Assess the market opportunities, validate and prioritize use cases and market segments to focus your Go to Market strategy, sales, and marketing efforts. Decide which opportunity to focus on before developing your Ideal Customer Profile.
Once you have assessed and prioritized the market opportunities, describe the identifiable economic group of potential customers within that top growth opportunity. Ensure that the target customer has a compelling reason to buy the new product as soon as possible and describe the specific motivation that will drive your product to succeed with them. Here's where you define the so-known as Ideal Customer Profile.
Identify an adjacent niche market or use case that extends your growth after the initial target segment.
Determine what makes the product offering "complete and compelling" in the eyes of the target audience. The complete solution is the comprehensive set of attributes and core services/products the target audience requires to achieve their compelling reason to buy. Your core product/technology must be augmented with a variety of services, intangible attributes, and ancillary products to become complete.
It is rare for a single organization to deliver every element of a complete solution. Usually, the only way to satisfy this market requirement is to identify and then recruit the necessary partners and allies. It includes finding the right partners to act as familiar selling channels.
Identify and prepare the best distribution channels to drive awareness to the market and sell the complete solution. This step could somehow overlap with the last one in the sense that you may have identified channel partners.
Help your customer perceive the high value of your product and pay what it's worth. The suppliers, the partners, and the sales channel need to be rewarded appropriately for selling to the target customer. The pricing strategy needs to reflect these requirements.
Assess the competitive market and identify the "most dangerous" competitive solution. Analyze their capabilities and look for ways (in addition to trademarks and patents) to develop and maintain a competitive advantage.
Proper messaging allows your product and company to be seen as a credible provider of products and services to the target market by addressing the concerns of the different kinds of technology adopters with a set of 4 different messages: technology messages, product messages, market messages, and company messages. It is critical to communicate the right combination of messages to each layer in the market infrastructure to help them position your product.
The best Go to Market strategy plans fail because of a lack of leadership, organizational and corporate-strategy alignment. The bigger your organization, the more complex to drive alignment. Make sure to set up cross-organizational meetings and a Go to Market strategy committee to ensure alignment, manage expectations, and follow up on the success factors.
Every market has a set of ecosystem players between your product and your prospective customers. 10% of the market players in the ecosystem influence the other 90%.
You don't position your product, the market does it -- influenced by your market ecosystem of players.
The best way to help the market position your product in a way that highlights your strengths is by leveraging the market ecosystem. Build relationships with the top 10% of players in the ecosystem, address their concerns about your product and nurture them with custom marketing assets that they can share with the rest of the market.
Understanding the market ecosystem forces and building relations with the top 10% ecosystem influencers is critical to increasing Word-Of-Mouth to position your product, optimize market pull, drive influence and accelerate your revenue.
(*) This 10-point Go To Market framework is the property of Predictable Innovation (StartupBuilder, Inc.) and is protected under the copyright laws of Delaware.
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