Go To Marketing Strategy Example

Go To Marketing Strategy Example – Any business that wants to attract users or customers needs a go-to-market strategy. Find out how to make your own and what a good one looks like.

Market entry strategy is a plan on how to launch a new product or service into the market or launch an existing product into a new market. Thus, go-to-market strategies tend to focus on the short term, but effective ones will also consider how any immediate success can be sustained over the long term.

Go To Marketing Strategy Example

There is no standard format for a market entry strategy. Different companies will need to consider and prioritize different elements, depending on their maturity, their existing market presence, 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 go-to-market strategy. Some of the obvious scenarios include:

Even companies and products that consider themselves established can benefit from regular market entry strategy reviews as a way to become aware of and prepare for new competition and other market forces. So, should your business have one? Absolutely.

It is possible to be successful without a go-to-market strategy, but for that to happen, you need a once-in-a-lifetime product or a lot of luck. A good go-to-market strategy is designed to mitigate risk and maximize return on investment (ROI) by gathering pre-event knowledge and using that knowledge to take more effective action.

Company A and Company B have new software products with equal capabilities. Company A opens for the first time without a market entry strategy. There may be some lucky sales at first, but soon the new customers will dry up. They don’t know where to go to find new customers, or even what kind of people to talk to, or what to say even if they find them. They try to cover all the bases but find that their marketing budget is too small and their advertising messages are never done. They are quickly overwhelmed by the competition. Meanwhile, the customers they have received are growing increasingly frustrated with the lack of support and are eventually turning elsewhere.

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Meanwhile, Company B produced a detailed go-to-market strategy before receiving a dollar in sales. Their marketing budget is concentrated in only a few countries that they have calculated to be most profitable, and their advertising is designed to resonate with a certain professional group. They also took the time to create a buying process that is not only easy to follow, but incentivizes new customers to scale back on using the product. And by tracking a few key financial and user metrics, they are able to authoritatively predict how they will grow and therefore the additional resources they will need to enable this future growth.

But a go-to-market strategy alone isn’t enough. Market penetration is one of the three strategies necessary for growth; with a product strategy and a revenue delivery strategy like the other two.

A product strategy should clearly define the challenges the solution aims to overcome, who benefits from them, and how those benefits are realized (e.g. in terms of cost savings, time savings, higher performance or improved security). The product strategy should also compare the product’s capabilities against similar solutions in the market and articulate how it is better and where it is not.

A revenue delivery strategy explains how the operational elements necessary to support the growth of a product will be organized. A revenue delivery strategy is broad and covers how orders are received and processed, how customer data is maintained, how users are entered, how they are supported, billed and sold, and what it takes to be on the right side from the point of view of financial and legal regulations.

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So the best products (resulting from the product strategy) will fail without customers (delivered from the go-to-market strategy); and the best products, with many customers, will fail if sales cannot be processed and service levels sustained (early revenue distribution strategy).

But not all go-to-market strategies transform seamlessly in the middle of this journey. How you approach your go-to-market strategy depends on what will drive your growth. Simply put, there are two options: product-driven growth; and sales-led growth.

A product-driven go-to-market strategy places product at the center of growth. The product is not only a solution to a business problem but also acts as a silent seller allowing customers to buy, upgrade and upgrade everything without leaving the product. Key to the concept of this self-service selling model is not only the absence of a salesperson at the point of purchase, but also at the discovery and research stage of the sales journey. Ideally, everything a potential customer wants to know—from solution features and technical requirements to pricing options and contract terms—should be available within the product.

Product-driven go-to-market strategies are a game of volume, with tactics like freemium bidding designed to attract users first, before turning them into paying customers later.

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In product-driven go-to-market strategies, the product is the primary sales channel, and thus the distinction between product strategy and go-to-market strategy becomes more blurred. Elements such as site architecture, product design, user experience and copy define the customer journey and therefore become more important to the go-to-market strategist.

A sales-driven go-to-market strategy sees sales initiated and closed by a salesperson. While the product will be a key part of any sales conversation, the sale itself (and all future updates and upgrades) happens away from the platform. This tends to be the approach taken when the product is so revolutionary, complex or expensive that the purchasing decision involves many stakeholders and many commitments, over several months. The sales process is resource intensive and, in turn, the business will focus on making fewer sales at higher margins.

Because sales-driven go-to-market strategies are people-driven, the product plays a smaller role and thus the ongoing link to product marketing is weaker. Instead, in a sales-led growth plan, product marketing and go-to-market strategies will work closely from the outset to define the benefits of the solution and the target audience. Similarly, in a sales-driven go-to-market strategy where product is not the means of order processing, product distribution and revenue strategies are more decoupled.

If you are launching a new startup or a new product; And whether you’re on a product- or sales-led growth path, a good go-to-market strategy includes several essential elements. Here we look at four of the key components you should consider when creating a go-to-market strategy.

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As we have seen with the relationship between go-to-market strategies, product and revenue, these elements are not linear. There are interdependencies, meaning that the answer to one question will inform (or invalidate) another. That said, any go-to-market strategy has to start somewhere. This will often be driven by a company’s history or culture.

Startups whose founders set out to solve a problem that has been frustrating them are likely to start with product-market fit and build a business case around that; while an enterprise vendor with the tools to innovate rapidly may be driven by what customers tell them they need. Similarly, an opportunistic business owner might conclude that any product in a range is overpriced or suffers from poor customer service and decide to fix it.

Where you start with your go-to-market strategy isn’t as important as making sure you focus on all four elements in parallel. This will ensure that your ultimate go-to-market strategy is comprehensive, comprehensive and sustainable.

Markets can be defined in many different ways and each must be considered in a market entry strategy. Markets can be a specific industry, occupation, demographic, or physical location. Sometimes, these need a little thought. An employee management software platform should clearly target HR professionals. An app that provides public transport timetables for Japan is unlikely to be very successful in any other country. But sometimes there’s more than one target. For example, a user of your product might not be the person who decides to buy it; and there may also be a specific person who has to approve the budget.

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Making matters even more complicated is the different way companies are structured and make decisions. In one company, you only need to convince a single middle manager, while another may require more approval. If your product is software or another technology, chances are the customer’s IT and security staff will want to have a say in ensuring they can integrate with their other systems. There may also be influencers, inside and outside of the prospect, whose words carry power. The key is to build personas for every possible goal that helps move strategy away from the abstract, closer to reality.

The same goes for the choice of market segment. Products designed for a specific industry vertical, such as compliance software for banks or security equipment for construction companies, should only target a specific industry. But for a product with cross-industry appeal (that is, because it supports a general business function, such as finance, HR or CRM), the plan becomes