Marketing Strategy Outline Example

Marketing Strategy Outline Example – Every company that wants to attract users or customers needs a go-to-market strategy. Learn how to make your own and what it looks like.

A go-to-market strategy is a plan for how to launch a new product or service on the market or launch an existing product into a new market. Similarly, while go-to-market strategies focus on the short term, effective strategies look at how immediate success can be achieved over the long term.

Marketing Strategy Outline Example

There is no standard format for a go-to-market strategy. Different companies must consider and prioritize different factors depending on their maturity, market presence, business model, how they are organized and financed, and any exit plans.

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Any plan to attract new customers requires a go-to-market strategy. Some specific cases include:

Even established companies and products can benefit from a regular review of their go-to-market strategy, a way to stay aware of and prepare for new competition and other market forces. So, should your business have one? Absolutely.

Success can be achieved without a go-to-market strategy, but you need a one-off product or a large amount of luck to do so. A good go-to-market strategy is designed to minimize risk and maximize return on investment (ROI) by gathering knowledge before the event and using those insights to take the most effective actions.

Companies A and B have new software products with similar capabilities. Company A is first opened for business without a go-to-market strategy. It may have some lucky initial sales, but new customers will soon dry up. He doesn’t know where to go to get new customers, what people to talk to, or what to say when he finds them. They try to cover all the bases, but their marketing budget is very thin and advertising messages just won’t cut it. They are quickly defeated by the competition. Meanwhile, the customers they have are becoming increasingly frustrated with the lack of support and eventually moving elsewhere.

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At the same time, Company B prepared a detailed strategy to go to market before selling a single dollar. Their marketing budget is concentrated in the few countries they consider most profitable, and its advertising is designed to resonate with a specific professional group. They took the time to build a purchase process that was not only easy to follow, but also encouraged new customers to measure their use of the product. And by tracking a few key user and financial metrics, they can authoritatively predict how they will grow and what additional resources will be needed to support future growth.

But a go-to-market strategy is not enough. Go-to-market is one of the three strategies necessary for growth; Product strategy and revenue sharing strategy are the other two.

A product strategy should clearly define the problems the solution aims to overcome, who will benefit, and how those benefits will be realized (for example, cost savings, time savings, greater efficiency, or improved safety). A product strategy should compare the product’s capabilities with similar solutions in the market and identify where it excels and where it falls short.

A revenue sharing strategy describes how the operating elements needed to support product growth will be organized. The revenue delivery strategy is broad, including how orders are received and processed, how customer records are managed, how users are onboarded, supported, billed and sold, and what to do to stay on the right side of financial and legal regulations. is required.

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This is why good products (as a result of product strategy) fail without customers (delivered by marketing strategy); Good products with enough customers will fail if they can’t process sales and maintain service levels (promote a revenue sharing strategy).

But not every go-to-market strategy fits in the middle of this journey. How you approach your go-to-market strategy depends on what will help you grow. Simply put, there are two options: product-based growth; and sales-based growth.

A product-driven go-to-market strategy puts the product at the center of growth. Rather than a solution to a business problem, the product acts as a silent salesperson, allowing customers to buy, upgrade, and upgrade everything without leaving the product. The key to this self-service sales model concept is not only the absence of a salesperson at the time of purchase, but the discovery and research phase of the sales journey. In theory, everything a potential customer wants to know—from solution features and technical requirements to pricing options and contract terms—should be available in the product.

Product-based go-to-market strategies are volume plays followed by strategies such as a freemium offering designed to attract users before paying customers.

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In product-based go-to-market strategies, the product is the primary sales channel, and thus the distinction between product strategy and go-to-market strategy is increasingly blurred. Factors such as site architecture, product design, UX and copy define the customer journey and are therefore increasingly important to go-to-market strategists.

A trade-oriented market entry strategy sees trades initiated and closed by the seller. While the product is an important part of any sales conversation, the sale itself (and future upgrades and updates) happens away from the platform. If the product is revolutionary, complex or expensive, the purchase decision involves many stakeholders and many engagements over several months. The sales process is resource intensive and, in turn, the business is focused on achieving fewer sales at higher margins.

Because sales-oriented go-to-market strategies are people-oriented, the product plays less of a role, and therefore the ongoing relationship with product marketing is weaker. Instead, in a sales-driven growth plan, product marketing and go-to-market strategies work closely together at the beginning to define the benefits of the solution and the target audience. Similarly, in a sales-based go-to-market strategy where the product is not an order processing tool, the product and revenue delivery strategies are more separated.

Whether you are launching a new startup or a new product; Whether you lead your growth path to product or sales, a good go-to-market strategy includes several key elements. Here we look at four key points to consider when creating a go-to-market strategy.

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As we have seen with the relationship between go-to-market, product, and revenue strategies, these factors are not linear. There are interdependencies, meaning that the answer to one question informs (or cancels) another. That said, every go-to-market strategy has to start somewhere. This is often due to the history or culture of the business.

Startups trying to solve a problem that frustrates their founders can start with product-market fit and design a business case around it; But enterprise marketers with ways to innovate quickly can act on what their customers want them to do. Similarly, an opportunistic entrepreneur might conclude that every product in a line is overpriced or suffers from poor customer service and try to fix it.

No matter where you start your go-to-market strategy, it’s equally important to make sure you focus on all four elements in parallel. This ensures that your final go-to-market strategy is comprehensive, complete and coherent.

Markets can be defined in a number of ways, and each should be considered in a go-to-market strategy. Markets can be a specific sector, profession, demographic or physical location. Sometimes these require some thought. A workforce management software platform should be targeted specifically at HR professionals. An app that provides public transport schedules for Japan is unlikely to succeed in other countries. But sometimes there is more than one goal. For example, the user of your product may not be the person who decides to buy it; And there may be an individual who must sign off on the budget.

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Complicating matters further are the different ways businesses are organized and decisions are made. In one business you only need to convince one middle manager, in another you need more senior approval. If your product is software or other technology, future IT and security professionals will want a say in making sure it integrates with other systems. A prospect can have influencers, both inside and outside, whose words carry authority. The key is to create personas for each potential target, helping to move the strategy from the abstract to the real.

The same applies to choosing a market segment. Products designed for a specific vertical—compliance software for banks or security equipment for construction firms—should only concern that sector. But for a product with cross-functional appeal (ie supports a common business function like finance, HR, or CRM) becomes the plan.