Companies usually launch their products or services by following an action plan called ‘go-to-market strategy (GTM)’. This strategy is designed to enhance a customer’s experience and obtain a competitive edge. A typical GTM strategy includes essentials of a business plan, like marketing strategy, pricing strategy and sales strategy.
Unlike a broad marketing grand plan, a GTM strategy focuses on just one product or line of products. It is spearheaded by a small product marketing team or professional search engine optimization services for a better outcome. GTM has become necessary in almost every business model.
Creating a GTM strategy is not that hard. It requires research, hard work and these easy-to-follow steps;
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Identify your target audience
You must know intimate details of your target market before taking any step. Create a buyer’s persona that represents your ideal customer base. Analyze the customer needs and make sure your product or service provides a straightforward solution to them. Evaluate the demographics, pain points, behaviour, job title, type of organization and preferred contact approaches of your niche market. The better you know your customers, the better you will understand their needs. The better you understand those needs, the better your GTM will be.
Create a detailed value matrix
A value matrix communicates the worth of a product to all stakeholders. It convinces them that the product or service targets a problem explicitly and provides a meaningful solution to solve that problem. The value matrix is necessary for any market strategy because it reminds potential clients how valuable your product is.
Devise your sales funnel
Use the information collected via your buyer’s persona and value matrix. Make a plan to take your potential customers all the way through a sales funnel, which consists of;
- Initial contact and first impression
- Lead generation
- Evaluation of the product against needs
- Negotiation of a deal
- Closing the deal
- Renewal
- Making a long-term relationship
Develop a sales strategy
Depending on your product, service, business model or niche, you can use any number of sales strategies to lure potential clients. Develop a strategy that fits your needs best by examining the following criteria;
- Production
- Pricing
- Placing
- Promotion
For some products, you can simply advertise them on the local billboard or through google ads to get clients, like furniture. For others, you may need to send sales reps directly to the target audience, like a special toner for specific printer models.
Some businesses can thrive based on a simple self-service sales model, while others require the services of a dedicated agency. It all depends on the type of business you run.
Cultivate a proper content
Content is one of the most important parts of any market strategy. It lets clients know about your niche, business, products and services. It convinces them that they need what you are selling and they must buy it. The higher your content SEO, the better your overall market strategy will be.
Make a plan to retain your customers
It’s easier to make a new customer than to retain one over a long-term period. Additionally, established customers will bring far more business to your firm than new ones. That’s why you need to devise specific incentives, create brand loyalty, upsell, offer deals, etc., to build a long-term relationship with the customers.
