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Go-To-Market Strategy

Creating a Go-To-Market Strategy for Your Start-Up

Creating a Go-To-Market Strategy for Your Start-Up

Starting up a business is a scary time for even the most promising ventures. There’s a lot that can go wrong in the time from coming up with a great idea to getting it to market.

Experts recommend that the strategy you use while planning to get to market should differ significantly from your plan after you launch. So it’s important to invest in a clear go-to-market strategy first. With this, the focus is all on letting customers know that you’re coming and giving them an appetite for your product for when it finally does make it onto the marketplace.

Your go-to-market strategy determines your success when you launch

Creating a go-to-market strategy that’s successful depends on a few key criteria. Firstly, if you’re going up against competitors with a similar product in the marketplace, you need to identify why potential customers are dissatisfied with that product and what you can offer to make them switch to your product instead. Secondly, as a new start-up, there will be little awareness or trust in your brand, so you’ll have to invest in changing that mind-set and creating brand awareness.

Creating brand awareness

Creating awareness is all about defining your product, your brand and becoming product-market fit. Once you can achieve this, then the act of customer acquisition should follow naturally. Because customers know who you are and trust that your product will solve problems others can’t, they’ll become loyal to your brand and recommend you to others.

If they can see a higher value in your product, they’ll even pay a premium. So consider any and all factors that will make them spend more on your offering.

Considerations for your go-to-market strategy

Every serious entrepreneur will have carried out all the research necessary to ensure there’s a market for their product. Most will have secured feedback from potential customers in order to finalise the product, its positioning in the market and pricing. This information will also be central to creating your go-to-market strategy. Certainly, at this stage, you should know your competitors inside out and what you need to do to take market share away from them.

Look at acquisition channels and how you can measure success in each. Score each channel based on how successful you believe they will be. After that, you can prioritise investment in what you deem to be the most successful ones.

The next step is to detail what you need to introduce your product and start selling in each of these channels. Depending on your product, these channels can include social media, SEO and content marketing, trade events, paid ads, PR, email campaigns, various types of business partnerships and direct sales. Getting the right people to help you with this will require expertise. However, you may already have some of that talent on-board. To find out, as part of your go-to-market strategy, complete a review of your talent management strategy by getting in touch with a specialist at Eximium.

Securing the confidence to go to market

Once you’ve assessed your acquisition channels, examine your potential customer personas. You’ll probably notice that different customer segments gain varying levels of value from your offering. Start by focussing your resources on those customers you believe will gain most value.

It’s now that you must decide how much money and time you invest in each channel and customer segment. If you have a team working for you, delegate tasks and timescales to each member. Again, this is something a talent management specialist can help you with.

Of course, when you do get to market, you may find that both the most successful channels and customer personas change. That’s to be expected as your business evolves – make sure your strategy changes accordingly in terms of positioning and your product roadmap.

It’s important to realise too that your go-to market strategy doesn’t end the minute you get to market. You need to review your first batch of customers to check customer personas and how successful your chosen channels were before adapting your ongoing strategy. For this reason, it’s important to put in place a way to track your success across each of these channels. The more metrics you can use, the more success you’ll achieve.

The whole goal of a go-to-market campaign is about understanding who your customers will be, what they value and how they’ll buy from you. And once you can do that, you’ll discover you gain much more confidence when it comes to going to market.

Contact us today so we can successfully guide you around the obstacles on your ascend to success.

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Contact us today so we can successfully guide you around the obstacles on your ascend to success.