Proven Process for Developing a Go-to-Market Strategy

When you are unveiling a new product to the market, the last thing you want to get involved in is performing this launch without a proper go-to-market strategy. Without proper planning, it is impossible to know if you are chasing the right or wrong audience. You might be getting into a fully saturated market, and if that is the case, you will struggle to break even. You can also end up wasting a lot of time and resources launching unprofitable businesses. To avoid all these from happening, you must craft a carefully thought plan on how you will approach the market.

Go-to-Market Strategy

Commonly abbreviated as GTM, this strategy consists of a step-by-step plan that is created to successfully launch a product to the market. A good GTM strategy generally identifies a target audience, includes a marketing plan, and outlines a sales strategy. Although each product or market will be different, a GTM strategy should identify a market problem and position a product as the ideal solution. This strategy is how a company brings a product to the market. It is a roadmap that measures its feasibility and predicts success based on market research and available competitive data.

When developing this strategy, there are some key elements you need to include;

Identify buyer persona

The first step when developing this strategy is to consider where your customers will be. On average, there are 6.9 decision-makers for every sale you have to make. These are the people we call buying centers. Each of these people has a role to play that influences whether a purchase is made or not. There is the initiator who starts the buying process and shows initial interest. We then have users who will use the product. There is an influencer who convinces others the product is needed. We have the decision-maker who gives the final approval for the purchase. We have the buyer who owns the budget. There will be an approver and blocker as well.

Come up with messaging

After you have mapped your buying center personas, the next step of the process is to map out your value matrix. A value matrix is a breakdown of each buying center personas, their business problems, and how your product is valuable in solving those problems. The value matrix will include a relevant marketing message that ties the problem and the solution together. The message you craft needs to capture the pain points and value in a meaningful way. One of the best ways to achieve the same is to agitate the pain points.

Optimize

Once you have crafted the massage and refined everything, it’s time to roll out ads and optimize them as well. Work on your audience to find out if the message being conveyed is the right one. When you roll out the ads, observe common behaviors such as clicks, likes, and responses your ad post gets. It is very important to understand your buyer’s journey. With all your personas and value matrix well-constituted, you must dive deeper to understand the journey a potential customer will make, from both perspectives of buyer and company

How to Create a Communication Strategy

Certain elements define any successful business. Every great business is defined by great products and services, awesome and hardworking employees and loyal customers who keep the name of the brand. Additionally, every great business is defined by a clear line of communication. Communication is the root of every successful interaction a business makes. With a clear and transparent communication, there will be a lot of errors and depending with the magnitude of the error, it can break or make a business.

Communication Strategy

Developing a communication strategy for a business helps a business have defines structures on how they approach key issues. With a clear communication plan, business can be more efficient, and establish more cohesiveness between teams. A communication strategy is a process developed by appropriate stakeholders to identify where communication efforts need to be improved. The next step of the process os to ideate and select measurable actions that can be used to develop a communication plan to achieve the desired outcome.

When looking forward to develop a communication strategy, here are some key things you need to put into practice;

Use a communication plan template

There are very many communication plan templates available online which provide a great resource for you to develop actinal steps without having to spend too much of your time coming with a plan from scratch. A communication  plan will help you go through all steps needed to address the challenges you might be facing. Depending on your overall strategy, you may develop multiple plans to to meet various needs. You will want to break your plan into a series of steps to ensure you meed the required success and track your results consistently.

Focus on your current problems

You need to determine your current as well as potential plans. Start by identifying the problems hindering your company’s communication efforts and then work on developing a solid communication strategy. Look on the areas you are experiencing communication problems both internally and externally. The more questions you have, the better you stand in ensuring all your issues are properly addressed and communicated. Where there are issues directly affecting your employees, be free to open more channels to collect feedback.

Identify Stakeholders

You need to select key stakeholders who will be involved in the process. This comes especially after you have asked the right questions. If you are running a small organization, there is a possibility you may be the only person constituting the team. In that regard, ensure you involve other coworkers so that they can help you on the process. Ensure you impose the appropriate leadership on your teams  and be ready for feedback.

You must have a good understanding of your audience. Your audience will be either internal – coworkers in a company, or external – your customers and stakeholders, or even a combination of both. From there, you will need to get more specific. Are you addressing the entire company or are you addressing a certain department in a team. Take time to have a proper understanding of your audience.