Marketing Strategy Template Download – Any company that seeks to attract users or customers needs a marketing strategy. Explore how you create and what looks good.
A go-to-market strategy is a plan for how to launch a new product or service in the market or launch an existing product in a new market. Therefore, go-to-market strategies tend to focus on the short term, but also effectively consider how immediate success can be sustained over the long term.
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There is no standard model for marketing strategy. Different companies need to consider and prioritize different elements, depending on their maturity, their presence in the market, their business model, how they are organized and financed, and any exit plans they may have.
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Any project that aims to attract new customers needs a marketing strategy. Some obvious situations include:
Even companies and products that are considered established can benefit from regular marketing strategy reviews, as a way to learn and prepare for new competition and other market forces. So should your business have one? Absolutely.
It is possible to be successful without a marketing strategy, but for that to happen, you need a product that is produced only once or in large quantities. A good go-to-market strategy is designed to reduce risk and increase return on investment (ROI) by gathering insights before the event and using that insight to take the most effective action.
Company A and Company B have new software products with the same capabilities. Company A opened its doors first, without a marketing strategy. You may get some initial sales, but soon the new customers dry up. You don’t know where to go to get new clients, or exactly what kind of people they should talk to, or what to say even if they do find them. They try to cover all the bases, but find that their marketing budget is too small and their advertising messages are not enough. They quickly choked out of the competition. Meanwhile, the customers they do get are more frustrated with the lack of support and eventually go elsewhere.
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Meanwhile, Company B put together a detailed go-to-market strategy before receiving the sales dollars. Their marketing budget is focused on only a few countries that they have calculated to be the most profitable, and their advertising is designed to resonate with a specific professional group. They have also taken the time to create a purchasing process that is not only easy to follow but also encourages new customers to further use their products. And by monitoring some key user and financial indicators, they can predict with the authorities how they will grow and therefore the additional resources they will need to provide this future growth.
But a go-to-market strategy isn’t enough on its own. Go-to-market is one of the three strategies necessary for growth; with product strategy and revenue delivery strategy as the other two.
The product strategy should clearly define the challenges the solution is intended to overcome, whose benefits are those, and how those benefits are achieved (such as cost savings, time savings, increased performance, or improved security). The product strategy should compare the capabilities of the product with similar solutions on the market and clarify where it is superior and where it falls short.
The revenue delivery strategy outlines how the necessary operational elements will be organized to support the growth of the product. The revenue delivery strategy is broad and covers how to order and process, maintain customer records, user adoption, support, billing and scaling, and what it takes to stay on the right side of financial laws and regulations.
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Therefore, the best product (resulting from the product strategy) will fail without customers (delivered by the marketing strategy); And the best products, with a large number of customers, will fail if sales cannot be made and service level maintained (moving towards the revenue delivery strategy).
But not all go-to-market strategies will fit perfectly in the midst of this journey. How you approach your go-to-market strategy depends on what will drive your growth. In simple terms, there are two options: product-based growth; and sales-led growth.
A product-led marketing strategy places the product at the center of growth. The product is not only a solution to business problems, but also acts as a silent salesperson by allowing customers to purchase, renew, and upgrade all without leaving the product. The key to the concept of this self-service sales model lies not only in the absence of salespeople at the time of purchase, but also in discovery and research during the sales journey. In theory, everything a potential customer wants to know, from features and technical requirements to solutions, pricing options, and contract terms, should be available in the product.
A product-led marketing strategy is a volume game, with tactics like freemium offers designed to engage users first, before converting them to paying customers later.
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In a product-driven marketing strategy, the product is the primary sales channel, and therefore the distinction between product strategy and marketing strategy becomes more blurred. Elements like site architecture, product design, user experience, and copy define the customer journey and therefore become important to marketing strategists.
A sales-driven go-to-market strategy has salespeople initiate and close sales. While the product is an important part of any sales conversation, the sale itself (and future renewals and upgrades) happens off the shelf. This is often the way to do it when the product is very revolutionary, complex or expensive, where the purchase decision involves many stakeholders and many commitments, over several months. The sales process is resource intensive, and in turn, companies will focus on achieving fewer sales with higher margins.
Because the sales-driven go-to-market strategy is led by people, the product plays a lesser role, and therefore the continuity link to product marketing is weaker. In contrast, in a sales-driven growth plan, product marketing and go-to-market strategy will work closely together from the start to define the benefits of the solution and the target audience. Similarly, in a sales-driven go-to-market strategy, where the product is not the vehicle for order processing, the product and the revenue delivery strategy are further apart.
Whether you are launching a new company or a new product; And whether you’re following a path that leads to product growth or sales growth, a good go-to-market strategy includes certain key elements. Here we discuss the four main elements to consider when creating a go-to-market strategy.
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As we have seen with the relationship between marketing strategy, product, and revenue, these elements are not linear. There is interdependence, which means that the answer to one question will inform (or invalidate) another. That being said, every marketing strategy has to start somewhere. This is often driven by the history or culture of the business.
A startup whose founders set out to solve a problem that frustrates them might start with a product that fits the market and build a business case around that; Whereas enterprise providers with a focus on rapid innovation may be driven by what their customers tell them they want. Similarly, an opportunistic entrepreneur may conclude that every product is to some degree overpriced or suffers from poor customer service and sets out to fix it.
The starting point of his marketing strategy isn’t as important as making sure to focus on all four elements in parallel. This will ensure that your final go-to-market strategy is comprehensive, detailed and consistent.
Markets can be defined in different ways, and each must be considered in a marketing strategy. A market can be a specific industry, occupation, demographic group, or physical location. Sometimes these need a little thought. An employee management software platform should clearly target HR professionals. Apps that provide public transportation schedules for Japan are unlikely to be very successful in other countries. But sometimes there is more than one goal. For example, the users of your product may not be the ones who decide to buy it; And there may be people who need to spend the budget.
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Making things more difficult is also a different way that companies structure themselves and make decisions. In one business, you only need to convince one middle manager, while in another you may need the approval of many higher-ups. If your product is software or other technology, IT and security prospects will likely need a quote to ensure it can integrate with their other systems. You can influence, both internally and externally, the prospect with powerful words. The key is to create personas for all possible goals that help move the strategy from the abstract, closer to reality.
The same applies to choosing your market segment. Products designed for a specific vertical (think compliance software for banks or security equipment for construction companies) need only refer to a specific industry. But for products with cross-industry appeal (that is, because it supports common business functions, like finance, HR, or CRM), the plan flips.
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