How to win the battle of acquiring customers cost-effectively in complex markets: Ken Research
A go-to-market (GTM) strategy is a strategy that details how an institution can encounter clients to persuade them to buy their product or assistance and to acquire a competitive benefit.
A Go to Market Strategy possesses pricing, channels, purchasing journeys, sales, latest product or service launching, rebranding, or product opening to a new market.
Ken Research’s go-to-market strategy is distinct from your standard marketing strategy. A marketing strategy summarizes tactics that meet the need for a product you have already presented in the market. It provides a precise roadmap for presenting a new product to your ideal clients.
Go-to-market strategies are not simply for new product launches, however. They can also assist you in launching your product into a new market segment, re-launch your brand, or enhancing existing product sales.
Ken Research go to market strategy framework is helpful because it can lower your time to market and provide a successful product launch and a clear approach for growth. You will also control money loss by only managing strategies aligned with your analysis and targets.
What is a go-to-market approach? A GTM approach answers the Who, What, and How:
- WHO are you marketing to?
- WHAT marketing strategies will assist you in reaching this target market?
- WHAT are their objectives?
- WHAT are their concerns?
- HOW does your product solve these issues?
- HOW does your competition unravel these issues?
- HOW can you strategically price and set your product for the most promising results?
Your go-to-market strategy will summarize how you bring your product in front of the people who will be ready to buy it.
Preparing a GTM strategy will demand awareness of several features:
- Your ideal client
- Your market, positioning, and the need for your product
- Your competition
- Your product and its pricing strategy
- Channels to allocate your product and gain your clients
We will examine each of these and how to perform each action.
1. Consider Your Market and Product Demand
Do people want and require your product? Is there an adequate need for what you are dealing with?
When researching product demand, you can reveal if your product will be a hit (or a failure) long before launching.
That’s why assessing product needs require for your go-to-market strategy. While you move through this approach, assume you find (hesitatingly) that a big market does not exist (which implies there will probably not be adequate demand to form a viable company). In that matter, you can change your product and marketing to benefit your market. Hence, it’s also a method to validate your product.
Note that if you already maintain a finished product willing to sell, we expect you have already validated your opinion by doing this type of research. If not, it’s required to do this research before wasting funds on marketing.
To consider market demand, answer the following questions:
- What issues does my product resolve?
- What proof do I keep that my product solves these issues?
Suppose you are uncertain if your product will have sufficient demand to sell; execute some initial research before proceeding ahead with your go-to-market strategy. Speak to potential clients one-on-one and gauge their response to your product. Ask them detailed questions.
2. Identify your Ideal Client and Build Buyer Personas
The fact is that you can’t market to everyone because everyone isn’t a target market. If you target people who are not curious about what you are marketing, you lose the ability to sell to those who are curious about what you are selling. In the end, you will end up dealing with no one.
Recognizing your ideal customer helps you concentrate on the customers who fit your product.
Who are your ideal customers? Let’s run through the approach.
Begin the research procedure by responding to some questions about your existing customers:
- What issues do you solve for them?
- Why do they make decisions in the rage of your product or service?
- How does your product satisfy your customer’s purposes?
- How is your product distinct from your competitors?
Leverage your existing data to respond to these queries. Get data on issues, queries, and feedback extracted from customer discussions. Also, research your client’s interests on social media and see what profiles they follow and what’s necessary for their interaction with others.
The subsequent step is to choose your ideal customer’s psychographics (habits, interests, values) and physical demographics.
We won’t focus on physical demographics as they’re concise and generally possess factors such as age, gender, location, and other lifestyle aspects.
If you don’t yet have clients or want to dig more in-depth into discovering customer behavior and interests, send a survey to target clients and suggest an incentive for participation. If you do not maintain customers, count a pop-up or notification on your website, and send a link to the survey through your social media profiles.
Are you launching a new product?
If you already own some customers, you may innately gravitate toward enticing more of the same people with your new product offering. But what if your existing customers are not exemplary for your new venture? New products deserve new research. Begin from scratch with a new customer profile and proceed through the measures as if this was your top product.
What are your plans?
Your ideal client should also be someone who allows you to tap into new markets and grow your business.
Create Customer Personas
Customer personas manage your ideal customer data into customer profiles (personas). Customer personas are necessary as they will play a part in every marketing strategy.
Customer personas are real representations of your target market. Based on actual clients or imaginary, they should represent the features, attributes, and conducts you discovered from your ideal customer research.
Ken Research Value Unlock Approach to a thriving Go-to-market practice for your organization assists in aligning your business with new prospects while focusing on sustainable top-line growth.