A go-to-market strategy needs to answer the question how to acquire customers/users and, more importantly, how to retain them. It should be planned in a way that it will meet or exceed the goals and objectives of the company. Pinpointed go to market strategies provide a framework for what exactly are the daily, weekly and monthly activities required in order to achieve the objectives.
A well-planned strategy provides a plan for delivering a product or service to the market through all the steps along the way, including sales, marketing, and development, etc.
The best go to market plan is worthless if it doesn’t produce the desired business outcome. Every marketing channel must be fully optimized in order to achieve maximum profit with fewer resources.
It is essential for a startup to perform an assessment of where it stands before developing its go-to-market plan. Always ask the right questions and use a quantitative framework to forecast the future state of the company.
You should ask yourself the following questions:
- What is your company’s current status?
- Where do you plan to be in the near future?
- What needs to happen, how much will it cost and how long will it take?
Tactics are a series of actions that are required to implement a go to market strategy. Marketing tactics may include content creation, event execution, an active presence on social media, sending and replying to emails, PPC, SEM, and coordination with the sales department, etc.
An effective go to market strategy leads to customer acquisition and retention. A go to market plan must address the fields in which a startup competes and on what terms the sales team have the best chance of succeeding. The keys to a successful strategy are:
- Identifying an audience with the highest potential for conversion
- Crafting the core values that are specifically tailored to the employees involved in the buying process
- Ensuring customers understand the product or service’s values during the sale process
We believe that a go-to-market strategy is an integral part of the start-up’s business plan.