“We’re going to be launching this brand new innovative product and we’re looking for investors!” ‘Sounds good! What’s your Go-to-Market Strategy for doing that? What’s the first step?’ “Well…”
One of the worst things to not have with any kind of business proposal is a clear and cohesive go-to-market strategy. Without something like this, you are effectively and elaborately fantasizing about where you want your business to be in the future.
With a direct, clear strategy in place, you’ll be able to realize the potential of your business while having the ability to take on a flexible approach as you move further down the roadmap.
So what is a go-to-market strategy? what does one entail exactly? And what makes a good one? We’ll be digging into this right here.
Any go-to-market strategy refers to your organization’s plan of attack in preparing, launching and capitalizing on interest from your target audience. Any effective one takes a meticulous and well-researched approach towards the demographics they’re after, along with a range of internal and external resources.
Your business framework, the kind of value proposition that you provide to users, the kind of sales team and strategy that you have in place, etc.
Working in conjunction with marketing teams, business and financial partnerships, etc.
We had previously talked about this in minor detail, but it merits a considerable amount of attention. This is referring to figuring out and knowing how best to target your chosen audience.
As in-depth as you possibly can about who your broad customer is: their gender split, average age range, interests and if this is a product within a specific industry, what kind of products they use now, what their advantages/disadvantages they boast, and how you can break into the field.
The latter point — you’ll need to highlight just how your business, with its vision, values and products, can help to disrupt your targeted industry and provide a better product. This is an important part of your go-to-market strategy.
Having these elements plotted out will make the next steps easier too. This being the decision of what kind of media channels to use in order to better ‘speak’ to your audience. For example, if you run a disruptive Fintech, and your target audience ranges from 20–30 year olds, then your chosen mediums may be social media platforms like Twitter, Facebook, Instagram, Snap chat and through podcasts.
Now that you have the ideal consumer/customer in your business down to pat, you’ll need to create some market segmentation. This, as the name suggests, segments your market into several market segments that are all united by a mutual need.
This market segmentation takes on the following common factors:
- Industry: The industry that the customer is in/directly involved with
- Customer: the size of this potential customer pool and the kind of average transaction cost from each of these customers
- Customer behavior: Studying the customer’s behavior related to the product or service such as the customer buying from a competitor or examining the responsiveness to selling effort.
- Geography: Where are these particular customers situated? Are they international? Are they localized in denser concentrations in specific countries?
- How is the product or service in question being applied or used by the customer in general?
- What are the kinds of benefits that they customer can earn through using your product, service or solution.
- Information, which is required to be provided by the company to the customer.
- Usage situation: When and where exactly would this product be used?
- Profitability of selling to a certain customer.
If you’re able to bring together these components, then not only will this make any investment meetings all the more straight forward, it also makes tar getting your audience far easier to understand too.
This article on Go To Market Strategy was first published on TrustedIn Trading startups ecosystem.