Go-To-Market Strategy – Five Steps
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GO-TO-MARKET STRATEGY ¬ FIVE STEPS
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Transcript of Go-To-Market Strategy – Five Steps
GO-TO-MARKET STRATEGY ¬
FIVE STEPS
One word to describe what a succinct go-to-marketstrategy brings to the table:
CLARITY
In a world of information overload, we have all the data we couldpossibly need about our business activities, but we need a system toorganise and analyse this information if it’s ever going to be useful.
Find out the five key steps to developing a go-to-market strategy...
1) DEFINING YOUR TARGET MARKETS
ONE OF THE BIGGEST MISTAKES BUSINESS OWNERS OFTEN MAKEIS IN BELIEVING THAT THEIR PRODUCT IS FOR EVERYONE.
Where are there gaps in the market?Which groups of people could most benefit from this product?Which markets can be reached most easily, and at a low cost?
Which markets have a considerable market reach with low competition?
2) DEFINING YOUR TARGET CUSTOMERS
THE MORE A COMPANY KNOWS ABOUT THEIR CUSTOMERS, THE MORESUCCESSFUL THEIR GO-TO MARKET STRATEGY IS LIKELY TO BE.
What problems is this product trying to solve? Who’s the end-user of this product, specifically?
What would be a perfect customer experience of using this product? What emotions should customers be experiencing when using this product?
3) DEFINING YOUR BRAND POSITIONING
HOW IS THE BRAND DIFFERENT FROM ITS COMPETITORS AND WHERE DOES IT SIT IN THE PARTICULAR MARKET?
Once a business has positioned their brand in the mind of their customers they can move on to delineating their product offering.
4) DEFINING YOUR PRODUCT OFFERING
PRODUCT’S UNIQUE VALUE PROPOSITION OR UNIQUE SELLING POINT.
This will include a product’s main features and points of interest, points thatshould ideally set it apart from the competition.
5) CHOOSING YOUR MARKETING CHANNELS
COMPANIES SHOULD CHOOSE THEIR OPTIMUM MARKETING CHANNELS BASED ONTHE MOST EFFICIENT WAY OF REACHING CUSTOMERS IN THEIR SECTOR.
Marketing channels refers to both inbound and outbound forms of marketing, with the formerincluding blogs, podcasts, social media, email newsletter and online videos.
The latter including direct mail, telemarketing, flyers, and television and radio advertisements.
