Project on Lean GTM

OKR Impact: Low

Time: Constraint

Effort: Low

Frequency: 1-2/ month

Pre GTM

Problem Statement

Ultrahuman needs to achieve $3M in this year so their monthly revenue targets are $250k per month. In this month we need to increase its revenue from USD 200K to USD 250K, we also need to maintain an AOV of $349, using multiple sales channels including D2C & retail.

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Goal

Get USD 50k revenue in 10 days while maintaining AOV $349.

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Growth Levers

For $50,000 in revenue we need 145 orders

To achieve this target we need:

Checkouts: 1650

ATC: 3000

Clicks: 13500

Impressions: 1.5M

The split between channels will be:
Facebook ads: 40%

Whatsapp drip campaigns: 35%

Email marketing: 25%

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ICPs

1. New Users from Facebook Ads
2. 1. Tech-savvy fitness enthusiasts aged 25-45.
   2. Middle to upper-middle-class income, living in urban areas with disposable income
   3. Users of existing health products like Strava/Polar/Garmin etc

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2. Users Who Are in the Funnel or Have Dropped Off
3. 1. Visitors who have browsed the website,
   2. Added products to the cart but did not complete the purchase.
   3. Dropped off from the payments page

3. Email Marketing for Retargeting & Reselling to Users
4. 1. Users who have shown interest but haven't completed the purchase
   2. 1. Website visitors
      2. Cart abandoners
   3. Upselling bundles to Existing customers to gift or refer their friends and family

Segmentation

Pitch Segmentation Based on User Insights:

1. Fitness Goals
2. • Weight loss
   • Muscle gain
   • General fitness and well-being
3. Product Preferences
4. • Preference for wearable tech
   • Interest in personalized coaching services
   • Interest in nutrition and diet plans
5. Behavioral Segmentation
6. • Users who have abandoned carts: Focus on the benefits and urgency.
   • Users who frequently visit the website but haven’t purchased: Highlight testimonials and success stories.
   • Users who have previously purchased: Offer loyalty rewards and exclusive discounts.
7. Retailers
8. • Retailers with high customer foot traffic in urban areas.
   • Stores specializing in health and wellness products.
   • Gyms and fitness centers looking to offer value-added services to their members.

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Channel distribution document

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Project planning

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Cross functional alignment

Detailed Communication Plan

1. Gap Analysis
2. • When: August 13, 2024
   • Whom: Manager & CC: Self Team Peers
   • Description: Identify any gaps in achieving the monthly revenue goal and analyze how to address them. Discuss potential strategies and solutions.
3. Channel Prioritization Review
4. • When: August 16, 2024
   • Whom: Cross Team Managers: Design, Copy, Product
   • Description: Review the detailed strategy for each marketing channel, ensuring all teams are aligned and can provide necessary support. Discuss any concerns or suggestions for improvement.
5. Budget Finalization
6. • When: August 20, 2024
   • Whom: Finance Team & CC: Marketing Team
   • Description: Confirm and allocate budgets for each marketing channel based on historical performance and expected ROI. Ensure all financial requirements are met for the GTM strategy.
7. Pre-Launch Check-In
8. • When: August 21, 2024
   • Whom: Cross Team Peers: Design, Copy, Product
   • Description: Ensure all creative assets, WhatsApp messages, and email campaigns are ready for launch. Verify that all elements are in place and address any last-minute issues.
9. Mid-Campaign Performance Review
10. • When: August 26, 2024
    • Whom: Manager & Self Team Peers
    • Description: Monitor campaign performance and make necessary adjustments based on initial results. Discuss what is working well and what needs optimization.
11. Post-Launch Impact Analysis and Debrief
12. • When: September 3, 2024
    • Whom: Goal Owner with Leadership Team
    • Description: Conduct a debrief to discuss outcomes, key learnings, and next steps based on the impact analysis. Evaluate the success of the GTM strategy and plan for future improvements.

During-GTM Milestones and Communication Plan

Step 1: Set Milestones

We will set milestones for mid GTM as a health metric to see if the GTM is on track. Here are the key milestones to track:

1. 20% Revenue Milestone: We will track the initial performance and revenue metrics within the first week of the campaign launch.
2. 70% Revenue Milestone: We will evaluate the overall campaign progress and revenue metrics midway through the campaign.

Step 2: Analyse & Communicate

We will analyze metrics and funnel data with respect to the launch. Communicate to stakeholders on the milestones, ensuring not to communicate more than twice.

Milestones and Metrics

Post GTM

Questions for User Interviews

1. New Purchasers

Objective: Understand the factors that influenced their decision to purchase and their overall experience.

1. What motivated you to purchase Ultrahuman products?
2. How did you first hear about Ultrahuman?
3. What specific features or benefits of the product convinced you to make a purchase?
4. How was your experience with the purchasing process on our website?
5. Is there anything we could improve to make the purchasing experience better for you?

2. Users in the Retargeting Funnel

Objective: Identify barriers to purchase and effectiveness of retargeting efforts.

1. What initially attracted you to visit our website and consider Ultrahuman products?
2. Can you describe any reasons why you didn't complete your purchase on your first visit?
3. How effective were our retargeting messages (e.g., emails, WhatsApp) in reminding you to complete your purchase?
4. What ultimately convinced you to complete your purchase after being retargeted?
5. What could we do differently in our retargeting efforts to make them more effective for you?

3. Users Who Referred Someone in Their Friend Circle

Objective: Understand the motivation behind referring others and gather insights on referral effectiveness.

1. What made you decide to refer Ultrahuman products to your friends or family?
2. How did you go about sharing the referral with your friend circle (e.g., social media, direct conversation)?
3. What feedback did you receive from your friends or family about Ultrahuman after your referral?
4. What aspects of Ultrahuman products do you think are most appealing to share with others?
5. How can we make the referral process easier and more rewarding for you?

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Steps to analyse the data:

1. Gather Data
2. • Objective: Collect data from all GTM campaigns to analyze performance.
   • Tasks:
   • • Export data from all marketing platforms (e.g., Facebook Ads Manager, email marketing tool, WhatsApp analytics).
     • Ensure data includes complete funnel that is impressions --> clicks --> add-to-carts --> checkouts --> orders --> revenue
3. Compare Metrics
4. • Objective: Assess the actual performance against initial assumptions and targets.
   • Tasks:
   • • Compare against initial targets, actual performance, and variance.
     • Understand the change and impact on the metrics like Conv. Rate, CAC, AOV, ROAS.
     • Highlight changes in performance and do an RCA for the reasons behind them.
5. Identify Trends
6. • Objective: Discover patterns and trends that influenced user behavior and campaign performance.
   • Tasks:
   • • Analyze the data for patterns, such as peak engagement times, successful ad creatives, and high-performing channels.
     • Segment data by user demographics, geographic locations, and behaviors to gain deeper insights.
     • Look for correlations between specific campaign elements (e.g., messaging, offers) and conversion rates.

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Ultrahuman GTM Strategy Debrief

Introduction

• Overview: This document provides a debrief on the Go-To-Market (GTM) strategy executed for Ultrahuman, aimed at reaching monthly revenue to USD 250K in August 2024.
• Objective: The primary goal was to increase revenue while maintaining an Average Order Value (AOV) of USD 349 through targeted marketing campaigns across Facebook Ads, WhatsApp Retargeting, and Email Marketing.

Performance Overview

• Target Achievement: We achieved 90% of our revenue target, reaching USD 225K.
• Key Metrics:
• • Impressions: 1.35M
  • Clicks: 12,000
  • Add-to-Carts (ATC): 2,700
  • Checkouts: 1,485
  • Orders Placed: 130
  • Conversion Rate: 0.87%

Trend Analysis

• High-Performing Channels:
• • Facebook Ads: Drove the highest traffic with 1.2M impressions and a conversion rate of 5%.
  • WhatsApp Retargeting: Had a high engagement rate, leading to a 30% conversion from add-to-cart to checkout.
  • Email Marketing: Effective in driving repeat purchases with a 12% conversion rate.
• User Behavior:
• • New Users: Responded well to targeted Facebook ads, especially those highlighting product features and benefits.
  • Retargeted Users: Conversion improved significantly with personalized WhatsApp messages.
  • Referrals: Users referred by friends showed a higher AOV and faster conversion.

Charts

• Revenue vs Target:
• • Bar chart showing the target revenue (USD 250K) vs achieved revenue (USD 225K).
• Channel Performance:
• • Pie chart depicting the contribution of each channel to total revenue.
• Conversion Funnel:
• • Line graph illustrating the funnel from impressions to orders placed, highlighting key drop-off points.

Key Findings

• Successful Tactics:
• • Personalized Messaging: Both WhatsApp and email campaigns that used personalized messages saw higher engagement and conversion rates.
  • Bundling Offers: Bundled product offers were particularly effective in increasing AOV and overall sales.
• Areas for Improvement:
• • Ad Creative Refresh: Facebook ad creatives need periodic refreshing to maintain engagement and prevent ad fatigue.
  • Checkout Process: Further streamlining the checkout process could reduce drop-offs and improve conversion rates.

Recommendations

• Optimized Retargeting: Continue to refine retargeting strategies, focusing on personalized messages and timely reminders.
• Creative Testing: Implement A/B testing for ad creatives and email content to identify the most effective designs and messages.
• User Feedback Integration: Regularly gather and incorporate user feedback to improve product offerings and marketing strategies.

Next Steps

1. Continuous Monitoring: Keep monitoring performance metrics and user behavior to make real-time adjustments to campaigns.
2. Ad Creative Development: Develop new ad creatives and test different designs to find the most engaging formats.
3. User Experience Enhancement: Work on improving the checkout process to reduce friction and increase conversions.
4. Referral Program Expansion: Enhance the referral program to encourage more users to refer friends, leveraging the higher AOV and faster conversion rates observed.

Conclusion While we achieved 90% of our target, this campaign provided valuable insights into user behavior and the effectiveness of various marketing strategies. By implementing the recommendations and continuing to optimize our approach, we are well-positioned to achieve and exceed our future revenue targets.