Customers, not markets, buy your products. So, going to market demands a deep understanding of your customers’ needs and behaviors. A strong strategy builds your organization’s capabilities to sell more. It involves putting forward the right prices at the right time via the most effective channels. Today’s dynamic digital era demands companies to tailor-make their strategies to reach customers.
To be ready for this digital revolution, learn how this era has changed advertising:
- Advertising is huge. Advertising was simple, more money meant more customers, which meant more success. Digital has brought back pay to play idea.
- A conventional advertisement is no longer viable. You have to get creative to catch attention.
- Traditional advertising is dead. Online marketing channels are better targeted and you only pay for reaching people who have interest in what you say.
- Digital levels the playing field. Communication has changed. With more details about the shift in customer behavior, it’s now easier than ever to hit them right.
- Customer service never sleeps. People expect you to address their needs at all times, as fast as you can.
A kickass go-to-market strategy for startups
Millions of startups reach the basic funding stage each year. Angel investors help about half of these companies with their initial development. Very few out of them are then able to show enough promise to actually receive a first round of capital from venture or private equity sources. The challenge usually how to sell your product and create a sustainable revenue stream so that you can further develop your product offerings, build your infrastructure, repay your investors and finally pay yourself. Here's where figuring a great go-to-market approach comes into play.
Startups need to take their customers’ perspective to understand how to approach the market. They should think about what the customers are trying to achieve and what problems they need to solve — and then think about how the product can help them be successful. Let's take a look at a GTM strategy startups need to adopt.
Nail your GTM positioning
Market positioning, at heart, is simply how you tell your story. It’s a forcing function that helps you to crystallize your strategy which can have a magnitude effect across the whole company. Take a look at these 5 crucial GTM considerations:
- Audience - Fully understanding your consumer segments is most important before you start anything else.
- Channels - Once you know your audience, you need to know where they are looking and where they are learning. This will help you to understand how to best reach your target audience.
- Pricing & packaging - You need to “right size” for your segments and strengths.
- Customer acquisition cost - Work through your acquisition model and costs.
- Messaging - You can only solidify your messaging within the context of everything else.
Remember, any successful startup began with solving their customers’ challenges. It’s better to build a small customer base who love your product rather a lot of them who just sort of like your product. Finding out the perfect approach to go to market is challenging. But as you move forward solving your customer's’ problems, you will refine it based on the insights you gain.