#Crisis Playbook

8 of 12 | Building an Effective Go-to- Market Strategy

By • October 15, 2021

8 min read

Summary: Without a solid game plan on introducing your new product/service to the market, you’re much more likely to fail a launch. The Go to market strategy (GTM) should be a consistently evolving document that is visible to everyone in your company that influences customer experience; sales, marketing, delivery team, core investors and the leadership team.

 

What is a Go-to-Market (GTM) Strategy?

A go-to-market strategy is a plan on how you will sell your new product or service to an unfamiliar market. To do that, you’ll need to identify, target and sell to a relevant audience. But…it isn’t that easy, as most teams utterly fail at identifying the one thing that matters to GTM – solving a need.
The only purpose of your GTM strategy is to get your product or service into the right audience’s hands in the shortest time possible, period.
Without a solid game plan on introducing your new product/service to the market, you’re much more likely to fail a launch than a team that’s done their basic market homework.
The GTM strategy should be a consistently evolving document that is visible to everyone in your company that influences customer experience; sales, marketing, delivery team, core investors and the leadership team.

 

Critical questions your GTM plan needs to answer:

What is a Go-to-Market (GTM) Strategy?

  1. Who is your target audience?
  2. Are you solving a customer pain point? Do you have use cases built out?
  3. Who are your competitors?
  4. Product Positioning Fit
  5. Pricing Strategy – Are people willing to pay for it?
  6. Product Roadmap
  7. Where and how are you going to sell it? On Inbound Marketing, oh and Outbound too.
  8. How will you support new clients?
  9. Do you have a technology stack to aid you in going to market?
  10. Have you done legal, technical and consulting due diligence?
  11. Do you have a roadmap, can you afford it, and do you know when to stop?
    The Curveball

 

1. Who is your target audience?

Speaking of ideal customers, have you built out your buying personas which will avidly use your product? To do this, you really need to understand the buying journey and decision making and influencing group.
Get specific, paint a picture of the day in the life of your ideal customer, and how you’re aiming to solve their pain points. What are they doing now to solve them, and how are you better?

Some pointer to keep in mind:

 

  • B2B vs B2C: as you’re building out your personas you’ll need to understand if this is a one person decision that’s relatively no-frills like a B2C purchase, or, are there more people involved? (B2B). If you are dealing with B2B, you’ll need to ensure that EVERYONE in the decision making group sees value in the products purchase, or at the very least, does not have an easy rejection reason for it. Buying journey: know your prospects’ purchasing journeys, as that will tell you where to nudge their decisions, in order to prefer your product instead of the competition. Total Addressable Market (TAM): this is the total demand for your product or service. You need to know this number as it will help paint a picture of your playing field. Serviceable Addressable Market (SAM): this is the potential market you can capture…one day should you grow big. Basically, how many people will actually benefit from your product and consider purchasing from you. Serviceable Obtainable Market (SOM): this is the most realistic number of people that not only need your product, but ones you can sell to and convince to convert.
  • Buying journey: know your prospects’ purchasing journeys, as that will tell you where to nudge their decisions, in order to prefer your product instead of the competition.
  • Total Addressable Market (TAM): this is the total demand for your product or service. You need to know this number as it will help paint a picture of your playing field.
  • Serviceable Addressable Market (SAM): this is the potential market you can capture…one day should you grow big. Basically, how many people will actually benefit from your product and consider purchasing from you.
  • Serviceable Obtainable Market (SOM): this is the most realistic number of people that not only need your product, but ones you can sell to and convince to convert.

2. Are you solving a customer pain point? Do you have use cases built out?

Not surprisingly, businesses that do not plan ahead without researching their assumed market needs, are more likely to fail a product or service launch (about 42% according to CB insights) than those that have a detailed entry plan to address a market need.
The question you’re looking to answer is; will my ideal customer see a need for my product?

Here are the top questions you should be running through prior to designing your product’s features:

 

  • Have you defined your ideal customer’s personas? (discussed below)
  • Have you tested the feature ideas with a valid audience?
  • Have you incorporated your audience’s feedback?

 

Use cases help you understand the issues your audience faces from their perspective. This in turn will help you build a better product, service and a resonating customer experience. When building out your pain point solutions (based on problem statements), try clustering them into the below categories:

 

  1.  Financial Pain Points: is your product/plan more affordable? Or, does it help them build revenue?
  2.  Productivity Pain Points: can you help your client do something more efficiently?
  3.  Support Pain Points: are you able to provide speedy support services without penny pinching?
  4.  Process Pain Points: can you reduce complexity in your client’s day to day work?

 

As a tip, these four clusters should be used every single time you build marketing campaign messaging. What’s great is that if you nail them down when designing your GTM plan, it will be automatically baked into your product or service’s value add.

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