given community'.
What is shaping examples? ›
An example of shaping is when a baby or a toddler learns to walk. They are reinforced for crawling, then standing, then taking one step, then taking a few steps, and finally for walking. Reinforcement is typically in the form of lots of praise and attention from the child's parents.
What does it mean to shape a market? ›
Market shaping is the act of influencing and constructing markets to improve their ability to make products widely accessible to patients who could benefit from them. There are a number of different market shaping tools that have been developed over time.
What is strategic shaping? ›
A Shaping Strategy is designed for an organization looking to create long-term structural advantage in its market or industry while at the same time achieving significant leverage by mobilizing others.
What is an example of a growth market? ›
Some good examples of markets that are currently in the growth stage include mobile applications, solar power, and telehealth services. Each of these markets has seen total sales increase by at least 20% per year for at least the last three years and they are all seeing the effects of being a growth market.
Market development is when a company expands its business into new markets with the products it already offers. Diversification is when a company expands its business by entering new markets or creating new products. These growth strategies have different unique sets of risks and rewards.
What is the good effect of growth strategy? ›
Implementing a growth strategy can bring a wealth of benefits to a company. A company can create a sustainable business model that can withstand economic fluctuations and market disruptions by expanding its customer base, developing a competitive advantage, enhancing customer loyalty, and increasing profitability.
What are the four major growth strategies? ›
What are the four major growth strategies?
- market penetration.
- product development.
- market development.
- diversification.
A go-to-market (GTM) strategy is a step-by-step plan for launching a new product or expanding an existing product into a new market. It sets your initiative up for success by answering the following questions: What product are you selling, and what unique problem does it solve?
What is the shaping concept in marketing? ›
By its broadest definition, a shaping strategy fundamentally alters the structure of a market or industry in ways that transform competitive and market dynamics, as well as industry economics, to favor the position of the shaper.
What are the examples of shaping the product market? ›
Examples of market shaping interventions include pooled procurement, de-risking market demand through volume guarantees, bringing lower cost and high-quality manufacturers into global markets, developing demand forecasts and market intelligence reports, standardising specifications across markets, establishing ...
What are the 4 market product strategies? ›
The strategies are defined by whether the focus is on new or existing products and new or existing markets.
- Market Penetration Strategy. ...
- Market Development Strategy. ...
- Product Development Strategy. ...
- Diversification Strategy.
A marketing strategy is a long-term plan for achieving a company's goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage. It encompasses everything from determining who your customers are to deciding what channels you use to reach those customers.
