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1/ I've been working with companies to help build their go-to-market strategies and wanted to summarize the process to make it repeatable.
Here's what I've learned and how I would break down "How to build a GTM strategy"...
Here's what I've learned and how I would break down "How to build a GTM strategy"...
2a/ Get to know your customers. Duh, everything starts here. But you should have an intimate understanding of your customers.
I like to do an exercise: map out their day. Get super detailed here.
I like to do an exercise: map out their day. Get super detailed here.
2b/
- When they wake up where are they? An apartment? A house? A city? Do they have kids? A dog?
- What apps are they using? What are they checking?
- What tools are they using at work?
- What lows do they have in the day? What highs?
- When they wake up where are they? An apartment? A house? A city? Do they have kids? A dog?
- What apps are they using? What are they checking?
- What tools are they using at work?
- What lows do they have in the day? What highs?
3/ From there, you should build very robust personas, and focus on:
- What are thinking, feeling, etc.?
- Understanding their underserved needs
- How your product addresses those underserved needs
- What the alternatives are
^Alternatives are the next big focus area...
- What are thinking, feeling, etc.?
- Understanding their underserved needs
- How your product addresses those underserved needs
- What the alternatives are
^Alternatives are the next big focus area...
4/ Understand the competitive landscape
- What are the alternatives? What are the obvious and non-obvious competitors?
- What are their features vs. yours?
- What is their pricing?
- [Ideally] which features do people value the most? I love the Kano model for this analysis.
- What are the alternatives? What are the obvious and non-obvious competitors?
- What are their features vs. yours?
- What is their pricing?
- [Ideally] which features do people value the most? I love the Kano model for this analysis.
5/ Now you know how to position your product, so build an MVP brand & positioning. Write it out:
FOR [persona]
WHO [their problems/JTBD]
[your company] is a [headline about what you offer]
THAT [value prop to user]
UNLIKE [competitors that do X]
[your co] does [differentiators]
FOR [persona]
WHO [their problems/JTBD]
[your company] is a [headline about what you offer]
THAT [value prop to user]
UNLIKE [competitors that do X]
[your co] does [differentiators]
6/ Then, map out funnels
- How does someone discover you?
- Where ARE your target customers? What sites?
- What are they searching for? What's in their mind?
Maximize the Venn diagram of:
- Target customer is there/doing these things
- It is relevant to our product or brand
- How does someone discover you?
- Where ARE your target customers? What sites?
- What are they searching for? What's in their mind?
Maximize the Venn diagram of:
- Target customer is there/doing these things
- It is relevant to our product or brand
7/ Then map out the consideration (middle) and conversion (bottom) of the funnel using a similar exercise:
- What are they comparing you against?
- What are their questions/concerns?
- How are you addressing those?
This could be a journey or a funnel. I like to use both.
- What are they comparing you against?
- What are their questions/concerns?
- How are you addressing those?
This could be a journey or a funnel. I like to use both.
8/ Okay so now, FINALLY you can figure out your marketing & distribution strategy.
- What marketing channels will work?
- How will we market the product?
- Which personas do we go after first?
- Budgets needed
- What marketing channels will work?
- How will we market the product?
- Which personas do we go after first?
- Budgets needed
9/ Optional step - figure out your pricing model. If you don’t do this now, you can do it later.
- Freemium vs. Sales driven (inbound vs. outbound)
- What features should be gated vs. not? How do your competitors do it?
- How much will they pay & what is potential LTV vs. CAC?
- Freemium vs. Sales driven (inbound vs. outbound)
- What features should be gated vs. not? How do your competitors do it?
- How much will they pay & what is potential LTV vs. CAC?
10/ Build an action plan and execute your marketing strategy.
The key thing here is to balance testing vs. focus. You want to invest in a distribution strategy with the highest chance of succeeding.
Balance impact vs confidence in strategy vs time to learn vs cost.
Repeat.
The key thing here is to balance testing vs. focus. You want to invest in a distribution strategy with the highest chance of succeeding.
Balance impact vs confidence in strategy vs time to learn vs cost.
Repeat.
