Overview
Bik.ai is an all-in-one marketing platform for B2C companies that are struggling with increased RoAS & Churn rates and diminishing profits. Bik already boasts 100+ brands as its customers. This GTM document, although not a comprehensive one, explains the channels that Bik should consider going forward to expand its market share and increase its revenue.
ICP For Bik.ai
Personas
- Marketing Managers
- Medium-Enterprise Business Owners
- Digital Marketers
- Marketing Consultants.
Buyer Needs
An intuitive, efficient way to handle their B2C marketing processes, access to marketing data analytics for improved decision-making and cost-effective solution.
Market Analysis
Target Market
Mid-sized to Entreprise level B2C businesses looking to streamline their marketing efforts through an all-in-one platform.
Locations: India, Western Europe, South East Asia, and the USA.
Why?
Assuming Bik.ai charges $200/mo for it’s users apart from the WhatsApp messaging costs a brand that makes $6000/mo and above revenue would be interested in trying out the solution.
With respect to the location, the above mentioned areas are where B2C business are either booming or at a matured state.
Market Needs
- Omni-channel approach to have better engagement with the customers
- Reduce high abandoned carts
- Reduce RTOs (Return To Origins)
- Increase RoAS
Market Trends
- Increased reliance on digital marketing channels.
- Data-driven decision-making.
- Personalized customer targeting.
- Using WhatsApp as a channel to convert & engage users.
Competitor Analysis
We can classify our competitors in 3 ways. Major competitors include:
Primary Competitor
Contlo: A more similar product that also combines SMS+ Email + WhatsApp channels and, more importantly, has its own AI shopping assistance tool. Has a good mixture of enterprises and mid-scale companies as its clients
Secondary Competitor
Ominsend: Although Omnisend doesn’t have WhatsApp as a channel in its bucket, this tool is a serious contender if Bik is going to stick with the current positioning. I.e. All-in-one Marketing platform.
Tertiary Competitors
Many tools in the market focus more on WhatsApp as a marketing channel and provide a lot of ways to schedule campaigns. Listing the top 3:
- WATI
- Limechat
- Interakt
SWOT Analysis
Based on the competitors I’ve listed above, I have created a SWOT analysis of Bik.
(P.S: These are all from the information I inferred from Bik’s website. So, most of the points I mentioned here are my assumptions)
| Strengths | Weaknesses | Opportunities | Threats |
|---|---|---|---|
| All-in-One Platform: Bik.ai‘s ability to combine SMS, email, and WhatsApp could be a significant advantage over specialized platforms that only focus on one aspect. As per my understanding, only one competitor is providing such features | Feature Depth: While being an all-in-one platform is a strength, Bik might lack the depth of features that specialized platforms offer. For example, we would need more in-depth options to segment customers on the customer segmentation front. | Market Growth: WhatsApp as a marketing channel is growing rapidly. As more businesses recognize the importance of WhatsApp business, demand for platforms like Bik.ai will likely increase. | Competition: The B2C marketing platform space is highly competitive. Bik must differentiate itself to stand out. |
| Brand Recognition: As an old entrant to the B2C market, Bik has a good brand awareness among the audiences | Weak Positioning: When I was browsing the website, I couldn’t understand what Bik exactly does. It took me a while to know What are all the features Bik has | Partnerships: Partnering with agencies or complementary software providers could help extend Bik’s reach and customer base. | Technological Change: Rapid technological change can be a threat if Bik doesn’t keep up with the latest marketing trends and technologies. |
| Ease of Use: Offering an intuitive, user-friendly interface could be an attractive choice for small businesses or marketers without much technical expertise. | Continuous Improvement: There’s always room to expand features and improve the platform based on user feedback, emerging marketing trends, and technological advancements. | Customer Churn: If customers find the platform not meeting their expectations or find a better alternative, there could be a high churn rate. |
Go-To-Market Strategy
Goal
Increase brand awareness, lead generation, and customer conversions.
Channels
Before jumping into GTM strategy, we need to define our channels and type of engagement we will have in each channels. We can split the channels into Inbound and Outbound methods. Also, some of the channels listed here have both ways to market (organic & paid) and based on the RoI we can prioritise them. Listing the channels we can focus on:
Inbound
| Channels | Organic | Paid |
| Content Marketing | We can create an informative blog that provides tips on effective B2C marketing, the importance of an all-in-one platform, and guides on various marketing strategies. | We can promote our content on the channels like Quora, JustAnswer etc. |
| SEO | Proper keyword research can identify search terms potential users are querying. | We can get paid backlinks from high Domain Authority websites like Economic Times, NYC, Forbes, The Entrepreneur, YourStory etc., These can be a good medium for creating awareness. |
| Social Media | Sharing our blog posts and industry-related news on our social media platforms can increase visibility. For instance, a LinkedIn post sharing our latest blog on “Top B2C Marketing Trends in 2023” can drive interested professionals to our site. | Run Facebook and LinkedIn Ads with different funnel-based content. |
| Webinars, Podcast, Events | We can start hosting webinars on the topics like “Trends in B2C marketing” or “How to increase the RoAS for B2C brands ” | We can sponsor webinars and podcasts relevant to our audience. |
| Community Building | Having a strong community of marketers who keep using Bik as a platform to automate and manage their campaigns will have a greater compounding effect. | |
| Freemium model | Right now, Bik doesn’t have any free tool. Free tool such as WhatsApp chat widget, free widget spinner etc, will increase the TOFU there by increasing the conversion rates | Google Search & Display Ads, Facebook, LinkedIn, YT, Reddit |
| Influencer Marketing | Partner with influencers whom the targeted audiences are following. |
Outbound
| Channels | Organic | Paid |
| Cold Outreaches | Reaching out CxO’s of Large & Enterprises in LinkedIn and social groups | Purchasing a list of high quality emails and phone numbers and shooting cold emails & calls |
| Trade shows & Events | Participating/Sponsoring Trade shows & Events | |
| Partnerships | We can have a mutual partnerships with B2C marketing agencies who work with major brands on a commission basis. |
GTM Initiatives
Although there are 7 stages in the marketing for ease of understanding let’s just take 3 stages. It includes a mix of inbound and outbound channels.
TOFU – Awareness At this stage, the goal is to attract the right audience and make them aware of Bik.ai and push to them MOFU stage. The strategies here are broad and focused on reaching a large audience.
- Content Marketing: Producing high-quality blog posts, ebooks, white papers, and other resources to organically attract visitors to our site. This approach helps position Bik.ai as an expert and go-to resource in the B2C marketing platform space. For instance, a series of blog posts on “How to effectively streamline your B2C marketing” can engage users looking for solutions we provide.
- SEO: Optimizing our site and content for search engines to increase organic traffic. For example, optimizing our site and blog content for keywords like “Best B2C marketing platforms” can help attract the right audience.
- Social Media Marketing: Leveraging platforms like LinkedIn, Twitter, Facebook, and Instagram to increase brand visibility and engage with potential users.
- PPC Advertising: Running targeted ads on platforms like Google AdWords, Bing, or even LinkedIn to attract the right audience to our platform.
- Influencer Marketing: Run campaigns with influencers such as “Antony Chucko” who is commanding a big influence over WhatsApp marketing.
MOFU – Consideration At this stage, we’re trying to convert the visitors into leads. This involves offering valuable content or experiences in exchange for their contact information so that we retarget them via BOFU initiatives
- Webinars and Live Demos: Offering a deep dive into how Bik.ai works or a webinar about any hot topic around the B2C businesses.
- Email Marketing: Collect emails to regularly send helpful resources to nurture and move them down the funnel.
- Retargeting Ads: Running a more targeted campaigns on platforms like Google/Facebook/LinkedIn to stay on top of our site visitor’s mind.
- Partnerships: We could partner with other complementary B2C platforms and marketing agencies to widen our reach and credibility.
BOFU – Conversion This stage is all about turning leads into customers. The strategies here are personalized and directly tied to our product.
- Free Trials or Demos: Offering our leads a hands-on experience with Bik.ai so they can see the value for themselves.
- Sales Calls: Having our sales team reach out to leads to answer any remaining questions and convince them to purchase.
- Testimonials and Case Studies: Showcasing the success other businesses have had using Bik.ai.
Success Metrics To Track
- Increase in website traffic.
- Growth in lead generation.
- Improvement in conversion rates.
- Positive customer feedback and success stories.
- Growth in revenue and market share.
