When you launch a new product or service, the last thing you need is to waste time and resources bringing it to market. To avoid this, it’s beneficial to craft a Go-to-Market Strategy.
On this week's episode of the Marketing for Startups podcast, we are talking all about how to prepare for and create a winning Go-to-Market Strategy.
Be sure to download a free copy of my Go-to-Market Strategy template and follow along through each step. There is a lot to cover, which means I will be dedicating the next month of the podcast to breaking down the GTM strategy piece-by-piece to make sure it makes sense to you.
What is a Go-to-Market Strategy and why is it important?
A go-to-market (GTM) strategy is the way in which a company brings a product or service to the market. It is a tactical action plan that outlines the steps necessary to succeed in a new market or with a new customer.
It isn't your sales plan or marketing tactics. It is a nuanced understanding of what customers you are going after, why that customer segment, and exactly how you will acquire them.
It is a one time plan as opposed to your long-term marketing strategy
How to get started on your Go-to-Market strategy
There are 3 questions to ask yourself before getting started on your Go-to-Market strategy. Doing so will put you ahead of the curve.
A CB Insights Report found that out of 100 start-ups interviewed, 42% didn't solve a valid customer problem. What problem are you solving and why? Other questions to consider are:
Is there a product/market fit? If you don't have customers to validate your idea, try speaking with people that fit your target marketing. Challenging yourself to have 100 conversations.
Do I have a clearly defined Audience & Buyers? Spend time getting clear on who you're selling to and the segments you are going after. Keep in mind, it is advisable to go after one segment at a time.
Have I clearly identified my competitive landscape? If you have, forget the typical competitor matrix slide and go deeper. You want to be able to speak intelligently about your main competitors, market trends (present and future), and your unique selling points (USP). Points is plural. There should be multiple ways that your business is more clever than the competition.
Do I have a solid plan for distribution? Be able to defend the logistics of how your product is delivered and why.
5 Steps to building an effective Go-to-Market strategy
A small but mighty checklist of items to include in your Go-to-Market strategy.
Know your 'Why'
Define your Marketing Strategy
Determine your Pricing Strategy
Create a Launch Plan (campaign)
Decide on Success metrics
💬 Let's talk. Hi! I'm Victoria, Growth Hacker, and Virtual CMO. I create and manage sales-focused marketing strategies. Let's schedule your free 30 min strategy session where I'll share tangible, tactical advice on how you can create or improve your marketing plan. Book Now.