The key to running a successful business depends on various elements working in perfect harmony. This includes your GTM or go-to-market strategy.
A Go-to-market strategy is a small, but significant component of your overall marketing campaign. It defines how you launch a new product or app. With a solid GTM strategy, you can shorten the time to market your product, as well as minimize costs without hampering the growth of your business. And having a rock-solid GTM strategy is more important than ever as in 1 in 4 businesses today are selling more products or services online this year!
Are you gearing up to launch a new app or a digital product? Or, do you want to give your existing products the push it needs to stand out in the market? Fuel your GTM strategy by keeping in mind the following powerful strategies:
1. Buyer persona identification
As cliché as it may appear, the foremost thing to consider when preparing to market your product or app is your consumer or end-user.
On average, 6.8 decision-makers are involved in every sale. These people make up the ‘buying center’ and play an important role in any product being purchased, including digital ones. You’ll roughly find the following types of people involved in the stages of making a purchase decision:
- Initiator: First comes across the product or shows initial interest.
- User: Uses the product regularly.
- Influencer: Influences or convinces others to use the product.
- Decision Maker: Provides the final approval for the purchase of the product
- Buyer: Owner of the budget.
- Approver: The final stakeholder who pushes the purchase decision and seals the deal.
- Gatekeeper: Plays a role in blocking the product or prevents it from getting approved.
Understanding the different roles and determining what each of them needs helps in the creation of the right content and processes required for making the sale.
2. Value matrix creation
Now that you’ve studied and identified the buyer personas, the next step is to create the value matrix. The value matrix is essential in communicating with the business owners and stakeholders in a language that they comprehend. And this is because business people understand the value of creating personas, but find it challenging to use them.
By creating a value matrix, you can layout the pain points plainly under each persona and figure out if your product eases or solves any of those problems. This chart helps in understanding the message that is ought to be created to address each of the pain points.
An example of a value matrix:
Once your value matrix is in place, you can adequately communicate to your UX/UI designer and business analyst the type of product your users need.
3. Understanding the journey of the buyers
With the value matrix and personas in place, it’s time to dive deeper to determine the journey of your potential customers both from the perspective of your business and the buyer’s perspective.
From the buyer’s perspective, the journey is more or less linear. The buyer comes across a business problem and starts to research. He/she shortlists potential solutions and tests different products until a decision is made.
From the perspective of your business, the buyer’s journey is like a funnel.
- Top of the funnel is all about getting attention from potential customers. This can include integration listings and blogs that may lead to the homepage of your app or website containing testimonials, videos, pictures, etc.
- Middle of the funnel is about answering important questions and it can include AI-powered chatbots or a live chat section.
- Bottom of the funnel is about convincing the customer to make a sale and this can include product walk-throughs, educational emails, product trials, and much more.
When talking about the buyer’s journey, you also need to ensure that your app or website is designed to offer a seamless user experience so that potential customers keep coming back.
Keeping this in mind, we designed Transworld Avana. We kept the UI simple to egg on customers to request a booking.
4. Defining goals for marketing channels
It wouldn’t be prudent to move ahead with your GTM strategy without defining the goals of your marketing campaign. This involves analyzing the place of your product within the market and setting a plan to raise awareness within the target audience. For this strategy to work, you have to test various advertising methods to get your message across to your audience.
Overall, your marketing strategy may include branding, content, lead generation, and a marketing website or app.
5. Defining the sales strategy
Now, the time has come to introduce your product to the market. To ensure that this process works out smoothly, your sales process needs these:
- Trained support team: Your sales team must know A-Z of your product or service to confidently sell it.
- Resources and tools: This includes all the resources and tools that your sales team needs to engage with your customers and make a sale.
- Client acquisition: This involves determining the best approach for finding customers. It can be, via social media, surveys, email marketing, or app downloads.
6. Aligning sales and support teams
So, now that your product/service is being adopted by your customers, what comes next? Support and assistance to customers.
Your customers may face problems or issues when using your product. They may have questions. Or, they may find themselves stuck somewhere and need quick resolution. Without syncing your support and sales team, you cannot hope to build strong customer relationships. Also, the satisfaction of your customers can only be measured when they’re happy with the product and customer assistance.
7. Defining success metrics
Is your go-to-market strategy working? How can you determine that? You need clear cut success metrics in place to help you determine if your GTM campaign needs an extra push. Some of those metrics include:
- The performance of your sales team
- Lead conversion rates
- Number of subscribers or app downloads
8. Identifying resource and budget needs
This step involves the identification of ongoing resource and budget needs that will continue after your product or service has entered the market. This includes money and time spent on the maintenance of your product, marketing budget needs, UX design strategy, technologies and tools required, and such other factors that affect the lives of the stakeholders.
To sum up, a solid go-to-market strategy can increase the likelihood of success for your product.