You cannot conjure up a go-to-market strategy framework in a five-minute conversation with the marketing team. It is a multidimensional plan and thinking only from a sales or marketing perspective will not help you much.
To create a successful go-to-market framework, you need a strategy composed of manageable go-to-market phases. If you break the process down into easy pieces, you can carry out the tasks in an organized manner and correct your path as needed.
By following a defined process, you may approach your GTM strategy framework and keep your coworkers informed, so everyone is on the same page all time.
What is a Go-to-Market Strategy?
A go-to-market strategy is a plan of action that outlines how a business will introduce a new product or reintroduce an old one in a different market. A GTM strategy aims to present your target market with a compelling and distinctive value proposition to improve the customer experience and achieve a competitive edge. A business plan outlining a sales strategy, pricing strategy, and marketing plan are typically included in a GTM strategy.
A company’s overall marketing plan includes a component called a GTM strategy. A GTM strategy focuses on a single product launch and is led by a smaller product marketing team, whereas a marketing strategy deals with a company’s overall brand.
A go-to-market plan guarantees that you have a thorough roadmap to assist you in executing a successful new product launch because no two goods or markets are precisely the same. Without a GTM plan, you risk concentrating on the wrong target market or introducing your product into an oversaturated market. Your risks of squandering necessary time, money, and resources on a poor product launch are reduced by an efficient GTM plan.
How to Develop a Go-to-Market Strategy?
These simple stages help speed up the process of developing a go-to-market plan, which involves extensive study and labour.
Create Buyer Personas:
Making a buyer persona profile is important since it will help you precisely identify your target audience. Buyer personas are made-up representations of your ideal clientele that are helpful throughout the prospecting and lead-generation phases.
Do some research on the kinds of possible clients whose issues your solution will address, then proceed. Include the demographics, activities, pain points, organization type, job title, and preferred contact methods of your target market when creating your buyer personas.
Establish a Value Matrix:
A product marketing team creates a value matrix to focus on messaging that most effectively links a product to the problem it is solving. A value matrix also informs all stakeholders of a product’s goal. Make a chart detailing your buyer personas to generate a value matrix.
List the pain issues of each buyer persona, explain how your product is beneficial in light of those pain points, and include a message that clarifies how your product will address the pain problems. A vital tool for comprehending the buyer’s journey is a value matrix.
Define Your Sales Funnel:
Outline how your sales team will guide potential customers through the sales funnel using your buyer personas and value matrix data. Create a strategy for getting potential clients through the sales funnel’s many stages, including the first contact, lead screening, business case, assessment, negotiation, closure, and renewal.
Choose a Sales Strategy:
Your business might employ various sales techniques to lead prospective clients through buying. Depending on your product, market, and company model, pick one or several sales methods that best suit your needs. Consider using an inside sales technique for a product with a medium level of complexity and a medium price point.
Inside sales use sales representatives to reach out to potential clients and make a deal while operating remotely (as opposed to face-to-face). Using an outside sales approach (also known as field sales), which requires sales professionals to travel outside their office to interact with potential clients, may make more sense for a problematic product with a high price point.
It could make sense to use a self-service sales approach where you do not utilize salespeople for a straightforward product at a low price. Instead, your potential clients locate and buy your goods independently—without the assistance of a salesperson.
Choose a Strategy for Creating Product Demand:
You must choose between inbound and outbound marketing strategies to promote the introduction of your product. An inbound approach focuses on attracting leads who have previously shown an interest in the goods or services your business offers; in other words, the customer initiates contact.
The primary goal of inbound sales is to tailor the transaction to the requirements and preferences of the customer. An outbound strategy concentrates on contacting potential customers who have not yet indicated an interest in the goods or services offered by your business. Sales representatives initially contact potential clients during the outbound sales process, frequently via cold phoning or emailing.
Create a Content Marketing Plan:
Content marketing is the best technique to draw in your target audience if you use inbound marketing to create demand for your product. Your content marketing team’s objective is to provide engaging material based on your value matrix and the buyer’s journey phases.
How well your team employs search engine optimization (SEO) is just as crucial as the material. The easier it is for your potential clients to find your goods, the higher your SEO ranking.
Utilize Analytics to Improve Your Sales Process:
To enhance the success of your sales team, use a method to track your sales progress. Ensure you are meeting your goals by monitoring key performance indicators (KPIs) like conversation rate, sales volume, and time. You may also determine where your sales staff needs to improve.
Utilize KPIs to identify strategies to reduce the cost of acquiring new customers, increase profit per client, and shorten the sales cycle (the time between first contact with a prospect and a closed deal).
Outline a Strategy for Client Retention:
Getting a new customer base is more expensive than repeatedly doing business with an existing one. Upselling and customer loyalty programs are standard marketing strategies to encourage repeat business and develop enduring connections with customers.
The finest businesses, in our opinion, promote balance over constant hustling since running a company does not have to be a struggle. However, launching a new product onto the market might seem life or death. However, this does not need to be the case.
If you take the time to develop a solid go-to-market plan and take full benefit of market research solutions using the structure, we just provided, you ought to be able to build your business in a controlled, more significant manner. Though it may seem like more effort today, by planning your approach and putting in the time upfront, you will play chess while your rivals are playing checkers.