Much has been said about the “failure” rate of startups. Their fate is often sealed by unfortunate timing, competition, and management issues. The products they have often fail to attract customers, and some survive without ever having created a viable business model. The challenge is to capture the attention of your audience. People won’t beat a path to your door – you’ve got to make them want to come there, which is what a Go-to-market strategy helps you achieve.
Before choosing any startup idea, you need a go-to-market strategy. Why?
You would never be able to get the product to your customer without it. I’m not saying that you need specific sales channels for marketing.
But I’m saying that every new venture should have tactics and strategies for getting its products into the hands of targeted customers at scale.
What is a go-to-market Strategy?
Entrepreneurs and startups often ask this question because defining the go-to-market strategy is a critical step in creating a successful business.
A go-to-market strategy is a business plan for understanding how to bring your product to the market. It would force you to think about why your target audience would purchase your product, how you position it compared to the competition, etc. It also includes tactics for getting the product or service out to the target audience.
Since getting to market can be daunting, especially when trying to do it quickly, it’s crucial to have an effective go-to-market strategy in place. This will help you decide the quickest path to profitability and give you a realistic idea of how much money you will need during your initial phase.
Know how Apple successfully implemented the GTM strategy while rolling out the iPod.
“Apple first launched the iPod in 2001. But it wasn’t until 2006, when Apple’s iTunes store began selling music online, that the iPod became a raging success. It was only then that the iPod became the fastest-growing platform for digital music. That’s because Apple realized it needed to create a full channel ecosystem, which included application software and strategic partnerships with other services like Rhapsody, Napster, and Real Networks.”
Why do startups need a GTM strategy?
As resources are limited, businesses need to plan out their go-to-market strategy. It becomes more critical for startups as early-stage startups generally have limited resources.
A well-thought-out go-to-market strategy helps you identify the best ways to reach your target customers and convert them into loyal customers.
Any marketing campaign aims to get more leads and convert them into sales.
A go-to-market strategy helps you provide a clear picture of how you will reach out to your target audience and engage them so that they buy from you instead of your competitors.
Avail Product Marketing!
The process of creating a go-to-market strategy includes four key steps:
1. Market research to validate your idea
Much has been written about the importance of market research. The problem is that most people who write about it don’t do it themselves. At least, not in any meaningful way.
Market validation is a process of presenting an idea in front of our target audience and learning whether or not the idea is worth pursuing,
The step should be the first in line when considering executing an idea or making any significant investment.
However, organizations jump into product development without undergoing market research. They fail to think past the optimism they have infused in their product.
“Why hasn’t the competitor launched the production of a similar concept?” or “do the buyers really need this solution or do they already have a choice?” are common questions that must cross your mind before investing in the remedy.
2. Positioning your product in the marketplace
Positioning your product in the marketplace is a critical part of your go-to-market strategy.
If you don’t know who your customer is and what they want, you’ll never be able to create something they want.
You need to understand what your customers want and how they think before you can create a product that meets their needs. And if you don’t understand what’s important to them, how can you expect them to buy from you?
Positioning is about defining your target customer – who they are and what they want – so that you can create products or services that meet their needs.
3. Developing a unique value proposition
If you aim to create something successful, you need to develop a unique value proposition. Your product or service must be different from your competitors and provide something people want.
A unique value proposition means offering something unique and different from other companies in the same industry. It’s not enough to be “good enough.”
To develop a unique value proposition for your startup, think about the following questions:
- What problem am I solving?
- How is my product or service different from other products in the same category?
- Why should people buy my product or service instead of buying something else?
4. Define the channels and messaging
Marketing is critical to any strategy but can be vital for a GTM. A business’s limited resources must focus on making the best use of its marketing dollars and time.
A well-planned marketing strategy can help a startup to:
- Understand how they want to position themselves in the market
- Identify the best channels to reach their target audience
- Develop a consistent brand message that resonates with customers
- Outline measures to evaluate the results
Do you have a “go to market” strategy? What is it? Are you satisfied with it?
Go-to-market strategy for startups is so important for two reasons. First, you need a clear vision/ direction on how you will position your product in the market and how you plan to execute it. Second, you’ll want to get this ‘market’ thing right as early as possible. Each stage of the Go-to-market strategy calls for a different and diverse set of tactics, marketing activities, and tools.
Is it too complicated for you? Do you need guidance? Markivis is here for you. With minimal fuss, our team of marketing consultants can build a GTM strategy and deliver positive outcomes. Talk to us!.
