Whether you’re a start-up company or you’re looking to expand your product or service offering, you’ll need a bulletproof go-to-market strategy to ensure the success of your launch.
Follow this in-depth guide on the benefits of a well-executed plan as well as the things you should consider when creating an effective strategy.
What is a go-to-market strategy?
Simply put, a go-to-market strategy is a detailed plan of action an organisation executes to bring a product, brand, feature or location to market.
A well-thought-out strategy helps to uncover profitable customer pain points, target the right audience and integrate the most comprehensive marketing strategies to ultimately maximise your return on investment.
What are the benefits of a go-to-market strategy?
A well-constructed and thoughtfully executed go-to-market strategy aims to provide businesses with a competitive advantage over their competition.
Benefits of a well-executed go-to-market strategy include:
- A reduction in operational costs
- A reduction in the length of time to market
- A significant minimisation of risk often associated with product and service launch failures
- Structured contingency plans to ensure ease of adaptation to change
- A clearly defined direction for stakeholders
There are many benefits of implementing a go-to-market strategy, however, the strategy should cover all bases to be effective.
What should your go-to-market strategy involve?
Listed below are the main points you should consider when forming your go-to-market strategy.
1. Identify your audience and outline buyer personas
Research your desired audience and gain an in-depth understanding of how you will best reach them.
2. Craft a value matrix
Map out how you plan to communicate your product or service value across all departments of a business.
For example, an IT consultant will likely care more so about the security of your product or service whereas the CEO of a company will likely care more about the cost versus the benefits.
You should understand each of your customer pain points and customise your messages to suit.
3. Choose a suitable marketing strategy
Determine your goals (often brand awareness for start-up companies) and devise a plan to achieve these goals within your target market.
Perform plenty of research into the most suitable channels and content you will use to communicate with your target market.
4. Gain an understanding of the buyer journey and define who are the key decision-makers and buyers
Look at both the buyer journey from both the perspective of the seller and the buyer to ensure you cover all possible avenues a buyer might take before deciding to purchase.
5. Appoint a suitable sales strategy
Determine how you will introduce your product or service to the market.
You should include plans for sales team training, the resources you will provide for your sales team and a framework for your employees will follow to approach new and existing customers.
6. Define success measures
Define what your vision of success is and the appropriate metrics you will use to gauge your success.
Finalise your go-to-market strategy with omnichannel payments
Finally, your go-to-market strategy should take into consideration easing the final stages of the buyer journey with a no-fuss omnichannel payment gateway.
When developing your go-to-market strategy consider the customer purchase points. Are they online, in-store or both?
Does your business model require mobility?
Do you require subscription payments?
Arguably one of the most important considerations in the mix is your payment functionality.
It needs to be seamless from a customer point of view whilst also manageable for the business.
You don’t want to be tied up with multiple disparate systems that don’t communicate with each other…
Latpay provides a single hub that accepts customer payments through all possible sales channels and devices.
Simplify one of the most important customer touchpoints and ensure a smooth and streamlined checkout process with a reliable online payment gateway.
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