The go-to-market strategy is an overall marketing strategy for one product or a service. And it focuses on the product life cycle. The purpose of the go-to-market strategy is to launch a product into the market. Also to understand how the company will place their product and will reach market penetration also revenue and profitability.
Strategy Roadmap
- Mark Your Target Market
- Select Your Target Customers
- Define Your USP
- Set your Prising Stratergy
- Finalize Your Promotional Stratergy
- Select the Right Channels
- Conclusion
This roadmap is not a sure way to succsess. But it definitely shows a clear path to design a go to market stratergy.
Mark Your Target Market
Start with a well-research persona which is a snapshot of a person that represents the key traits of your intended audience for whom you will be developing a solution. Here are few points to understand.
- Demographic information such as age, income, and gender
- Geographic information such as where are the people now vs. where are the people from
- What are the behaviours in terms of how people make decisions, patterns and habits
- Understand preferences, attitudes, and values
Select Your Target Customers or Audience
This is an important step to understand your prospective customers. And also to understand the consumer behaviour related to your products or services. Also try to figure out the end users for your products and services.
- Customer is defined as a person or an organization that pays for the product or service.
- End User is defined as a person or an organization that benefits from the product or service.
Define Your USP
To find and understand the unique selling point or preposition of your product or services, lets find the answers for the following questions.
- What life without the product or service is like?
- How life is better with the product or service?
- Why the benefits exceed the drawbacks?
Set Your Pricing Stratergy
Right pricing enables you to be competitive in the market. A new startup can get some early traction and some cash flow as well. Everyone knows that cash flow is like a blood supply to a new business. There are mainly two types of pricing strategies as mentioned below.
- Penetration Pricing means keep the price low until established in market.
- Price Skimming is to keep price high then lower it gradually over time.
For existing business or enterprises the pricing stratergy should be as follows.
- Promotional pricing implies low prices for a short period then return to normal prices.
- Destroyer pricing means keep low prices to eliminate competitors then raise.
- Demand-oriented pricing are low prices if demand is low, high if demand is high.
Finalise Your Promotional Stratergy
The promotional strategy is the first marketing communication with the potential customers whether online ecommerce business or offline. And it should draw the customer’s attention to create interest in the product. Also generate demand and persuade the customer to purchase the produce. The promotion strategy can entail paid advertising. It also includes sales promotion. You can count on direct selling along with social and online media.
Select Right Marketing Channels
To select right marketing channels for your startup business is a key. And for that identify the primary channels to sell products and educate customers.
Typically, there are two types of marketing channels one is direct and the other one is indirect:
The direct marketing is focuses on selling products or services by interacting with potential customers directly through email campaigns, sales team and advertisement.
Whereas, indirect marketing is generating leads and the focus is to educate potential customers on the brand and establishing a relationship with the customer. An example of an indirect marketing channel is social media, online advertisements, and search engine optimization (SEO).
Conclusion:
From the above discussion it is interesting to note that Go-to-Market strategy is a complex process. It envolves lot of systems. It needs to sink number of channels with the type of product or service you are intending to provide. The final conclusion is that for a new startup business an expert advice is required to formulate its go-to-market strategy roadmap.