Even for the most amazing product or service, a poorly-planned go-to-market strategy could cause it to flop. No one wants that! You have to introduce something and attract business with a game plan. That’s where a go-to-market (GTM) strategy is essential.
Here’s how to get it done with a GTM!
Qs before a go-to-market strategy:
- Product-Market Fit: What problem(s) does your product solve?
- Target Audience: Who is experiencing the problem that your product solves? How much are they willing to spend to solve it? What are their pain points?
- Competition and Demand: Who already offers what you’re launching? Is the market oversaturated?
- Distribution: How will you sell the product or service?
Steps for a go-to-market strategy:
HubSpot’s article goes into 14 steps on building out a strong business plan. We wanted to cover the first half that focuses on breaking into markets with a product.
- Identify your buying groups and create some customer personas.
- Craft a value matrix to help identify messaging about your product.
- Test your messaging with a small advertising sample.
- Optimize your ads based on the results of these ads before scaling your marketing.
- Understand your buyer’s journey including how they could discover and consider your product.
- Choose a sales strategy that best fits your needs.
- Build brand awareness and demand generation with both inbound and outbound methods.
- Create content to get more organic inbound leads.
Once you get those steps handled first, you can begin to deep dive into your metrics to reduce your customer acquisition cost and increase your conversion rates. While a GTM strategy isn’t guaranteed to prevent failure, it is a great start. Check out the full HubSpot article for more tips (and even handy dandy templates).
