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.
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.
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