GO TO MARKET STRATEGY
Building An Effective Go-To-Market Strategy For Your New Product
By Kehinde Ruth Onasoga
Every company was started with one objective in mind , to grow and , most importantly , scale beyond how it began . So what do you do when your business is within a competitive terrain and you have limited resources ? Well , you ensure you have a road map to attain set objectives through the development of a strategy document , but not just any strategy document but Go-To-Market Strategy . The term Product in this article will represent services , products , offerings , etc .
In creating a go-to-market strategy , these objectives should be noted : guides and provides support through each launch phase ; brand refresh - that is , bringing to light errors and ways to improve on them ; and strategically position your brand to go after new audience segments once the need arises .
Why does your business need one ?
A go-to-market strategy clarifies the WHY of any new product a business seeks to launch , its intended audience and paths to successful engagement with the said audience .
This strategy document forces you to think through the customers ’ journey , from curiosity to interest to purchase and advocacy . This helps you give them the best experience possible with your business at every turn and build long term trust .
Key Fundamentals
I share in this piece the key fundamentals you need to know on how to approach writing a go-to-market strategy for your business
Research is vital before the full development of your go-to-market strategy . This should be short and concise . Before you begin , it is important to have a good idea of what you are doing and what the result will be .
Product Market Fit
What inherent problem ( s ) does your product solve and how have you validated the need for the product ?
Demand is not so easily determined and this is what I have learnt as a marketing strategist that has managed various businesses over time . In fact , most startups fail as a result of market problems . Not being able to clarify customers ’ needs and wants .
Demand is not so easily determined and this is what I have learnt as a marketing strategist that has managed various businesses over time . In fact , most startups fail as a result of market problems . Not being able to clarify customers ’ needs and wants .
While developing your go-to-market strategy , you must dig deep into “ why ” the product was built in the first place , how you validated your customers ’ needs and wants .
Tip : A great approach will be to test and validate the idea of the product with prospective customers .
Strategic Objectives
In the long run , will your product adapt to industry changes ? And if yes , how ? Also , what is your game plan for the next four quarters for this new product ?
This speaks to your marketing plan for the product and how you seek to keep the momentum going .
Buyer Personas
Who are your buyers ? What do you know about them ? How does your go-tomarket strategy engage and sustain them ? Remember , “ whoever understands the customer wins best .”
Who exactly is your customer ? This must reflect high-level and specific knowledge of your ideal customers - their aspirations , wants , needs , passion , and preference .
Additionally , this can be broken down as follows : Who is your target market ? What is your audience size ? How reachable are they and their buying power ? What do you know about this market ? And if you have already deployed a strategy , What does the data reflect - are they in support or against ?
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