How to Create an Effective Go-to-Market Strategy for a Tech Product

95% of the tech products launched every year are doomed to fail!* And here’s how you can prevent that unfavorable outcome for your company with an effective Go-To-Market strategy.

According to data by Gartner Inc., B2B businesses that optimize their go-to-market strategies outperform their competitors by 50%. So let’s dive into making your odds at success A LOT BETTER.

First, let’s understand what a go-to-market strategy is.

A go-to-market (GTM) strategy is a detailed, step-by-step plan that aims to generate a sustained demand for a new product in the market.

It helps marketers identify their product’s target audience, outline their marketing tactics, and align major stakeholders. It defines the target audience, conducts a thorough market analysis, develops sales strategies, and determines the ideal marketing mix.

5 Steps to Create the Perfect GTM Strategy for Your Tech Product

GTM strategies must be thorough. A solid GTM strategy covers the basics and best practices like:

• A Martech stack?
• Use of intent data to target relevant audience
• Dynamic account segmentation
• Targeted campaigns personalized by buyer segmentation and their buying stages
• A multi-channel approach
• Analysis of data to evaluate ROI and optimize at regular intervals to assess performance

Here’s how you can create a GTM strategy for a stellar tech product launch:

1. Identify and Target Your Potential Customers

Know all the segments of your target audience in terms of gender, age, class, country, religion, race, and other demographics. Create buyer personas for each segment to get the big picture of who you’re targeting and know which buyer persona you need to reach first. Your GTM strategy should ensure that your marketing content reaches the segment of potential customers who would be the most loyal.

2. Clearly Define Value Propositions

Identify the problem(s) your product solves and the key benefits for which your TG will choose to buy it. Understand the USPs that differentiate your product from its competitors in the market and also the product-market fit.

3. Set Metrics to Substantiate Success

Shortlist the most accurate key performance indicators (KPIs) to keep constant track of your progress toward your marketing goals. Also, make sure your set goals are S.M.A.R.T. – specific, measurable, achievable, realistic, and time-bound.

4. Select Distribution Channels

Don’t ignore organic marketing. Organic marketing like SEO, generally takes a longer (3 to 12 months) to yield results but delivers better ROI in the longer run compared to paid marketing. Conduct thorough market and target audience research to find the marketing channels that align with the way your target audience consumes content. Design an efficient marketing funnel for each of the chosen channels.

5. Craft Compelling Marketing Content

Develop a detailed content marketing plan. Work with a specialized content marketing agency to create compelling content to save your team precious hours in drafting content and learning what works and doesn’t by trial and error. Decide the key messages you need to convey to your TG at each stage of the marketing funnel.

6. Mix Linear Strategies and Loops

Create a balanced mix of linear strategies for sales to attract new customers and complement them with smart cyclic loops that get you new sign-ups as referrals from new customers.

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?*Harvard Business School professor Clayton Christensen