How To Develop a Go-to-Market Strategy?
You’re launching a new product, different from your current basket or something ground-breaking. You know it will be a hot seller, very popular amongst the niche you want it to be, but the only reason it is not is that your marketing strategy was messed up and chaotic.
Just like market strategies differ from market to market, product to product, it is also different when you want to launch a new product or want to boost the sales of one which is already doing well with consumers. The new product launch strategy has to be meticulously planned out because it decides the future of the product, and the last thing you want is for it to tank.
Before we get into how to develop a go-to marketing strategy, let us look at what it is.
What is a Go-To-Market Strategy?
A Go-To-Market (GTM) Strategy is a plan of action, made step-by-step, made to launch a new product in a market or succeed in a new market with a new audience. It requires careful assessment of the market and the audience in order to determine the right way to approach them – identifying the common problem and posing the product as a solution.
Guide to Creating a Successful GTM Strategy
1. Understand the Target Market and Audience
The effectiveness of any GTM plan depends on how well you know your market – take into account the demographics, growth, psychographics, etc. and brainstorm on a list of markets that are waiting for a solution like your product. Knowing your market also means knowing the number and intensity of the competitors in the market.
If you are targeting “everyone”, trust me it will mess up the entire process. Segregate your target buyers; ones that will get the most value and will fit the culture of your firm perfectly. Use engagement methods like surveys, interviews, etc. to gain insights and form your ideal buyer persona.
2. Keep consumer needs at the forefront
Prioritizing your consumer needs is a better way of saying that you have to make a value matrix after mapping your target market and persona. The matrix has a breakdown of each buyer persona, their day-to-day problems, and the way your product is going to solve them.
From this table, you can clearly point out the kind of message you want to send to these particular groups of people, and base your content marketing around that message. Buyers today are looking for solutions, not products and this is the right way of keeping their needs in mind and sending them the right message.
3. Position your brand in the market
This means literally positioning. Take an example – if a buyer is looking for a low-price product, and you have a low-pricing, you will be positioned higher on their list, and if you have high pricing, you go down lower.
This positioning depends on how you want the buyers to look at your firm. Do you want to be a thought leader and innovator or a quality alternative or the best premium product provider or whatever your product aligns with?
Assess your strengths and weaknesses in comparison with your competitor and find your edge. Not only will it help with your marketing, but also where you’re trying to reach.
4. Test your messaging
Once you know your buyer personas, have created the best matrix, and understood your position in the market, it is time to roll out the messages. Initiate your advertisements on all marketing platforms that you created for these various personas.
While testing the messaging process, keep in mind the three aspects you need to test – the channel of advertising, the target audience, and the message you are sharing. Know which platforms host your audience, where, and to whom you are advertising.
Pick out the successful ones and eliminate platforms that are not helpful. Check out your platform settings, optimize your audience and pick out the best ads that work.
5. Outline your sales strategy
Now that you are mostly done with the foundation work, you need to build on a sales strategy, that not only will push your product into the market but also build an idea on how your sales team will start their outreach and bring leads into the pipeline.
GTM strategies usually have four conventional sales plans. The Self-Service model is for easy products and is used for more B2C transactions. The Inside Sales Model is the most popular B2B sales method and it involves nurturing of leads till they convert. The Field Sales Model has a full team to help close complex and expensive deals, while the Channel model depends on third-party to sell products.
Pick a strategy that resonates with your product and incorporate it into your plan.
RELATED POST: 5 Best B2B Sales Strategies for 2021
6. Build brand awareness
Once you have the way into the market and the way you will be converting your leads, it is time for the official launch – attract attention. Demand and lead generation strategies have to be put into place to catch the eye of your target audience. Both are different processes but the way to get them is similar.
Use a combination of outbound and inbound strategies to generate demand and leads. The inbound column usually contains your advertisements, website, content marketing, and social media promotions. The outbound column has cold calling, emails, and work events. Both kinds will get you leads that you can qualify and put into the funnel.
7. Push the product into your existing consumer base
It is no secret that it is more expensive to acquire a new customer than retain an old one. The reason behind this is because the old consumers have already had a good experience and they trust your products and brand.
This also means they will be more open to your new product, trying it out and maybe becoming loyal consumers after the very first purchase. Upselling, cross-selling, and renewal of products is a common tactic to sell to your consumer base and it has a lot of potential if utilized wisely.
If your existing customers even remotely fit your buyers’ persona, selling to them will mean a lot of opportunity and revenue for your company. And not to mention, the referrals and the general hype that comes along.
The above-mentioned steps are a great way to start building on a Go-to-Market strategy if you are launching a new product. Building a company that deals in millions is a difficult job, but it is not like it is bestowed to only those chosen by God. It happens to those who are agile enough to learn and adapt.
Even if you build a fool-proof plan, remember to keep it flexible. The market conditions prevailing today might not be the same tomorrow (think about, 2020) and therefore it is essential that you can change your plan according to the market.
Remember, success comes to only those who are dedicated and ready for change. But if you feel vulnerable about it, you must seek expert advice from B2B sales and marketing consulting firms. They will not only give you the right direction but will also tell you the secret way to achieve success in it!
Do you also want to develop a GTM Strategy? Contact us today and leave the rest to us!