You’ve created a great product and you’re ready to start selling it. But before you do, you need to develop a go-to-market strategy. This will help you determine the best way to reach your target market and sell your product.
There are a few things you should keep in mind as you develop your go-to marketing strategy.
4 questions you need to answer to create an effective GTM Strategy:
1. What product or service are you offering?
2. Who is your target market?
3. How will you reach them?
4. Where will you promote your product or service?
Your product or service
First, you need to determine what product or service you’re offering. This may seem like a no-brainer, but it’s important to be clear about what you’re selling. Take some time to think about the features and benefits of your product or service. What needs does it meet? How does it solve problems for your target market? Once you have a clear understanding of your product or service, you can move on to developing your marketing strategy.
Target Market Identification: Build up Your Marketing Strategy
The first step is to figure out who you want to reach with your message. This includes determining what your product fulfills. When defining this, it’s crucial to be as detailed as possible. The more specific you are, the easier it will be to find and target your audience.
For example, if you’re selling a new type of marketing software, your target market might be small businesses in the United States that have fewer than 10 employees.
Now that you know who you want to reach, it’s time to determine what message you want to send them. This will be based on what your product does and the needs of your target market.
Again, it’s important to be as specific as possible with your messaging. The more specific you are, the easier it will be for potential customers to understand what your product does and how it can help them.
For example, if you’re selling marketing software, your message might be “Our software helps small businesses in the United States save time and money on their marketing efforts.”
Developing Customer Personas for Your Marketing Campaign
You should begin developing customer personas as soon as possible after you have identified your target market. Customer personas are semi-fictional representations of your ideal customer based on market research and real data about current clients.
As you develop your customer persona, you should include as much detail as possible. This will help you better understand your target market and how to reach them.
For example, if you’re developing a marketing strategy and a software to small businesses, your customer persona might look like this:
Name: Jane Doe
Target market: Small businesses in the United States that have less than 10 employees.
Goals: Jane is looking for marketing software that will help her save time and money on her marketing efforts.
Challenges: Jane is limited by her budget and does not have a lot of time to devote to marketing.
How You Can Help: By providing marketing software that is affordable and easy to use, you can help Jane save time and money on her marketing efforts.
The more specific you are with your customer persona, the easier it will be to target your ideal customer with your marketing efforts.
Keep Track of Everything! Suggestions for What to Monitor
In order to properly understand the performance of your marketing campaigns, you need to measure everything. This includes leads, marketing qualified leads (MQLs), sales qualified leads (SQLs), opportunities, deal size, and close rate.
You should also track how long it takes for a lead to become an opportunity and an opportunity to become a closed deal. This will help you understand where there are bottlenecks in your sales process and how you can improve it.
Additionally, you should measure the lifetime value (LTV) of your customers. This is the total amount of revenue that a customer will generate over the course of their relationship with your company. To help you calculate this, you can use marketing mix models.
Marketing mix models are statistical models that help marketing professionals determine which marketing activities are the most effective in driving sales. They take into account a variety of factors, including advertising, branding, promotions, and pricing.
By measuring everything and using marketing mix models, you can get a clear picture of which marketing activities are the most effective in driving sales and generating revenue.
ROI of Inbound Marketing Activities
A key metric that you should track is the return on investment (ROI) of your inbound marketing activities. ROI is a measure of how much revenue you generate from your marketing activities relative to how much you spend on them.
To calculate your marketing ROI, you need to track two things:
1. The cost of your marketing activities.
2. The revenue generated from those activities.
Once you have this information, you can calculate your marketing ROI by dividing your marketing costs by your marketing revenues.
Value Proposition: What is Your Marketing Strategy And How Is It Different?
Your value proposition is what you offer and how it’s different from what your competitors are offering. It should be clear, concise, and easy for potential customers to understand.
For example, if you’re selling marketing software, your value proposition might be “Our software helps small businesses in the United States save time and money on their marketing efforts.”
This value proposition is clear and concise. It’s also easy for potential customers to understand how your product can help them.
The goal of brand positioning is to change your customer’s perceptions of your company or product/service in comparison to how they view the brands or products/services of your competitors. Brand or product/service positioning will allow your business or service to take up a clear, distinctive, and beneficial position in the customer’s mind.
Consistency is key for any brand.
Your brand is how you want to be perceived by your target market. It should be based on your unique selling points and what makes you different from your competitors. It should be the focal point of your marketing strategy.
For example, if you’re selling marketing software, you might position yourself as the “cheap and easy” option.
Your branding should be reflected in all of your marketing materials, including your website, social media posts, and marketing collateral.
It’s also important to make sure that your branding is consistent across all channels. This means using the same logo, colors, and messaging in all of your marketing materials.
Creating a cohesive brand will help you build trust with potential customers
Channels: How to Reach Out to Your Customers
There are a variety of marketing channels that you can use to reach out to your target market. The most common marketing channels are:
– Advertising using platforms such as Google AdWords, Facebook Ads, and LinkedIn Ads.
– Content marketing through blogs, articles, ebooks, and infographics.
– Social media marketing through platforms such as Twitter, Facebook, and LinkedIn.
– Email marketing through newsletters, drip campaigns, and autoresponders.
– Public relations through media relations, press releases, and speaking engagements.
Each of these channels has its own strengths and weaknesses, so it’s important to choose the right channel for your marketing goals.
For example, if you’re looking to generate leads, you might want to use a mix of social media, content marketing, and email marketing.
But if you’re looking to build brand awareness or create buzz around a new product launch, you might want to use advertising or public relations.
The most important thing is to choose the marketing channels that will reach your target market where they’re already spending their time.
How a Lead Becomes A Customer: The Sales & Marketing Cycle
The Marketing & Sales Cycle is similar to a Funnel in that there are many different ways to depict the process, but most of them include similar stages. At the top are lead (potential customers) and at the bottom are customers. The goal of the marketing strategy is to get the lead into the funnel quickly and move them through the various stages until they reach the bottom as a customer.
The marketing & sales cycle usually includes the following stages:
Awareness: In this stage, potential customers become aware of your product or service. This can happen through marketing campaigns, word-of-mouth, or other means.
Interest: In this stage, potential customers are interested in your product or service and want to learn more about it. They may request more information from you or visit your website.
Consideration: In this stage, potential customers are considering your product or service and comparing it to other options. They may request a demo or a free trial.
Decision: In this stage, potential customers have decided to purchase your product or service. They may contact your sales team or visit your store to make a purchase.
The marketing & sales cycle can be a helpful way to think about how you’ll market and sell your product or service. It can also help you track the progress of potential customers through your funnel.
You’ve built your product or service, you’ve created your marketing materials, and you’re ready to launch. But how do you first tell people you exist?
There are a number of ways to launch your company or product/service. You can host a launch event, run a marketing campaign, or use word-of-mouth marketing.
It’s important to think about what will work best for your business or product/service. For example, if you’re launching a new software product, you might want to hold a webinar or run an online marketing campaign.
Whatever launch strategy you choose, make sure it’s aligned with your overall marketing strategy.
Customer Success for your Marketing Campaign
Customer success is all about keeping your customers happy. It’s important to think about how you can deliver value to your customers and keep them engaged with your product or service.
There are a number of ways to do this, including providing customer support, offering training and education, and running marketing campaigns.
It’s also important to think about how you can prevent customer churn. This is when customers stop using your product or service. Churn can be caused by a number of factors, including poor customer support, a lack of features, or a high price.
Keeping your customers happy is an important part of running a successful business and a successful marketing strategy. It’s important to invest in customer success and make sure you’re providing value to your customers.
Marketing Tools: What Do You Need To Market Your Business?
There are a number of marketing tools you’ll need to market your business. These include a website, social media accounts, marketing collateral, and more.
Your website is one of the most important marketing tools you have. It’s important to make sure your website is well-designed and includes all the information potential customers might be looking for.
Your social media accounts are another important marketing tool. They can help you build relationships with potential customers and create buzz about your product or service.
Some of the best tools we can suggest are :
– A website
– Social media accounts
– Marketing collateral such as brochures and business cards
– A CRM system
– A marketing budget
– A/B testing software
There you have it! A marketing campaign & sales cycle that can help you launch and grow your business. Remember, it’s important to invest in customer success and keep your customers happy. And don’t forget about the tools you’ll need to market your business effectively.
If you need help getting started, contact us today. We’re here to help you grow your business and achieve your marketing goals.