4️⃣Day 4: Create your Go-To-Market Plan
Create your Go-To-Market Plan
Last updated
Create your Go-To-Market Plan
Last updated
A successful GTM strategy not only helps bring a new product to the market but also plays a crucial role in driving demand for it. The core objective is to deploy a well-structured plan to launch the offer into the market with minimal risk involved. In short, it is a step-by-step plan designed to bring a new product to market and drive demand.
This strategic plan encompasses several key components:
1. Target Market Identification: One of the foundational steps of a GTM strategy is pinpointing the target market. This involves understanding who the product or service is for and grouping potential customers into segments based on various characteristics such as demographics, behaviors, and specific needs.
2. Understanding Customer Pain Points: Conducting a deep dive into the challenges and issues the target market faces is crucial. By identifying these pain points, the strategy can be tailored to highlight how the new product or offering provides a solution, creating a value proposition that resonates with the target audience.
3. Market and Sell Against Competition: Another vital element of a GTM strategy involves laying out plans for how the company intends to market and sell the new product in the face of competitive forces. This includes understanding the competitive landscape, differentiating the product from competitors, and articulating why customers should choose it over other options.
Collectively, these elements contribute to formulating a GTM strategy that not only facilitates the product's smooth entry into the market but also supports its long-term success by ensuring it effectively meets the target audience's needs and stands out amidst the competition.
Having a well-crafted GTM strategy can bring the following benefits:
Create alignment throughout the product lifecycle.
Establish your product market fit by helping you tailor the marketing and sales strategy to your intended audience.
Discover gaps in the market, which will make it easier to hone down your niche and stress your buyer persona’s pain points.
Understand your competitive advantage by knowing how you compare to your competitors and what makes your offer stand out through competitors’ research.
Accelerated growth is achieved by understanding which markets to enter and why.
We're going to use a Product Go-To-Market Canvas. This tool encompasses ten critical sections to consider when taking new ideas, features, or products to market. Below is a comprehensive guide on how to fill out each section effectively:
The main objective of this exercise is to clearly and rapidly define your product. Ask yourself questions like:
What is the product at launch? Think about how you will present it to your customers for the first time. What is your product? What does it do? Explain it in terms that your ideal users would understand.
What are people buying? What problem is it solving? Understand the core problem your product is solving and why customers would want to buy it. This helps in positioning your product in the market.
Be specific — what features will it have at launch? How much will you charge? List out the key features your product will have at launch, and decide on the pricing strategy. This gives a concrete idea of what customers can expect and at what cost.
Before going out to sell your product you need to have pinpointed who you're going to sell it to. You can use your User Personas as a basis for it.
Who are your customers? Customer segments? Determine the different groups of people or businesses who will benefit from your product. Segmenting your audience helps in targeting your marketing efforts effectively.
Are there different types of customers? (i.e., a two-sided market) Identify if you have a diverse customer base such as buyers and users being different, or if you are dealing with a two-sided market like a marketplace platform. Understanding this helps tailor different strategies for each segment.
On launch, you won't target all your possible audiences as some might be more effective than others. You need to define where you have more chances of success and why. Pinpoint your target market for launch.
Who are your target market for launch? Define the specific audience you aim to reach during your initial launch phase. This helps focus your marketing and sales efforts.
Who are you specifically not targeting at launch? It’s important to know who you are not targeting to avoid wasting resources. Be clear about who won't benefit from your product initially and why.
It's fundamental that you can easily articulate why people should buy your product. Your product will constantly evolve and will be trying to present it to end-users and investors alike.
Why should people buy your product? Clearly state the main reasons why customers should choose your product over others.
What is your market differentiator? What makes you different from competitors? Highlight what sets you apart from the competition. This could be unique features, better pricing, superior service, etc.
Formula to Use: [Your company name] helps [WHO] to [WHAT] with [SERVICE]. For example: "Bigger helps early-stage founders to launch and pivot their MVPs at speed with startup-specific software development."
Plan how to reach your customers.
How do you plan to reach your target customers? Define your strategies for reaching out to your target audience. This could include marketing channels, partnerships, advertisements, etc.
Where will your customers buy your product? Identify the platforms or locations where your product will be available for purchase. This could be online, in retail stores, or through direct sales.
Do you have a marketing distribution strategy? Explain how your marketing efforts will support your distribution channels, ensuring that your target customers are aware of and able to access your product easily.
All products, no matter how niche they are have competition. Analyze who's your main competition. It might be tempting to state big players in the industry you're trying to break into, but as a startup, they are not -necessarily- your competition.
Who are they? Identify your main competitors. Know who they are and what they offer.
What are they doing? Study their strategies, strengths, and weaknesses. Understand what makes them successful or where they fall short.
What risks do they pose? Identify the threats they pose to your business. How could they potentially undermine your market share or customer base?
Outline your product launch strategy.
What is your launch strategy? Determine whether you will go for a big bang launch or a staged release. Big-bang is launching to the entire market at once, while staged release is rolling out in phases.
Do you plan to launch to the entire market (big bang) or will you have a staged release? Decide which approach suits your goals and resources better. A staged release allows for testing and iteration, while a big bang can create a significant initial impact.
Beta? Pilot? Consider if a beta test or pilot launch is necessary. This helps in gathering feedback and making adjustments before the full launch.
MVPs are based on iterations and constant releases. Development and releases should be staged based on real feedback. Plan your post-launch strategy.
What is your post-launch strategy? Outline the activities and goals for the initial post-launch period.
What are the critical things that need to happen in the first 30 days? 60 days? 90 days post-launch? Define specific milestones and actions for the first 30, 60, and 90 days. This might include customer support, product updates, marketing campaigns, etc.
What’s your customer engagement plan for those first 30, 60, 90 days? Plan how you will interact with your customers to keep them engaged and satisfied.
Do you have any specific marketing strategies during this period? Outline any marketing initiatives planned for post-launch to maintain momentum and drive continued interest in your product.
Define your success metrics. Success metrics should be achievable, Rome wasn't built in a day.
What needs to be true at the end of the first day? week? month? quarter? Identify the key outcomes you aim to achieve during various periods post-launch.
What signals would indicate that these are true? Determine the indicators that will tell you you've met your goals.
How do you intend to measure these? Decide on the tools and methods you will use to track these indicators.
What key outcomes (metrics) will you be tracking post-launch? List out the specific metrics you will monitor to gauge the success of your launch and initial product performance. This could include sales numbers, user engagement, customer acquisition costs, etc.
As startups we don't always have all the information -or resources to acquire- we need to make decisions, we sometimes have to work with assumptions. Yet we have to be certain that said assumptions are not clouding our judgment and, when possible we need to validate them with reality. It's imperative then that we identify assumptions and risks.
What assumptions are you making about this GTM strategy? Document any assumptions you've made in your planning. Recognize where there might be uncertainty.
What risks are you taking with the current approach? Identify potential risks and challenges that could impact your GTM strategy. Consider competitive, market, and operational risks.
Acknowledge any additional considerations.
What considerations do you need to take into account with the current strategy? Highlight any critical factors that could influence your strategy's success, such as market conditions, economic factors, or regulatory requirements.
Do we have technical considerations? Constraints? Identify if there are technical limitations or constraints you need to manage.
Are there teams/stakeholders/existing customers who we need to engage or inform? Ensure that all necessary internal and external parties are informed and on board with your strategy.
Preparation: Spend 10-15 minutes on each section, answering the specified questions. You can work individually or as a team.
Post-it Notes: Use Post-it notes for each answer on your Miro board. This will allow you to easily move and rearrange ideas.
Iteration: Continuously revisit and refine each section as your understanding evolves and new insights emerge.
This structured approach ensures that you consider all the necessary dimensions for a successful product launch and market entry. It's important to note that this tool, like all the ones you've been using on Kickstart Week, is not a one-off use. MVPs -and really all products- must be iterated, reviewed, and rethought constantly.