September 28, 2022, Comment off
What is Go-to-Market Strategy
A go-to-market strategy helps you define your target demographics. It also helps you position your company to achieve a competitive advantage in the market. It defines a step-by-step approach to launching your company, a new product or a brand into the marketplace.
This includes the whole gamut of activities that are aimed at:
- Determining the characteristics of your target audience.
- Defining the needs that your product or brand can fulfill.
- Identifying the unique value proposition of your product or brand
- Deciding your client acquisition strategy.
- Determining your buyer persona – this represents your ideal or best potential customer.
- Devising a clear product messaging strategy for your customers based on the above.
Components of a go-to-market strategy for B2Bs
This evaluates your brand or product characteristics and the gaps it fills in the marketplace. This includes analyzing the customer needs that your product/brand can bridge. This process also involves analyzing the substitutes and competitor products that exist in the marketplace and the niche that they fill. Market surveys and other studies help in the analytical process. The important aspect to remember is that it is not an end customer but the intermediate companies that are buying your product.
In B2B marketing your target market is not an end customer but represents the entire purchasing ecosystem in your target consumer company. There may be different levels of decision-making and different departments involved in the purchasing decision. There may be inputs from departments that evaluate the purchase ROI, technical buyers who evaluate your product and the need that it satisfies, and the final decision-making authority or the approver who decides whether your product meets all their needs.
Analyzing the competitive landscape
You need to identify who your direct competitors are. An entire competitive landscape analysis has to be carried out to understand the different players, their market shares and roles. You also need to analyze their web traffic, social media presence and company growth statistics etc.
Analyzing distribution channels
You need to analyze the channels where your target accounts are actively present on. Your distribution channel strategy has to be effective in creating a maximum visual impact on your end customers and be accessible to them.
Two main types of GTM Strategies
You must define your value proposition, create your ideal buyer persona, determine your product positioning and marketing budgets, and develop your marketing and sales plans, build brand awareness and demand generation through inbound and outbound methods, backed by a great content strategy to attract your B2B customers. Lastly, you should aim at increasing conversion rates, increasing your pipeline, and inventory turnover cycles and finally reducing your customer acquisition costs.
Major methods used to convert go-to-marketing strategies and converting them into sales.
· Funnel method.
· Flywheel method.
1) The funnel method focuses on attracting leads and converting them into sales. This method focuses on all stages of a customer’s purchase journey from developing awareness of the brand to finally making a purchase decision. The funnel method follows them all through this journey and helps in making the conversion.
2) The flywheel method aims at developing long-lasting customer relationships and building brand loyalty. This uses inbound marketing techniques with the circular flywheel attracting, engaging and delighting the potential customer. This method helps to convert potential leads into life-long customers. New product offerings, new customer service experiences and new content are used to engage the customers’ attention.
By matching the customer persona with their values and needs, the content and lead generation strategy is devised. The key to the whole go-to-market strategy is comprehending the buyers’ decision process.
A clear GTM strategy means success
Building a strong go-to-market strategy is vital in B2B marketing as well as any another type of business. Further, it is essential to build a strong go-to-market strategy to launch your new product, brand or service. Following the steps outlined above will also help ensure the success of your product or brand in the marketplace.