So, you have defined a product and a customer, and the next big challenge sets in. Defining a marketing plan and sales strategy to capture the target audience. Having a Go-to-market plan seems an easy solution to connect the product and the target audience. However, it can be a complex process as a good go-to-market strategy will involve an in-depth understanding of the buying personas in the journey- from the initiator to the influencer, to the user to the decision-maker.
The right content and the process has to focus on the needs of all the buying personas and not just focus on the user. Infact, most investors are keen to understand your Go to market plan as the wrong plan can offset years of sales, lead to incorrect pricing, marketing methods, and sales process not to mention in all of this competition catching up. You can formulate a go-to-market plan not only for a product but also for a brand, location, or product extension.
The worst strategy you might think is not to have a strategy at all, but in most cases, the worst strategy is throwing money across different marketing channels ‘because everyone else is doing it’ as this wastes resources that could be otherwise utilized in something else! This is one of the reasons, that investors and stakeholders might be keen on knowing your go-to-market strategy more than the product itself.
While setting up a long-term go-to-market strategy, the deep dive is always the “how”. Even if you have a minimum viable product or an established product and a set of customers, also getting new customers and retaining customers is a puzzle. That’s why the go-to-market is no longer only a marketing plan but often spills over to other functions in an organization.
Every organization will have its go-to-market plan. You have to tailor the methodology after a careful analysis of ‘who’, ‘what’, ‘how’, and ‘where’. Even if you have a go-to-market strategy in place, you might consider reassessing it by reviewing past sales, market segments, and revenue trends.
Metrics is everything in assessing a go-to-market strategy. If you have a product for which you have a tried marketing and sales process, then suggested metrics will measure the outcome of every aspect of your plan. Matrices can be built keeping in mind the product, brand positioning, market, buyer, and user personas.
If you keep hearing the age-old cliché “change is the only constant”, then you’re not alone. Often organizations have multiple sets of buyers, it’s pertinent that in such cases you evaluate the buyer's journey and have different go-to-market strategies in place. This is true for B2B companies as well. Initially, it’s more viable for a young company to reach out to a smaller market than reach out to a larger market.
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