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¶ Go-To-Market Strategy
¶ What it is
The Go-To-Market strategy sets out your Value Delivery structure toward the target market. It answers the questions of how customers will learn about your offering, how they can buy it, and what partners and channels will be needed for that.
¶ Why it is useful
A clear Go-To-Market strategy is an integrated set of choices for acquiring customers. This is vital to running a commercially viable product or service business.
¶ When to use it
Whenever you create a product or service that outside customers (B2C or B2B) will purchase, you need to plan and spell out how to address them.
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¶ How is it done
- Review the Finalised Concept Card and all the Persona Statements of the customers the concept targets. Ensure you are clear on what Persona(s) is/are the clear target of your strategy.
- Reflect on the most efficient ways to reach those customers based on what you learned - is it through a direct salesforce and outreach? Through out-of-home marketing campaigns? Through channel partners?
- Model different ways of reaching customers with associated customer acquisition costs (you can look up reference numbers if you need a better idea of what those might be) and the scale they can reach.
- Discuss and decide which channel(s) make the most sense for your product and which mechanisms need to be in place to implement them properly.
¶ Do's & Don't
Do's
- Reflect on what we know about the customers regarding where they might best learn about such an offering or where they can be reached.
- Review perceived competitors for the same customer JTBD and how they go to market today. What can we learn from that?
Don't
- Don’t just pick the first go-to-market route that comes to your mind. Explore options broadly and with an open mind.
- Don’t choose too many go-to-market strategies, as each comes with a cost. Ensure you optimise the cost-acquisition ratio and choose an acquisition cost commensurate to your potential customer lifetime value.
¶ Tools needed
- Whiteboard (physical or virtual)
- Post-it notes (physical or virtual)
- Finalised Concept Card
- Persona Statements
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¶ Example
¶ GenAI Tool Use Case
Please refer to Vision & Goal Setting: Ideation on Business Strategy