5 Keys to a Successful Go-To-Market Strategy

Introduction

If you’re a business owner, then you know the value of a go-to-market strategy. It’s the backbone that keeps your company moving forward and growing. Without one, it’s easy to get caught up in day-to-day operations and lose sight of where you’re going and who your target customers are.

Planning to delight targets from the start

A go-to-market strategy is a company-wide approach that defines how you will sell your product or service to your target customers. A go-to-market plan is the execution of that strategy, including specific tactics and resources used to achieve certain goals. It’s important for you to understand the difference between these two because many companies confuse them or create one without having clarity about how they want to approach the market.

The first step in creating a go-to-market strategy is understanding who your target customers are (or will be). You need to define what their needs are, why they would buy from you instead of another company, and where they spend their time online so that you can develop content and marketing campaigns designed specifically for them. This part of the process can take some time, but once completed, it will serve as an invaluable reference point throughout all stages of development: research & ideation; development & testing; launch & optimization; post-launch review; etc.

Connecting with target customers through integrated channels and messages

Let’s talk about how to connect with your target customer.

It’s important for you to understand that your go-to-market strategy is about the end-user and how you can best serve them. This requires a deep understanding of their needs so that you can solve problems for them—and do so in an integrated way across all channels and messaging functions.

So, what are these channels? The most common ones include:

• Social media (Facebook, Twitter, LinkedIn)
• Email campaigns (for example, newsletters or notifications)
• Online advertising (Google AdWords)
• Mobile apps
• Direct marketing campaigns

Look at each channel as its own communication function—one that needs its own strategy based on its unique characteristics and goals. For example: If someone sees an ad for your furniture brand on Facebook but has never heard of your brand before they might not take action right away because they don’t know who you are yet; however, if someone is already familiar with your company then they will likely take immediate action after viewing the ad because it reinforces their existing knowledge of what makes up “good quality furniture.”

Developing a flexible go-to-market strategy that evolves as you succeed

To develop a flexible go-to-market strategy, you will need to consider:

• How much data do you have?
• What are the key business drivers behind your go-to-market strategy?
• What types of analytics should you use when making decisions about your product and its marketing mix?

Leveraging data and analytics to accelerate growth

Your go-to-market strategy is all about leveraging data and analytics to accelerate growth. You want to use data to understand your customers, your competitors, your market, your business, and even your product and brand. The more you know about real people who will be buying or using your product or service in the future – that is, when you need to change course on what you’re doing right now. Here are some examples of how entrepreneurs can use their data:

• If a competitor has launched a new product or feature that’s getting traction with customers
• If a certain type of customer segment spends more than other segments on average
• If there seems like there is a new trend emerging in your industry – it could mean there are opportunities for growth waiting just around the corner if only we could find them first before anyone else does!

To be successful, a go-to-market strategy must be based on facts.

The first key to a successful go-to-market strategy is that it must be based on facts. This means you need to gather data, analyze it and use what you learn to inform your go-to-market plan.

First, you should know who your customers are and where they live. You also need to understand their needs and the competitive landscape of your market so that you can develop products or services that meet those needs best. Next, analyze your company’s capabilities: do we have the resources in place (people and systems) for a successful launch? What does our current sales pipeline look like? Are we ready for more revenue growth? How will we reach out to new customers through our channels of distribution? Finally, assess how well every single element of your go-to-market strategy fits together—from channel selection to pricing strategy—before they make up part of an overall marketing plan.

Conclusion

As we’ve seen, a go-to-market strategy is a process that requires planning and flexibility. It should be built on facts, not assumptions. While there are several key components of an effective go-to-market strategy, the first step is always to understand your target customers and how they use technology to make their lives easier.