Go-To Market Strategy
How does your business develop a connection with customers? Have you ever found the right way to deliver your unique value to the target audience? How do you follow the path from the initial connection with a potential customer to your brand promise’s implementation?
One answer can define it all– Your Go-To-Market Strategy (GTM).
A go-to-market (GTM) strategy is the way in which a company brings a product to market. It generally includes a business plan outlining the target audience, marketing plan, and sales strategy. Each product and market are different, therefore each GTM strategy should be thoroughly thought out, mapping a market problem and solution a product offers.
Here are 7 Simple Steps to Formulate an Effective GTM Strategy.
- What Are Your Target Markets?
- Who Is Your Target Audience?
- What Are You Offering?
- What Are Your Channels?
- How Will You Build Your Budget Model?
- What Is Your Marketing Strategy?
- What About Brand Positioning?
Developing a Go-to-Market Strategy
Each step listed below serves to deepen your understanding of your industry, your target market, and your product-market fit;
Phase 1: Research and Planning
Undoubtedly, one of the greatest strengths of a go-to-market strategy is its ability to determine whether or not your venture is feasible and/or something that will interest your market enough to sustain production. While it can be hard to accept when the answer is no, a go-to-market strategy undertaken with honesty, realism, and humility can sometimes save you and potential investors a lot of time, money, and energy by halting production before you put your heart and soul into a project doomed to fail from the beginning.
Phase 2: Develop a Product Roadmap
This phase involves the logistical outline of how you will develop or build your product, or execute your project. Naturally, this is quite an involved process of its own, and merits its own post. See this article for building out your own Product Roadmap.
Phase 3: Develop your marketing strategy
Create buyer personas
Outline the buyer’s journey
This is the time to think about the entire process a potential customer takes from first discovering your product, to ultimately making a purchase. The four stages you’ll need to sort out are:
- Awareness – Is the potential customer aware of their problem? If not, how will you get the word out?
- Consideration – How/where will the prospect be looking for a solution to their problem? How can you make sure they find you in their search?
- Decision – What will be the main factors that make the prospect choose one option over the others? How can you make sure you stand out amongst your competitors?
- Loyalty – What will the customer require to stay loyal to you? What will they require to become an advocate for your offering?
Develop your pricing strategy
Pricing your product may initially seem either vague and overwhelming, or extremely straightforward and easily settled. In reality, it’s probably somewhere in the middle. If you have little experience with startups or finances, this would be a good time to consult a financial expert or bring one on your team in a more permanent capacity. You’ll also want to refer to your product roadmap to give you an idea of what you’ll need to charge customers in order to make a profit.
But the actual number isn’t the only thing you need to consider. There are several different methods of getting clients to commit to paying for your service:
- Will you sell based on a one-time purchase?
- Will you offer a pay-per-use service?
- Will you offer a subscription?
- Do you want to implement a product-led growth strategy?
- Will they get a free trial of this subscription, or will there be different tiers of access?
- What kinds of promotions will you offer?
Develop your messaging
- What pain point(s) are you addressing?
- How are you solving the problem?
- What is the greatest fear of the buyer you’re selling to? How can you assuage this fear through your messaging?
- How can you make your target market feel empowered?
- What makes you unique?
- Can you address your buyers and your users at the same time?
- What style does your target market prefer? Business-like and professional? Fun and casual?
- What paid avenues do you want to use for advertising?
- What organic avenues do you want to use for marketing?
- What are your strategies to reach prospects at each separate stage of the buyer’s journey?
Phase 4: Securing a Strong Customer Experience
It’s time to meet with your potential customers. This phase is all about making their every interaction a delightful one and keeping them coming back for more.
Sorting out sales
This step is all about sorting out how customers will actually become customers. Naturally, this will involve sorting out quite a few details and a lot of work in developing your sales funnel. (If you aren’t sure what a sales funnel is, or just want a refresher to make sure you’re not forgetting any details, read our post on them here.)
- Will you allow customers to self-sign up or purchase online?
- Will you require a sales team?
- Will customers purchase in-person?
- What kind of physical space will you require to be able to sell your product?
- If you have a sales team, what training will they require to be able to effectively sell your service?
- What tools will your sales team need to optimize sales and make sure none of their prospects fall through the cracks?
- How will they reach out to potential clients?
- How will they manage contacts and prospects?
- Will they need to be able to share demos or presentations? What software/tools will they need for this?Vendasta sales and success center
- How will salespeople communicate with prospects?
- What hours will you have salespeople available? How will you make sure you don’t lose out on prospects that want your product outside of business hours?
- How will they (and you) manage sales reporting?
Customer support services
Make sure your customers enjoy a friction-free, delightful experience with strong customer support resources.
- What will you offer your customers to help them use your product to its full capacity?
- Do you want to offer written material? Videos? A customer support team?
- What resources/personnel will you need to develop these materials?
- What tools/software will you need to offer this support?