09 Sep

How To Create A Go-To-Market Strategy: Breaking Down The Process

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How To Create A Go-To-Market Strategy: Breaking Down The Process.

Now that you have a business idea, you need to figure out how to make it a reality. Your go-to-market strategy is the blueprint to your business’s success. In this post, we show you how to create a go-to-market strategy, by breaking down the process. We will cover:

1) Define your end customer and their needs

2) Create a strategic plan for reaching your target audience

3) Explore different sales channels

4) Determine your pricing model

5) Set up your sales process

 

Defining your end customer

The first step in creating your go-to-market strategy is to define your end customer. You need to know who you are selling to and what they need.

Before you do anything, take the time to think about who will be using your product or service. What do they like? What don’t they like? How does your product or service meet their needs? What keeps them awake at night?

This may seem like an easy question, but it can be more complicated than you think. To help you answer these questions, complete the following sentence:

 

My ideal customer is someone who wants to be able to…

 

Explore different sales channels

Once you have a good idea of who your end customer is and what they want, it’s time to figure out how to reach them. You can use a variety of sales and marketing channels to meet your target audience in a way that fits with their lifestyle.

For example, if you’re selling to other business owners, consider using the following channels:

  • LinkedIn
  • Email campaigns
  • Networking events
  • Local membership groups
  • Offline advertising at local events 
  • Search engine marketing (SEO) 

Each channel has different advantages and disadvantages so explore them all! Once you find the right channels for your business, focus on those channels.

 

 

Determine your pricing model

The pricing model you choose for your business will depend on a number of factors, including the type of product or service, market demand and your desired profit margin. An effective pricing model should lead to a profitable company with happy customers.

Before determining what your prices will be, you need to figure out the cost of doing business at different levels. This includes every penny you spend on your business, such as staff overheads, office space, marketing fees, utility bills, web hosting (the list goes on…).

Your goal is to sell a collective amount of products or services for more than this number. You should set a price that will allow you to make a profit while still covering all your overhead costs.

We support our clients by helping them build full financial models (Profit & Loss, Cashflow and Revenue Forecasts). If you want to get more control over these numbers, let us know and we will be happy to share advice, frameworks and ideas.

 

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Set up your sales process

A process is a series of steps that, when followed, produce the desired result.

In your sales process, you’re going to identify the steps needed to bring a prospect into your pipeline and convert them into a customer.

Begin by defining who or what will represent your end customer and their needs. This will be the person who will use and benefit from your product or service. Next, determine how you’ll reach them and make sure they know how to contact you back. For example, if you’re selling jeans online, this could entail sending out email marketing campaigns, advertising on social media or defined landing pages with links to your website. 

Designating an email address for inquiries is also important so potential customers can contact you with questions about sizing and shipping times.

The next step is understanding what it takes to convert people into customers. You may need different lead magnet offers to attract different types of prospects depending on their interests and intent for contacting you – for example: “Download this whitepaper” vs “Sign up for our newsletter.” By understanding what your prospects want and need before they contact you, it makes it easier for them to take action without feeling pushed or manipulated.

We always encourage you to design a complete sales cadence. From attracting new customers and getting their attention, through to scheduling appointments, pitches, proposal writing and winning the deal.

What is the technology that you can use to control that process and what are the assets you need to be able to share with prospects along that journey (brochures, webinars, demos etc).

Here is an example of a cold outreach sales cadence:

 

Conclusion

Once you have all of these things in place, you’ll be able to work on executing your go-to-market strategy.

  • Set up your sales process
  • Account for customer acquisition costs
  • Choose the type of sales channel that suits your company best
  • Determine your pricing model
  • Create a plan
  • Define your end customer
  • Explore different sales channels

 

If you want help with understanding your plan, get in touch with our team, or explore the Orca Programme, where you can learn how to do this in-depth, and have the full support of our team and your peers.

"If you’re a service-led company like ours, wanting a more structured plan for growing your company, then we can highly recommend using Second Voice."
"Second Voice were recommended to us by the incubator team at NatWest. Ben was incredibly thorough in understanding our own plans as well as our industry before we even decided on how they would help us. The agreed plan was a research and strategy document that we are really impressed with, and it now gives us a very clear way forwards to win more clients and improve the way we present ourselves to prospective customers. A great experience all round, and if you’re a service-led company like ours, wanting a more structured plan for growing your company, then we can highly recommend using Second Voice."
Tim Rookes Co-Founder True MSP Derbyshire, UK
Create your own GTM strategy

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Written by Ben Bennett

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