Successful businesses use a go-to-market (GTM) strategy to employ all their resources efficiently to bring a new product to the right audience. Developing a go to market strategy that builds your business’ market share requires first identifying a problem, pain point, or need shared by a significant target audience. Once a company identifies a need and determines the solution, a go-to-market strategy is built to align with, support, and reinforce a company’s brand and value proposition.
Here are few key steps to building a GTM strategy that works.
Know your audience personally
Many businesses make the mistake of selling only to the end user, but surveys have shown that as many as 5-6 other stakeholders may get a vote into solution implementation when it comes to B2B marketing. Each person who plays a role in that decision-making process comes to a problem and its possible solution from a different background, with different business priorities, and with a unique perspective. It may seem simple to understand your target market, but within each marketing vertical are those whose motivations could affect your product’s ultimate success.
It pays to complete your due diligence in this GTM strategy development step by researching all possible stakeholders and developing personas that reveal their backgrounds, priorities, pain point perspectives and motivations for making purchase decisions.
Consider your sales strategy
Many companies that previously relied on outside sales have realized the value of inside sales during the pandemic. However your business chooses to approach lead generation, nurturing, and conversions, it’s important to consider your team’s capacity to handle each stage and maintain customer service that reflects your brand values. If your business caters directly to consumers, for example, your sales team could be a skeleton crew, but user experience (UX or CX) with your website, CRM and support team will take center stage.
Craft and test messaging relentlessly
It can be challenging to craft messaging that communicates a relevant value proposition to all stakeholders while staying true to your company’s brand. Creating messaging that converts prospects into buyers requires creativity, a deep understanding of the product and industry, and a sort of researching-in-place strategy once messaging is developed.
A/B test your messages on various channels in a limited capacity, find the ones that feed your conversion funnels, and most importantly, stop throwing money at the ones that don’t convert. This is where analytics tools can save you effort and money and help identify how your messages result in qualified leads. Once you’ve vetted all the options and narrowed your focus, it’s time to craft a strategy that turns leads into sales.
Optimize the top of your inbound sales funnel with content and analysis
Way back in the beginning of your feasibility studies, you should have identified certain Key Performance Indicators (KPIs) that identify a successful sales strategy. The primary KPI that marketing messaging and owned-channel content can influence is inbound qualified leads. Getting those leads requires building awareness and multiple touchpoints, and nothing does that better than content marketing.
Great content begins with keyword research. This is where successful businesses can develop an edge on competitors. Create original, relevant, and visually appealing content on your website and use links to build site authority and improve SEO rankings. Employ digital ad messages on channels with high conversion rates, track those rates to your owned content, and find out what’s working. Start the cycle over again and do more of that, analyzing and optimizing to reduce cost per acquisition (CPA) and build loyalty with dedicated content marketing and UX strategy.
Now is a great time to get started building a go-to-market strategy that targets the right audience. Cowtown Creative specializes in helping businesses build new revenue funnels using the latest marketing strategies and analytics tools.
Contact us today to find out how we can help your business go to market efficiently and successfully the first time around.