It’s the unexpected that will surprise!
The art and science of a GO-TO-Market strategy is most of the time foreign to entrepreneurs. To some, it is a waste of time to consider the role of marketing and sales and how the importance of a GTM strategies can affect the chances for success
As an Entrepreneur or start-up you have to unpack the importance of a Go-To-Market strategy.
It is one thing to have an idea, begin your business, invest some money, but then what?
How do you do marketing in an age of social media and apps. Advertising and traditional marketing methods is no longer the only way to make customers aware of your company. Today, GO-TO-Market is all about the mix. You need to tailor your own GTM Plan – bringing together the key success factors of your business – Customer Insights, Sales, Marketing, Pricing and Branding
Where do you start? Define your Target Market.
1. Who is your customers?
o During the process of defining your customer, it is most important to do market segmentation. Doing market segmentation you will classify your customer in various ways – income (students, middle income, high income), geography, gender, hobbies, experience, age, education
o If you breakdown your target market –To understand your target market you need to also know on which social media platforms your target market are mostly active. Consider your product/service and remember that each platform have a different purpose – Education, entertainment, networking ect
2. Have you done some market research on your Target Market?
o Do you understand your marketing audience?
o Where do they buy?
o How do they buy?
o What would they prefer?
3. Identify the influencers in the Market that will be pivotal in endorsing and supporting your product
4. Think and list the reasons why customers will make your product or service their product of choice.
o Do you understand the competitors that play in the same market?
o What will make your product unique with your target market?
5. Define clearly the Gap in the market.
o What will make your product/service unique to this audience and what will make it stand out for people to buy it?
o Is there a gap in the market or will you just add something additional that will differentiate your product/service
o Is there markets that you can immediately easily target and reach with limited budget and marketing efforts?
Don’t be general – Be Specific about your target market!
Don’t be scared to exclude people – rather think about how you will focus your marketing efforts and in which target market will your product or service resonate the most!
“Buyer personas are often met with opposition because they’re a lot of work to assemble, and once assembled they are living, evolving things and must be maintained. Like people, buyer personas change over time with the market, the times, the ebbs and
PESTLEPorter’s Generic strategies which were first published in 1980, included 3 important strategies which would add to an organization’s strategic advantage as per their strategic targets. They are:Cost leadership: When any organization is targetin