A Word (or Two) on Creating Your Go To Market Strategy
Let’s say you have a great idea for a new product or service – that’s great! It is now easier than ever to create a product, connect customers, and serve clients thanks to Internet platforms. However, getting that product idea from your head to the real world is a process. Getting your ‘new thing’ to your potential customers involves a website, tech support, sales systems, distributors, product partners…and much more.
Therefore, it is crucial to create an explicit go to market strategy to make this process as successful as possible. Developing a detailed plan can reduce the time necessary to get your product or service to your customers, improve your ability to adapt to changes, and help you avoid a failed attempt at the marketing process. On your journey to creating a winning go to market strategy, here are just two things to keep in mind along the way: keep it simple and be specific.
Keep It Simple
The phrase “Keep it Simple, Stupid” may sound juvenile, but it is just as relevant in creating a successful go to market strategy as it is in design work. There are many different factors that can play into a go to market strategy – but not all of them are relevant to you.
Instead of worrying about affiliate partners or service providers that may or may not have an effect on your product or service, you should ensure that your strategy addresses at least four main components: defining your target market, justifying your pricing, outlining your marketing plan, and detailing your sales and CRM management. In short, any successful go to market strategy should answer the basic “Who, What, Where, and How” questions.
Creating a successful go to market strategy involves specifying what you plan to do, and how you plan to do. In this way, being specific for your strategy involves several parts. First, make sure that you have a starting point and an ending point. You should know how the process starts, and where the strategy gives way to CRM management. Related to this, you should create a specific timeline for your strategy, along with steps for execution. This will help but your strategy into action – which may not be as easy as it sounds.
Specificity may seem to contradict keeping it simple (see above), but the two approaches actually work quite well together. Simplifying the strategy allows you to hone in on the important elements and provide detail. In turn, specifying your strategic steps, timeline, and technological requirements will simplify the actionable aspects of your go to market strategy in the long run.
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