13 Key Steps in Developing a Go-To-Market Strategy

13 Key Steps in Developing a Go-To-Market Strategy

Business development experts must always be informed about the latest trends and developments in the market. The market is shrinking and shrinking, but shows specific trends. Business development professionals can use these trends to develop an effective go-to-market strategy.

The key is to make sure this strategy is adaptable and can be turned in the shortest amount of time. Given the volatility of individual markets, committing to a rigid, inflexible approach can have serious consequences. A company must have a functioning go-to system, but it can take new information into account and adapt it accordingly.

To help out 13 experts Forbes Business Development Council provide their insight into the key steps anyone in the business development industry should take in creating a go-to-market strategy.

1. Prioritize the buyer’s needs

Any go-to-market strategy should prioritize the needs of the buyer. Today’s buyers expect almost instant responsiveness. So, get rid of friction for instant and contextual responses to your buyer’s needs. Meeting expectations early on and often building trust is the basis of every successful partnership. – – Howard Brown, RingDNA | Software to accelerate sales and corporate sales

2. Thoroughly understand the market

An important step that business developers must take in developing a go-to-market strategy is a thorough understanding of the market they are trying to sell to. The better you understand your customers, the more successful you will ultimately be. Consume all kinds of research you can, including primary research. There is no substitute for talking to people. – – Adam Mendler, The Veloz Group

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3. Have a thoughtful and measurable plan

The key is a well thought-out, measurable and clear plan that takes into account the challenges along the way and how to get back on track when they arise. A disciplined approach to implementing your plan will be vital as there will undoubtedly be hurdles along the way. Clearly list your value proposition, specialty, and differentiators from your competition. – – Charina Amunategui, MUFG Investor Services

4. Get honest feedback and act on it

Get honest feedback from prospects and incorporate it into your planning and fine-tuning. In the education sector, for example, service and product providers can save themselves a lot of trouble – and gain brilliant ideas – by presenting offers that are still being developed to public school principals and technology officers and asking for their unreserved advice. – – Joseph Wise, Institute for Educational Research and Development (ERDI)

5. First, build brand equity

Building brand equity is, in my opinion, the most important step in building that trust and loyalty between your target audience. Brand equity is a combination of audience perception and brand equity. If your marketing efforts are filling that void with branding equity, you have a great go-to-market strategy. – – Yogesh Shah, iResearch Services

6. Identify your branding standards

When developing a go-to-market strategy, it is extremely important that your branding standards are identified. This includes everything from your mission statement to messaging, goals and your writing standards. – – Karolina Hobson, Radd Interactive

7. Strive for the path of least resistance

Take the path of least resistance. Look for product markets that respond to the customer’s critical business needs and positively influence their weak points. This may mean that you need to work with your product and service teams to optimize your offering. Before you get your wood, sharpen your ax by knowing what your ideal clients need to save time and increase efficiency. – – Christian Valiulis, Automatic billing systems

8. Identify the target buyer personas

When a company brings new products and services to market, the go-to-market strategy usually includes a business plan, marketing plan, and sales strategy. An important step for business developers is to work with the marketing team to identify the target buyer personalities, their goals, and their problems and issues. For each person, determine how you can create and deliver value. – – Julie Thomas, ValueSelling Associates

9. Align with markets and buyer profiles

Go-to-market strategies can involve multiple teams and many moving parts. One of the most important steps in developing an effective strategy is timing it towards well-defined target markets and buyer profiles. Buyers are not looking for generalists; By clearly defining your markets, teams can focus on creating content that resonates with your target audience and improves conversion rates. – – Suhaib Zaheer, Bluehost

10. Identify all possible entry points

An important aspect of a go-to-market strategy is to identify all possible entry points in different markets. Where can you be a corporate sponsor? Where is an influencer overly effective? Which brands are the least competitive? Understanding and evaluating the different ways in which you can enter a market is a key component in successfully bringing a new product to that market. – – Alexander Divinsky, RMG Media

11. Focus on making authentic connections

More than ever, customers are looking for authentic connections and companies they understand, not companies that urge customers to simply dig into the company’s perspective. Business development professionals need to be sure that they are taking the time to go deeper than the average Avatar discussion, really understand their customers, and develop go-to-market strategies for them. – – Melanie Hicks, MGT of America

12. Identify your competitive advantage

An important step in developing your go-to-market strategy is clearly identifying your competitive advantage and deciding how best to leverage that advantage. Are you going to compete at the expense? Will you be competing for technical superiority? Where is the niche in the market that you can fill? Decide how you want to fill this void and integrate it into your strategy. – – Michael Fritsch, Confoe

13. Think to the end

Think to the end. Too often when people say “launch” they just think of messaging, branding, and the like. Take into account support, loyalty, upsell, long-term value and the relationship with the customer. This perspective forces you to ignore the short-term ease and instead focus on the entire buyer journey. Even if you have to take tactical steps to get started, get the big picture. – – Kit marker, Nobl9

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