As scaling becomes a priority for any business, the need arises to expand into new markets and reach new audiences. A successful go-to-market strategy is paramount in achieving this sort of business urgency. Therefore, we’ve decided to elaborate on a few steps to creating a go-to-market strategy to help your startup plans in very concise ways.
What is a go-to-market strategy?
As we defined over our Go To Market Strategy Presentation Structure, a go-to-market strategy (also shortened to GTM) is a set of tactics that are put together and outlined as steps. The idea is for this exercise to get a startup closer to thriving. And it can do so with a product in a new market or with a new segment of clients.
Commonly used to focus on a new product or a new market insertion, the GTM has everything to do with business growth and the specific path that’s needed to achieve that. Its main goal is to reach enhanced profitability, and it typically aims at that through business expansion in different ways.
How to build a go-to-market strategy?
Creating a GTM is a matter of tactic, and it should be a powerful tool for you. So, first, conceive you’ll need to come up with a set of tactics to build your strategy and make sure not to confuse the two as if they were the same because they’re not!
5 steps towards the creation of a go-to-market strategy
1. Create a GTM for every new product or market (or both)
You can perfectly have a product that you’re taking to a new market, which would require a new GTM for that move to a new audience. Or you could take a whole new product and move it to the same market you’ve always been targeting. Either way, you’ll need a reliable and specific GTM for every move you make in this sense.
A tip to consider is that the more agile your GTM, the easier you’ll be able to customize it based on continuous feedback. You’d thus be making the best of a single resource in a way that keeps renewing to the most effective result for your startup.
2. Dig deep into your research
The first step to any GTM is to do thorough research. Help yourself out with templates if you want to cut down on the amount of inquiry you need to do. Having a pre-defined structure to fill in with your details and particulars tend to help most entrepreneurs.
Otherwise, you’ll need to come up with tons of data, and it’s essential you don’t miss out on the required elements that should comprise a thriving new market entry, company rebranding, or new product launch.
What’s ideal out of your research is for you to comprehend your target audience’s needs along with their problems, what the market segments are, specifically, along with the profiling to your consumers and the diverse channels you can use for sales.
In seeking to comprehend these traits, it’s essential to have a scope of the competition and how it stands. It’s also necessary to measure how your brand is taken in, if at all. And check on your product messaging and how well it’s acting upon delivery to its users.
It also helps to consider what pricing is the most effective as a model for you before you can take any action by plotting on diverse marketing tactics.
3. Work on your value proposition
Once your research is over, it’s time to start adding value to your proposition.
For that, make sure you consider how you can make your offer the most relevant to your intended audience.
Once your relevancy is in check, move on to your precise value. Polish just how quantifiable your offer is. You should factor just how much customers can reap on benefits by buying what you have to offer.
And then, question why anyone would come to you for your product versus that which is available in different ways in your chosen market.
4. Detail your sales strategy
You’re ultimately looking to sell your product to run a profitable business successfully. So focus on the tools and resources you’ll need to engage potential customers.
Define the techniques that will work best for your team and spend some time drafting an improved sales funnel, for example. You can also stop to consider what your optimal strategies are towards customer acquisition.
And, as a final step to that, also think how you can best strengthen your sales team training for them to make the best possible use of any new product or market strategies you’re now creating for a flawless conversion to more sales.
5. Define your KPIs
You need to measure how well you do in all of this, somehow. Use metrics in your favor.
Sit down and consider what your key performance indicators need to be to help you with your insertion and expansion efforts.
To do this right, make sure you can attain and quantify results and that the metric you choose is of real importance not just to you but to your business’ stakeholders, as well.
And, on the sensitive side of matters, as you establish KPIs, know you’re touching upon team morale in considerable ways. So get these down not only to something attainable but a metric your entire team can comprehend and with which they can identify. Drawing from experience, KPIs bear a more significant toll on your collaborators’ day-to-day lives than we tend to observe.
Go-to-market strategy example
We know all this drafting before launching a new product or moving a service offer to a new client segment can be disheartening to some. But rest assured that doing all this thorough research and following up on the required steps to creating a go-to-market strategy will help your business.
Going through this practice will not only determine where you stand but also what you need to get further. Scaling is a natural need for your startup, so be attentive to all the new information you’ll be getting throughout this process to help your business grow. If done correctly, you’ll walk out of a GTM with a better panoramic to your business.
On another note, the step-by-step rendition we present to you today comes in addition to previous tips on go-to-market strategy presentation slides that we have shared before. Take a look at those if you’re thirsty for more!
And, if you’re looking for the best of go-to-market strategy presentation, know that you’ve come to the best possible place. Use our templates straight from our AI-powered platform, download them, and take them with you as PDF or share them online with your potential business partners and others. Regardless of how you use it, Slidebean’s stunning design is here to help your startup.
Freelance and Remote Web Content Writer is the current hat under which Ang keeps on the global move. Writing blogs, website content and (especially) Facebook ads for diverse small businesses, entrepreneurs and international parties is part of the common work under Ang's belt. Otherwise, you'll see Ang riding a motorcycle on their vegan way out of theater rehearsal.