Marketing Strategy For Software Product – A go-to-market strategy (GTM) is a plan that helps you launch a new product or service, define your ideal customers, and coordinate your messages. A GTM strategy keeps key business units aligned with the same plan. This allows you to respond to market demand and multiply your product effectively. Who needs a go-to-market strategy? Anyone in these three situations needs a GTM strategy: Introducing a new product to an existing market Introducing an existing product to a new market Testing the market for a new product. Why is it important for people and companies in the B2B space? Because GTM techniques provide companies with the information they need to position themselves successfully against competitors, create uncontrollable inbound and outbound models, and use the right tactics to achieve their goals. Startups often fail when companies assume a market need for a product and invest in its development without gathering that information. What are the different types of marketing strategies? The two main types of go-to-market strategies are sales-oriented and product-oriented. A sales-led GTM strategy uses marketing to generate interest in the product by capturing it in the form of content and demos. A product-based GTM strategy uses the product itself to acquire and retain users. In a sales-driven approach, salespeople reach out to prospects with the goal of converting them into customers. This is a strategy GTM and many other B2B SaaS companies use. In a sales-driven strategy, choosing the right B2B data provider is critical to success. Accurate and complete B2B data ensures that your teams are targeting key audiences in their core markets. It is a globally compliant B2B data provider. Book a demo to learn more Calend and Slack are great examples of product-driven growth. In this blog, Alice de Courcy tells you everything you need to know about a sales-driven GTM strategy, providing examples and answering frequently asked questions. 6 Steps to Building a Marketing Strategy Watch the video below that explains Alice’s 6 steps to the GTM strategy 👇 1. Define your ICP Your ideal customer profile or ICP is a complete description of your ideal customer. The type of customer who can get good benefits from your product or service while still being able to provide enough value to make your business profitable. In most cases, this will be the ability to use your product to increase its mission, but there may be other benefits such as: Efficiency Driven by Reduced Costs Improved Employee Productivity/Wellbeing In return, your ICP provides value. in the form of income. They can also provide references, customer information and testimonials. To improve your ICP, you need to know: Who they are Where they work What challenges they face Accurate and up-to-date B2B data Poor quality data will lead your team to target the wrong people. Quality data ensures that your teams create data-driven marketing and sales strategies that target the right people, leading to faster growth for your organization. Companies like 💡 and Zoominfo are popular websites for B2B contacts. 2. Research your competitors Understanding where your product or service fits into the existing space is critical to your GTM strategy. That’s because knowing what your competitors offer and seeing the value they add helps position your brand. Start by checking out the G2 reviews page and filter by relevant business segments. For example, SME, middle market or company. This will allow you to find out what they like and dislike most about their competitors’ platforms and what exactly matches your ICP. It’s worth considering how big and small trends could affect your startup now and in the near future. Doing so helped diversify the market. For example, while some B2B data providers had to adapt to the introduction of GDPR in 2018, they built compliance in place. As a result, it is one of our most important tools, embedded in all our content and guarantees. 3. Improve your messaging Effective brand messaging is about communicating the value of your product or service to your ICP in a way that is relevant to their pain points. And to be able to do that, you have to speak their language. Get started with the option to listen to recordings of Gong sales demos, or see live sales representatives. Pay attention to the language they use in relation to their pain and their intentions. In Gong, you can search for specific competitor names and review how they are perceived by viewers. You can support this by taking words and phrases from case studies and G2 reviews and building your messages around them. Next, you need to understand all the posts your competitors currently have on their website and analyze how they are positioning their product offering. This means you can find out what your USP is and how you can reposition your competitors’ offerings. Once you’ve accomplished this, you should develop an executive summary that includes your key takeaways about where your competitors stand compared to yours. Here you need to specify which person you will talk to and how you will talk to them. Finally, to use your message in an amazing way, you need to arrange a call with the CEO of the company and reach an agreement. It’s important to note that there may be many changes here before you reach the finish line, especially with your CEO’s input on messaging and product innovation. 4. Set Output Goals All good GTM strategies have clear models. And you can build these models with your available capacity/budget. Example: Let’s say you have outbound sales development representatives (SDRs) working at your startup. If you review the number of phone calls, emails, and LinkedIn messages they send every day, you can also calculate their output rates and average responses. This means you can estimate the number of meetings each rep will book. You should use the booked meetings/opportunity level to inform your delegates’ goals. From now on, you can consider the average closing rate option. In this case, you use 25%. This allows you to build your full funnel pipeline and map out data-driven goals and sales goals that work for your followers each month. Note: If you find that you are falling short of these goals, you may need to adjust part of your GTM strategy to improve performance. Mention your chosen ICP or your messages. Marketing Now to track your inbound efforts. At the start of your GTM strategy, aiming for a 50/50 split between inbound and outbound will allow you to: Arrive at deliverables Measure the two against each other in terms of efficiency/success. It all starts with cost per point (CPL). For $30 we offer our worst case scenario for content projects. Currently, it’s $250 from paid advertising on direct demo orders. Next, you need to overlay the predicted conversions from one stage to another along the sales funnel, which will vary from content to paid live demo orders. You will also be able to determine how much budget you will need to get the same number of outbound opportunities. In this program, you want to find these opportunities in a combination of content and paid advertisements. You want to split that creature’s mind and try different tactics as part of your GTM. In the chart below, you can learn how to practice this and create B2B marketing goals. 5. Choose your tactics To reach your ICP, you need to use several tactics together. These include: Data As we mentioned in defining your ICP, you need quality data to target the right people. And there are plenty of high-quality B2B data providers that can help you do just that. In addition, companies like ZoomInfo, Lusha and LeadIQ will provide you with leads. With up-to-date prospect data, your sales team can improve their account-based sales and target potential buyers of your product or service. and accurate data was generating $81,000 in opportunities in two weeks. 💡 Read QA’s story on using high-quality B2B data to improve your outbound sales experience. Marketing Strategy When developing a GTM strategy, you need to leave room for testing, evaluation and improvement. This will be your mantra. Start with a donation. Then look to combine those offers from the top sources that you think would convert to your ICP. You will need different offers for the top (TOFU), middle (MOFU) and bottom (BOFU) of the B2B marketing funnel. You will need it too