It’s the day of a new product launch. You’ve got butterflies, your team is excited and you know your customers are going to be impressed.
Launching a new product stirs excitement for any company, regardless of size. Introducing each new solution is a milestone for a brand’s continuous growth and success.
And for that launch’s success, it’s crucial to set goals, plan future steps, and obtain a competitive advantage. Traditionally, marketing plans lay out these steps, but we need to dig a little deeper.
This is where a go-to-market (GTM) strategy comes in. GTM strategies help specifically with expanding a brand’s new product or services.
With a quality data-driven strategy you can identify exactly how to approach target buyers.
What is a Go-to-Market Strategy?
A GTM strategy outlines necessary steps for putting a product, service, or solution on the map. Without it your solution might not reach target buyers, or even no buyers at all.
To be successful, you need a GTM strategy that is comprehensive enough for others to easily understand its value. It also puts focus on customer issues and how your solution applies to them, with easy access to continuous feedback.
After all, your solution or service’s purpose (new or old) is to improve the customer experience.
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GTM strategies also help with maximizing customer lifetime value (CLV). Obtaining new customers is already costly, so implementing a plan to maintain and support them from the outset could save you in the long run.
On the flip side, existing customers that may have had value in the past could be putting a dent in your budget.
Evaluating the resources used on customers (old and new) within marketing and product development teams will help with overall GTM execution.
What Does a Go-to-Market Strategy Look Like?
To survive today’s market you need to know how to find your customers, put your product or service out there, and measure success. A GTM strategy outlines these key areas ensuring that you have:
Comprehensible Segmentation: Segmentation involves finding specific behaviors within buyers most likely respond to your brand’s messaging. By using quality contact data, assigning scores to segmented buyers based on certain criteria defines how they apply to the market.
Clear Product Offerings: What value does your product or service bring to the market? And how does it differ from your competitors? While clarifying your product’s offerings, working on a value proposition will expand its story and how it connects to customers.
Plans for RTM and Distribution: You can’t sell a product if it doesn’t get to your customers. Organizing a route-to-marketing (RTM) plan that also defines distribution makes it easier to get your product or service into the market and into customers’ hands (physical or virtual).
Measurements of Success: Tracking success with agreed metrics (between sales and marketing) steers the course for current and future marketing strategies. To keep sales and marketing alignment intact, implementing key performance indicators (KPIs) is important with room for future development.
How Do You Build Your Own Go-to-Market Strategy?
While creating a go-to-market strategy, it’s important to keep in mind who your potential customers are and what they need. Each step further solidifies the relationship between market demand, customer pain points, and brand offerings.
1. Find Your Buyer Personas
Finding and organizing buyer personas is a way to define characteristics of different potential customers. Though no two buyers are exactly the same, they can be grouped into similar behaviors. This grouping helps with targeting, approach, and overall selling strategy.
With the right data and tools, buyer personas can be quantified, allowing automation and integration into tools like CRMs.
2. Define Your Ideal Customer Profile (ICP)
Though similar to a buyer persona, an ideal customer profile (ICP) centers on company characteristics. ICPs focus on which accounts are most likely to purchase based on quantitative criteria.
An ideal ICP quickly identifies a quality prospect based on what is feasible for a seller. Poorly executed ICPs result in buyers that are not fit to purchase your solution.
In simpler terms, it’s like dating someone who wants to live in Ohio when you’re positive you’ll be settling down in California. The match was never going to work.
3. Align Sales and Marketing
Sales teams generally serve as a support service and have direct connections to customers. By aligning sales and marketing teams, sales reps have more of an idea of how to sell a product or service in a way that echoes the current company approach.
As part of your go-to-market strategy, an outlined process lays out exactly how a product should be sold, where customers can purchase, and which channels to utilize.
4. Organize Lead Sources and Channels
Implementing lead generation campaigns is crucial to overall company success. Depending on industry, company size, and solution type, certain channels could work better than others for lead gen. After finding out where leads come from, shifting focus to that lead source can optimize your pipeline.
Steps to Building a Data-Driven Strategy
Making your GTM strategy data-driven encourages you to pinpoint more target buyers.
A quality data provider helps you understand what motivates decision makers — this can further legitimize your GTM strategy.
Locating and organizing this intel looks like this:
1. Acquiring Quality Data
To procure data that drives sales and marketing success it’s all about quality over quantity. In fact, 83% of organizations see data as an integral part of forming a business strategy, so it’s important that your data is up-to-date and accurate.
Market intelligence is for gaining overall market insights, and quality intelligence of this kind keeps up with current trends in real-time. For customer insights and prospecting, there is sales intelligence. These data types are what’s needed for GTM strategies.
2. Quantify Buyer Personas
As part of segmentation, placing values on buyer personas further develops targeting, engagement, and selling plans.
How many prospects are in each persona? What kind of value does each have? Each persona needs to be approached differently and a one-size-fits-all approach to selling could turn people away. Would you rather buy a product from a brand that knows who you are and works around that? Or from a company that takes a stab in the dark?
3. Find Customer Pain Points
You need to appeal to prospects’ needs and wants based on pain points. You can find these in areas like:
- Finance: Where are your customers wasting money? How can their budget be optimized with your solution?
- Productivity: How can your solution save them time and maximize efficiency?
- Support: Which of their operations needs assistance? How can your solution further drive their success?
Using sales and marketing data will uncover these vulnerabilities and can be applied to targeting strategies.
Key Results Achieved with a Data-Driven Strategy
A data-driven strategy puts a specific value on company and customer characteristics to understand and track more easily.
By implementing a data-driven strategy, identifying target buyers becomes streamlined. Engaging with them is also easier because you have a much better idea of what they want and, even, what they need from a solution.
Why A Go-to-Market Strategy is Important for Overall Success
A go-to-market strategy paves the way for product success, whether it is new or existing. Your brand is exposed to the world with a new solution launch, and without a solid strategy it won’t sell.
Making your GTM strategy data-driven further helps pinpoint target audiences who will most likely buy your solution. The more data-driven your GTM strategy is, the easier it is to track success.