How to Build a Killer Go to Market Strategy
There are a lot of moving parts when it comes to launching into a new market. You have to think about the product, the market, the competition, and how you’re going to get your product in front of customers. It can be overwhelming! That’s why it’s so important to have a solid GTM plan in place before you launch. In this blog post, I will discuss the tools and apps you need to create a successful strategy, as well as the model you should follow. Let’s get started!
What is a go-to-market strategy?
A go-to-market strategy is a comprehensive plan that details how you will execute your business goals and objectives. This strategy should take into account your target market, personas, and the competition. It should also include a plan for how you will reach your target market and what channels you will use to do so.
Why do I need a go-to-market strategy?
If you’re launching a tech-driven product or service, it’s important to have a solid go-to-market strategy in place. This will help you focus your efforts, stay on track, and make sure you’re reaching your target customers. Without a solid strategy, it’s easy to get lost in the shuffle and miss out on potential customers.
When reimagining your existing company’s GTM, it’s important to have tools and resources in place to support your new strategy. The tools you need will depend on the type of business you’re in and your specific goals, but there are a few key tools that every tech company should have:
– A customer relationship management (CRM) system: This will be your central database for all customer information.
– A marketing automation tool: This will help you automate repetitive tasks, like email marketing and social media campaigns.
– A website analytics platform: This will allow you to track your website visitors and see where they’re coming from.
– A content management system (CMS): This will be used to create and manage your website content.
In addition to the tools listed above, there are a couple apps that can help you get started with your GTM strategy.
– Hootsuite: This social media management platform will help you save time by scheduling and publishing content across all of your social media channels.
– CoSchedule: This content marketing tool will help you plan, publish, optimize, and measure your blog posts and social media campaigns.
Now that you have the tools and resources you need, it’s time to start planning your GTM strategy. There are a lot of different models out there, but we recommend following the AIDA model.
The AIDA Framework
AIDA stands for Attention, Interest, Desire, and Action. This model is designed to take a potential customer through the journey from awareness to purchase. Let’s break down each stage of the AIDA model and how you can apply it to your tech company.
– Attention: In this stage, you need to get the attention of your target market. You can do this through paid advertising, PR campaigns, or by creating compelling content that speaks to your audience’s pain points.
– Interest: Now that you have their attention, you need to pique their interest and get them interested in your product or service. You can do this by sharing case studies or success stories of customers who have used your product.
– Desire: In this stage, you want to create a desire for your product or service. You can do this by showing how your product or service can solve the customer’s problem.
– Action: Finally, you need to get the customer to take action and purchase your product or service. You can do this by offering a free trial or a discount for first-time buyers.
If you follow the AIDA model, you will be well on your way to creating a successful GTM strategy for your tech company.
Before you start planning your GTM strategy, you need to define your market positioning. What makes you different from your competitors? Why should your target market choose you over someone else? Answering these questions will help you create a unique value proposition (UVP) that sets you apart from the competition.
Once you have your UVP, it’s time to start thinking about how you’re going to reach your target market.
Your competitive advantage is what sets you apart from the competition and helps you attract customers. When defining your competitive advantage, it’s important to keep in mind what your target market is looking for. What are their needs and pain points? How can you solve them in a way that the competition can’t? Your competitive advantage is what will help you close deals and grow your business.
There are a lot of different channels that you can use to reach your target market. The most important thing is to choose the channels that are most likely to reach your target audience. SaaS companies, Cloud Providers, and IT companies tend to use the following channels:
– Paid advertising: This includes Google AdWords, Bing Ads, LinkedIn Ads, and Facebook Ads.
– PR: This involves pitching your story to media outlets and getting coverage in publications.
– Content marketing: This is the process of creating and distributing valuable content to attract and retain customers. Content can be in the form of blog posts, eBooks, white papers, infographics, etc.
– Research: This involves conducting market research to understand your target market and their needs.
Target Market & Personas
Who is your target market? What are their needs and pain points? You need to have a good understanding of your target market before you can start planning your GTM strategy. Once you know who you’re targeting, you can create buyer personas.
A buyer persona is a semi-fictional representation of your ideal customer. It takes into account factors like demographics, goals, and challenges. Creating buyer personas will help you create more targeted content and campaigns that speak directly to the needs of your target market.
Now that you have a framework in place, it’s time to start setting goals. What are your objectives? What do you want to achieve? Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Some examples of goals for your tech company could be:- Increase website traffic by 50% in the next six months.- Generate 100 leads per month within the next three months.- Close five new deals per month within the next six months. Once you’ve set your goals, it’s time to start planning how you’re going to achieve them. This is where your target market and personas come into play.
Once you have your goals and target market defined, it’s time to start thinking about how you’re going to reach them. There are a lot of different marketing models that you can use, but the most important thing is to choose the one that’s right for your business. The three most common market models are:
– Inbound marketing: This is a process where you attract customers to your product or service through valuable content.
– Outbound marketing: This is a more traditional approach where you proactively reach out to potential customers through methods like advertising, trade shows, and cold calling.
– Account-based marketing: This approach focuses on targeting specific accounts with personalized content and messages.
When it comes to content planning, there are a few things that you need to keep in mind:
– Who is your target audience?
– What are their pain points?
– What type of content will resonate with them?
– When and where will they be consuming this content?
Answering these questions will help you create a content calendar that outlines what type of content you’ll be creating and when it will be published.
Now that you have all of the pieces of your GTM strategy in place, it’s time to start putting it into action. Remember to measure and track your results so that you can make adjustments along the way.
Brand Awareness & Positioning
Your brand is what your company represents. It’s how you communicate with your customers and prospects, and it’s how they perceive you. That’s why it’s important to have a strong brand that is well-positioned in the market.
There are a few things that you need to keep in mind when defining your brand:
– Your brand should be unique.
– It should be relevant to your target market.
– It should be differentiated from the competition.
– It should be consistent across all channels.
If you want to be successful in the market, you need to have a great product. That’s why it’s important to invest in product development and always be looking for ways to improve your offerings.
Some things to keep in mind when developing your product:
– It should solve a problem that your target market has.
– It should be easy to transact with
– It should be differentiated from the competition.
– It should be constantly evolving.
Your pricing strategy is one of the most important aspects of your GTM strategy. You need to find a balance between making a profit and attracting customers. If you price too high, you’ll miss out on potential customers. But if you price too low, you won’t make enough money to sustain your business.
Some things to keep in mind when developing your pricing strategy:
– Your prices should be in line with the market.
– They should be based on the value that your product or service provides.
– You should offer different pricing options to appeal to different customer segments.
– You should be flexible and willing to adapt your pricing as the market evolves.
Your sales team is responsible for generating revenue and growing new business. It’s important to have a strong sales strategy and sales team in place that are properly trained have an action plan and are motivated to execute market strategies.
Some things to keep in mind when building your sales team:
– They should be knowledgeable about your product or service.
– They should be able to close deals.
– They should be able to identify and target potential customers.
– They should be motivated by commissions or bonuses.
Your marketing strategy should be aligned with your overall business goals. It should be designed to reach your target market and generate leads that can be converted into customers.
Some things to keep in mind when developing your marketing strategy:
– It should be based on market research.
– It should be aligned with your sales goals.
– It should use a mix of channels to reach your target market.
– It should be flexible and adaptable as the market evolves.
Now that you understand the importance of goals, target markets, and personas, it’s time to start putting together your GTM strategy.
The first step is to develop a marketing plan. This should include a budget, timelines, and objectives. It should also detail the tactics that you’re going to use to reach your target market.
Once you have a strong marketing plan in place, it’s time to start growing your existing customer base. This can be done through a mix of online and offline channels.
Some things to keep in mind when growing your customer base:
– You should focus on quality over quantity.
– You should target potential customers that are most likely to convert.
– You should offer incentives to encourage customers to buy.
– You should cultivate relationships with your existing customers.
The sales funnel is the process that you use to turn leads into customers. It’s important to have a well-defined sales funnel in place so that you can track your progress and measure your success.
Some things to keep in mind when defining your sales funnel:
– The top of the funnel should be wide to capture as many leads as possible.
– The middle of the funnel should be narrower to filter out unqualified leads.
– The bottom of the funnel should be even narrower to focus on converting qualified leads into customers.
A value matrix is a tool that you can use to map out the perceived value of your product or service. This will help you to determine the right price point for your offering.
Some things to keep in mind when creating your value matrix:
– The perceived value should be higher than the actual cost.
– The benefits should be clearly communicated to the customer.
– The price should be fair and in line with the competition.
– You should offer different pricing options to appeal to different customer segments.
Now that you have all the pieces of your GTM strategy in place, it’s time to start implementing it. The first step is to create a go-to-market plan. This document should outline all of the steps that you need to take to launch your product or service.
Once you have a plan in place, it’s important to start executing it. That means creating content, reaching out to potential customers, and getting involved in relevant industry events. The more touchpoints you can create with your target market, the better.
It’s also important to track your progress and make adjustments along the way. As you start to generate leads and close deals, you’ll get a better idea of what’s working and what’s not. Use this feedback to fine-tune your GTM strategy and continue growing your business.
Once you have your GTM strategy in place, it’s time to test it out with a pilot program. This will help you to fine-tune your process and make sure that everything is working as it should.
Some things to keep in mind when launching a pilot program:
– Choose a small group of customers to participate.
– Offer incentives for customers to participate.
– Set realistic goals and objectives.
– Track progress and gather feedback.
Long term success factors
Building a successful GTM strategy is no easy feat. But if you put in the work, it can pay off in a big way. Not only will you be able to attract more customers and close more deals, but you’ll also set your business up for long-term success.
There are a few things that you need to keep in mind if you want to achieve long-term success:
– Continue to invest in product development.
– Stay up to date with industry trends.
– Monitor your competition closely.
– Always be looking for ways to improve your GTM strategy.
Building a GTM strategy is essential for any tech-led company or any existing product transformation. By following the steps outlined in this article, you’ll be well on your way to success. Just remember to always be adapting and evolving as the market changes.
Or if you’re looking for help with your GTM strategy, contact me today. I’d be happy to chat with you about your goals and how we can help you achieve them.
Now that you have a solid understanding of GTM strategies, it’s time to start planning your own. Use the tips in this article to guide you through the process and create a strategy that works for your business.
Ready to take your business to the next level? Keep an eye out for my latest book release, The Tech-Driven Business: How to Use Technology to Grow Your Revenue and Profit. In it, I share actionable tips and strategies that you can use to transform your business. You can subscribe to early Pre-Order your copy today.