How can you develop a go-to-market strategy that maximizes your product's potential?

Before building the go-to-market, it is always essential to first identify your audience and the platform they are on. Not everyone is using all the platforms. Market research is very crucial for this, identify the pain points your customers are facing, what are their interest, needs, their behavioral patterns. One of the approaches to collect data is to get feedback or polls by running campaigns. Based on this analysis result, it is easy to build buyer persona, customize the go-to-market strategy plan accordingly for your customers for the successful campaign.

To create an effective go-to-market strategy, begin by thoroughly defining your target market. Conduct comprehensive analyses of both traditional and digital channels to gain a deep understanding of the market landscape. With this knowledge in hand, meticulously craft a unique value proposition for your product. This proposition should not only distinguish your product, but also directly address the specific gaps and pain points present in the market. By actively bridging these gaps, your product transforms into a compelling solution tailored to the precise challenges your target audience faces. This value creation process, rooted in identifying and filling these critical market voids, serves as the solid foundation of a go-to market.

Trade Shows are the best and most inexpensive method of marketing to decision makers!!! If you plan your trade show to deliver a specific message you will always win big!!!!

Let's assume that you did Voice of Customer (VOC) research to develop the new product, including interviews with potential customers that identified their pain points, wants and needs. That same research will help you in defining your target market, crafting your value prop, positioning, pricing and channel. Always refer back to the original research in crafting the go-to-market plan because it takes emotion and opinions out of the strategy and gives you a strong basis to earn management support. If you didn't do VOC early on, do it before the launch. You won't regret it.

Defining a target market is important... vital in fact... but in doing so you run the risk of going to market with blinkers on. You might think your product is X and will appeal to Y and all your marketing will be geared to that (as it should be) but... you also need to monitor who's engaging / buying post-launch and be ready to pivot if something unexpected happens. To use a slightly distasteful recent example look at vapes... Launched as a medical device to quit smoking, they're now 'cool' status symbols amongst teenagers and all the marketing was changed to reflect that. (I'm not endorsing vaping btw, just using it as an example of what I mention above).

In my opinion whatever value proposition you decide or plan to offer to your (external) customers, it should be sold or agreed internally. It is very important to have the buy in from all the important stake holders, those who are responsible to communicate this value proposition to the customers. Khalid

Explore diverse value proposition strategies: 'More for Same' - added value at the same price; 'Same for Less' - quality at a lower cost; 'More for Less' - both extra benefits and a lower price. These tactics cater to various customer needs, setting your offering apart.

Don't overlook the importance of language, especially when it comes to appealing to the emotional decision factors revealed in your market segment and persona research. Many marketers focus on communicating functional benefits and technical innovations. This is certainly important, but you should also look for ways to help the buyer understand how your product aligns with their values, beliefs, and desired social/organizational status. These are types of psychographic segmentation and their importance varies based on your target market. For example, personal beliefs can be important in B2C markets, while organizational status may be a factor in B2B markets. It's not only what you say, but also how you say it!

Building a compelling value proposition requires a thorough understanding of the pain points experienced by your target audience and the gaps they face with their current solutions. For the best results, utilize data from win/loss and customer intelligence (CI) programs to ensure your value propositions directly respond to real pain points. Your value proposition should provide a specific benefit to users that is unique from the rest of the marketplace to stand out. Additionally, validate your new value proposition by running a series of A/B tests in segmented email campaigns or landing pages. Remember, different customer personas will respond differently to your value proposition so be prepared to tailor your messaging by persona.

If you've properly researched and segmented your customers using jobs-to-be-done theory, you should be able to craft compelling value props (unique to specific customer personas) that speak directly to their pain points or illustrate how your product or service will help them accomplish their goals. Don't be generic, be specific and curate the value prop to the user persona for the best results. The process doesn't end here, you should be continuously testing your value proposition by marketing channel, by audience, and more. Don't let your value propositions get stale!

When developing the value proposition, and beginning to plan out positioning, keeping the customer outcomes front and center is very important. It should be clear not only what problems can be solved using the product, but also what outcomes can be achieved.

People don't like change, which means switching costs are incredibly high. What is your positioning in the market such that someone NEEDS to use your product? What is the feature they've been asking for forever, but hasn't been delivered? Make sure you lean into your positioning in your GTM to drive interest and win customers from your competitors!

An ambitious, structured and inquisitive approach, coupled with a compelling reason ‘why’, provides robust, valid and relevant outcomes that help get better decisions implemented. Innovation must fight ingrained opinions and static habits, competition, and ignorance and fear – sometimes even apathy – to stand a chance. Rational evidence just isn’t enough for success. Most value has been pre-defined - by clinical trial programmes and health economic modelling.   I find opinion-led scientific research techniques, such as Delphi and NGT consensus, essential in bridging any gap between innovation and implementation. Advocating for an innovation’s value is definitely easier when expert opinion is understood, recognised and accommodated.

April Dunford's 5-Step Positioning Workflow is the gold standard for setting a context for your unique offering that will make or break you. 1. Competitive Alternatives - If our product didn’t exist, who would customers use? 2. Key Unique Attributes - What features and capabilities does your product offer that competitors do not? 3. Value - What value do our attributes enable for the customer? 4. Customers Who Care - Who want audience and cares a lot about the value? 5. Market That You Win - What context makes our value obvious to your target segment? "Good positioning sets off a set of assumptions about my product that are true. Bad positioning sets off a set of assumptions about my product that aren't true." - April Dunford

Product positioning is about more than just standing out; it's about creating a connection. Think of your product not just as an item but as a key piece of your customer's story. What makes it unique? How does it align with what your customers truly value or aspire to? The goal is to find that sweet spot where your product's unique attributes meet the customer's lifestyle or needs, setting it apart from competitors. It's not merely about being better; it's about being different in a way that matters to your audience. This approach forms a memorable identity, resonating deeply with those you aim to reach.

The best pricing model will depend on a number of factors, such as the type of product or service being sold, target market, and competitive landscape. Some of the most common ones include: Cost-Plus: aka Economy Pricing, involves adding a markup to the cost of goods sold. Value-Based: For more premium products, this pricing model is based on the perceived value of the product or service to the customer. The price is set based on what the customer is willing to pay, rather than on the cost of production. Competition-Based: aka Penetration Pricing is based on what the competition is charging. It’s often used as an introduction to a market, starting with a low initial price point to attract buyers away from competitors.

Define customer segments to align packages with their value needs. Document current marketecture to clarify product vs. feature distinctions and understand packaging elements. Conduct competitive research to inform strategy, noting that imitation isn't always ideal. Define packaging options using a feature-value matrix to assess feature uniqueness and popularity. Test, model, and price plans by gauging willingness to pay and modeling pricing options. Plan for go-to-market strategies, recognizing the challenges and opportunities in communicating new pricing and packaging.

In my career as a business professional, I've had the opportunity to lead pricing strategies for various products. Let me share a story from my experience that highlights the intricacies of setting pricing and the valuable lessons we learned. 1. The Challenge: A few years ago, I was part of a team tasked with launching a new software-as-a-service (SaaS) product in a highly competitive market. We were eager to penetrate the market but faced the dilemma of setting the right price. 2. Understanding the Market: We began by conducting extensive market research. We sought to understand not only our target customers' needs and preferences but also the pricing landscape in our industry.

- Determine the optimal pricing strategy based on market research. - Consider perceived value, competitor pricing, and your cost structure. - Be prepared to adjust pricing based on market feedback.

Pricing is crucial, but equally important is the packaging of your product, especially for SaaS businesses. Effective packaging can be a game-changer for startups. Keep your market assessment in mind as you outline various tiers. This approach will help you establish differentiated pricing levels and corresponding deliverables.

Thanks to some insightful research from Forrester last year, my approach to distribution channels in GTM has changed. Instead of plotting out the usual channels, I map out an customer-centric ecosystem. Then it switches from a conversation around direct vs. indirect channels to one about where and when the customer wants to connect with us. This leads at least some industries towards newer approaches like Product-Led Growth.

Scout your competitors to better understand potential distribution channels. - Where are your competitors selling their products or services? - What channels are your competitor most successful on? Leverage search engine platforms like Ahrefs, Moz, and SEMRush to source key information. - Top referral sources - High-traffic landing pages and blog content - High-ranking keywords

In my experience launching a product is a big investment & no matter how cutting edge it is, a successful product launch dictated by the strength of your marketing campaign & sales strategy. Creating a go to market strategy helps you ensure you are taking everything into account & avoid costly errors!

Other factors influencing your channel choice include access to consumer data and establishing a direct connection with customers, which are advantages of D2C. For brands considering D2C as a channel, there are specific considerations and requirements: - There should be a strong organic digital demand, meaning customers actively search for your product online. - You should have a high Average Order Value (AOV) to offset acquisition costs. - A high Customer Lifetime Value (CLTV) is essential to achieve a favourable Customer Acquisition Cost (CAC) compared to the one-year CLTV. - There must be a clear perceived benefit for consumers when shopping D2C, such as better pricing, improved service, or a unique value proposition.

Throughout my career as a business professional, I've had the opportunity to make critical decisions about distribution channels for various products. Let me share a story from my experience that underscores the importance of this step and the lessons we learned along the way. 1. The Challenge: Some years ago, I was involved in launching a unique line of artisanal food products. These products had the potential to resonate with a broad audience, but we faced the challenge of choosing the right distribution channels to ensure they reached their target market effectively. 2. Understanding the Product: The first step was to thoroughly understand the nature of our products. They were handmade with a focus on quality, uniqueness

Product, price, place, and promotion are important, but you can simplify your marketing mix much easier to: (Brand Awareness): Do people know what it is? (Demand Gen): Have you made them want it? (Lead Gen): If they want it, are the enquiring? (Revenue): If they're enquiring are you converting? And perhaps most importantly... (Repeatable Revenue): Have you made a one off sale, or is this customer now a repeatable revenue stream you can forecast off accurately?

A deep understanding of the competition with a detailed competitive landscape while studying very well the offered USP’s vs what the competition failed to deliver, working on a model that hits directly the competitor through offering a better modified product/version in terms of features, price, promotions and all the other benefits. Develop very clear product USP’s and functional features that will really help the customer.

Planning your marketing mix is crucial for a successful go-to-market strategy. Each element of the marketing mix—product, price, place, and promotion—plays a vital role in shaping the overall customer experience. A well-balanced marketing mix ensures that your product meets customer needs, is priced appropriately, is available where your target audience shops, and is effectively promoted to create awareness. It helps in aligning your business goals with customer expectations, ultimately maximizing your product's potential in the market.

You don’t just need to define your target market, positioning/value prop, P&P, distribution channels and marketing mix, you need to DEEPLY understand your target market and test all of the above with real customers and prospects, I’d argue before you actually execute. It doesn’t have to be a major market research exercise. It could be 10-20 qualitative interviews to crystallize and refine your hypothesis. It can also provide a better foundation for quant research. I’m also a BIG believer in a beta or early adopter program targeted at driving publicly referenceable customers. With both done from the lens of testing and refining the target personas, messaging, value prop, price to value, etc - NOT just getting product feedback.

You must understand that no matter the widget or service you sell, the customer experience is THE actual product now. That makes a customer-centric culture easier. That makes consistent customer empathy easier. Now...EVERY GTM is easier and more successful. Empathy empowers experience.

Marketing is the art of telling your story in such a way that it compels people to buy what you are selling. It's about creating a connection, building trust, and showing the value of your product or service in a way that resonates with your audience on a deep, emotional level. In today's digital age, where attention is scarce and choices are abundant, effective marketing is not just about shouting louder; it's about speaking more authentically, engaging more meaningfully, and delivering more value than your competition. So, don't just market your product; share your passion, solve your customers' problems, and make a difference in their lives. That's the heart of successful marketing.

To be successful in this, this list is missing the critical step of defining what success looks like for your product. To do all the things listed, you first need to define the goals so you can design your strategy and tactics to support them. For example, how many sales of the product by when = success? How many leads need to be generated to support those sales? Pretty simple, but you can't say you're successful if you don't define what success will look like. Outside of that, I've learned it's helpful to make sure all of your marketers (including outside agencies) are thoroughly trained on the product and those goals so they know them inside and out before starting work on strategy and tactics.

I think there are 5 essential steps: 1. Market Analysis: map market trends and opportunities 2. Customer Segmentation: Identify and target your audience 3. Strategic Positioning: create a powerfull product positioning 4. Messaging: clear, effective and relevant communication 5. Channel: Optimize distribution channels