A go-to-market strategy (GTM) details how you’ll engage with customers when launching a new product or service.
Strategies vary, but the end-goal is always the same: competitive advantage.
1. Define your target market
- Focus on early adopters—trendsetters with influence who try new products first.
- Write a description of your target market and create buyer personas (who are the people who would need/value your product and what are their characteristics?)
- Narrow your focus by asking:
- Who faces the challenge(s) my product will solve?
- What demographics define this group?
- Are there psychographic or geographical factors to consider?
- What other variables help define my market?
2. Nail down your value proposition and messaging
Your value proposition clearly communicates the reason a product/service is best suited to your customer. It should be accompanied by an enticing but clear product description.
- Marketing tactics. Focusing on the best channels for early adopters, use outbound or inbound marketing tactics, or a mixture of both (i.e. content marketing and paid display ads).
- Positioning. Your GTM should identify your product in a way that sets it apart from the competition.
- Branding. Your product’s “personality”. With your target market as a reference, define the type of language you will use, your colour palette, and the values you want to communicate.
3. Build a pricing strategy they can’t refuse
Consider your target market as well as your value proposition when setting prices.
- Review competitor pricing and match, or outdo it, if possible.
- Determine whether value-based pricing is feasible (pricing based on customers’ perceived value).
4. Clarify your distribution plan
You’ll need a fast and affordable plan.
Online and in-person strategies both offer pros and cons, but in-person services tend to be more hands-on, time-consuming and costly.
Top online marketplaces include Amazon, Etsy, eBay, Handshake, and Bonanza, among others.
5. Prioritize customer support
Quality customer support should never be underestimated. As you grow, consider investing in customer service software to help you do it right!
6. Track your metrics
Use metrics to monitor the success of your GTM:
- Revenue per dollar of sales expense (divide your total revenue by your total cost of sales)
- Customer acquisition cost (divide your total cost of sales by the number of new clients acquired)
A strong go-to-market strategy can be an invaluable guide as you find your first 100 clients! Need more advice? Contact YES Employment + Entrepreneurship to connect with a business coach today.