Launching a new product or service is an enormous undertaking for a business.
There are loads of details to consider: What’s the current market for your product? Does your product meet customer needs? What roadblocks need to be overcome? How will you reach your ideal customers?
A crystal ball would come in handy. Business owners could simply peer in, find the answers, and launch their product to great fanfare. Since crystal ball technology hasn’t yet been reliably developed, the next best option is a solid go-to-market strategy.
A comprehensive go-to-market strategy identifies the new direction for a product or service, whether entering a new market, market expansion, new product launch, and/or new persona targeting.
The strategy establishes a clear vision for execution and defines a path for launch, reducing the time to market and ensuring an optimal customer experience. In a nutshell, it’s about getting your product to market efficiently and successfully.
Elements of a Strong Go-to-Market Strategy
- Product Definition
You’ve likely already done this part, but it’s good to take another look and ensure you have clear focus. What’s the core problem the product aims to solve, and how does it solve it? It should validate how current product features meet customer needs and establish objectives for the product in the next 6-12 months - including sales goals, feature testing, and customer feedback.
- Market Definition
It’s essential to define the target market(s) and their size, barriers to entry, and buying power. Equally important is understanding the competitive landscape – pinpointing main competitors and new entrants into the space and how they will react to the launch.
- Customer Profile(s)
Knowing your customer well is important. Customer profiles clarify your target customers’ behaviors, preferences, motivations, as well as demographic and psychographic profiles. They also pinpoint customer values, what motivates them to buy, and what might prompt
How will you get your product into the hands of your customers most effectively? Research all the options to select the most promising selling and distribution approach that reaches customers cost-effectively and easily.
Knowing who your customer is and the problem your product solves for them helps you define the product in a way that resonates with customers’ interests and needs. Effectively positioning your product means highlighting key value points and ensuring differentiation among the competitors you’ve already identified.
- Marketing Strategy
There are a multitude of channels you can employ to reach your customers, but not all of them suit your brand, your product, or your customers. Rather than trying to use them all, identify which channels you’ll prioritize for a successful marketing program and how much you’ll invest in key marketing activities.
- Pricing Model
Consider the market, your competitors, and your customer's expectations to develop a pricing strategy that supports the value proposition.
A strong go-to-market strategy puts your product in the best possible position to meet success. Following the launch, we also recommend you celebrate accordingly. (We’re fans of bowling, margaritas, and sharing way too many celebratory Giphys on Teams.)
If your company is looking to launch a new product or service, and you need expert guidance on a successful launch, reach out to us.
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