“Don’t find customers for your product. Find products for your customers.’’ — Seth Godin
Microsoft decided to solve one of the most common challenges that its users faced, primarily tablet users. Tablets, though generally used as mobile and easy to carry, didn’t offer the full functionality of a laptop. Many users prefer either laptops or tablets, as investing in both might not be financially feasible. When Microsoft launched third-generation Surface tablets, they made their value proposition crystal clear: tablets that function as laptops, a portable and pocket-friendly option. As compared to its competitor, Apple iPad, Microsoft offered a higher number of features at the same price, making the product popular among its targeted demographics.
From this success story, you can see how Microsoft developed its go-to-market strategy and was able to gain a competitive advantage- driving revenue through its tablet product suite.
80-85 percent of new products fail in the market! The daunting number shows the lack of definite action plans required to successfully launch a new product or re-launch an existing product. To overcome this imminent challenge, both B2B and B2C marketers need a go-to-market strategy. The central object of this strategy is to deliver a unique value proposition to your target audience based on market conditions and product relevance.
What is a Go-To-Market Approach?
From a broader perspective, a go-to-market strategy might look like a business plan, but they aren’t twins. A go-to-market strategy is a more product-specific tactical action plan to acquire new markets or new buyers. In simple terms, it is the course of action you take to ensure that your product reaches the right users at the right time, thus strengthening brand awareness.
Before formulating a go-to-market strategy for your company, find appropriate answers to these questions:
- What is the problem you are addressing with your product?
- How different is your product from those of your competitors?
- How will your users benefit from your product?
- Who wants to buy your product and where will they find them?
- What is the chance of market penetration and growth?
- What channels will you use to reach your audience segments?
- What sales approach do you need – a high or low touch approach?
These questions will give you a clear idea about designing a strategic go-to-market roadmap. To know your audience, their buying behavior, preferences, likes and dislikes, and subjective problems, you need intent data signals. With intent data, you create buyer personas, target segments with the highest probability of conversion, and build customer relations with effective omnichannel communication.
Why Do You Need a Go-To-Market Approach?
A go-to-market strategy can’t guarantee campaign success, but you can surely gain foresight of what might work and what might not. Poor product-market fit and oversaturation can suffocate the chances of a successful product launch, even though your product is well-structured and innovative. In today’s fast-paced competitive world, you need both smart work and hard work. If you are working hard in designing resourceful solutions for your buyers, then why not plan a judicious product launch? A killer go-to-market action plan can help you to:
- Deliver prompt and contextual responses to buyers ‘needs
- Gain in-depth knowledge about the competitive market landscape
- Win and retain buyers with better buyer experience and engagements
- Integrate sales and marketing teams for data-driven decision making
- Drive down-the-funnel conversion with consistent messaging
- Focus on sales enablement to deliver business outcomes
How Do You Build an Efficient Go-To-Market Strategy?
The building blocks of a killer go-to-market strategy include market intelligence, appropriate targeted segments, and strong product messaging to resonate with buyers. Consider the elements to amp up your game.
- Pin down buyer personas: Buyer personas are crucial for lead generation and prospecting outreach. The ideal customer profiles (ICP) give you an idea about your target audience, their challenges, your products’ pros and cons, and the scope of improvement. For instance in the story above, Microsoft targeted college students and daily users to sell its Surface products.
- Define value proposition: Like Microsoft defined their value proposition of turning tablets into laptops by expanding functionality, you must spell out the benefits of your products/services. List your buyers’ pain points and describe what role your product will play in solving these exact pain points.
- Outline sales funnel and strategy: Actionable data insights and marketing cloud help you to chalk out an ideal buyer journey across the sales funnel. Value matrix and buyer personas allow you to design sales strategies best suited for your product, depending on the market and business model.
- Develop strong content marketing: Focus on creating compelling content to engage your buyers. This content plays a pivotal role in buyer journey touchpoints in the sales cycles. For longer sales cycles, there will be more touchpoints. Consequently, you need more content and relevant resources to interact and engage with your customers at various stages of the funnel.
- Focus on retention and renewal: It is more expensive to acquire new customers than to retain existing ones. Marketing strategies like cross-selling, upselling, and customer loyalty programs are some of the most popular techniques to incentivize repeat purchase decisions and boost long-term customer relationships.
Introducing a new product or service in the market is an exciting step for every organization, regardless of its size. Invest in ample market research, studying paradigm shifts in buyer behavior. And implement significant measures to shape powerful go-to-market strategies.
For example, focussing on content syndication will help you to reach a broader audience through third-party websites and directing the traffic to your website. This simple trick generates quality leads for your sales team. On the surface, this step might not sound substantial enough, but it does play a key role in the grand scheme of a go-to-market strategy.
You must be flexible enough to execute your plan while adapting to technological disruptions and changing market conditions. To help your marketing strategy, check out the following articles, or contact us with any questions.