Over the past few weeks, we have been inundated with technology companies seeking to use our marketing services to develop go-to-market strategies that exemplify a successful model that will work in the current economic climate. COVID has played havoc on marketing strategies because buyer habits have changed along with budget restrictions, but for solid product launches, adapting to these changes and ensuring that your go-to-market strategy plan is rock solid, will only help you stand out from the crowd.
COMPANIES ARE NOT CHANGING THEIR GO-TO-MARKET STRATEGIES FAST ENOUGH
The biggest issue is relaxed marketing leads that fail to take into account the effect of COVID on the way companies buy.
Marketing Eye focuses largely on B2B go-to-market strategies for technology companies, and as such, adjusting how we market is more data-driven than ever before. The reality is that if you “do what you’ve always done” your company is less likely to achieve your product launch goals.
GO-TO-MARKET-STRATEGY IS PART OF YOUR OVERALL MARKING PLAN
Unlike a marketing strategy, a go-to-market strategy does not incorporate all areas of marketing. Instead, it is a business tool that marketers use to ensure that technology products (APPs, software, solutions) are launched successfully into the market. It incorporates a comprehensive marketing tactic plan on how the new product or service will reach the end-customer.
The key focus for a go-to-market strategy is a) pricing strategy and b) distribution plan.
Key components of a go-to-market strategy
Target Market: Understanding who your target market is and developing a buyer persona is imperative to achieving a successful product launch. When technology companies launch a new product in the market, it is important that they have a firm understand of who their customer is and what are their key pain points. Focus groups are used regularly as part of this process.
Unique Value Proposition: What makes your product unique and why should your customers buy your product over competitor options? Before you go-to-market it is important to establish this credential.
Key Messaging: What key messages form part of the value proposition, what problems does the technology or service solve, how is your company positioned in the market and what messages resonate with buyers to help them identify why they should buy your product
Pricing: Pricing strategies form part of management, sales and marketing research on what a customer is willing to pay for the product/service that you are offering the market. Having the right pricing strategy will determine whether or not people are willing to pay the price set for your product/service.
Distribution Strategy: Ensure that you have an effective and reliable distribution plan in place for your product.
GO-TO-MARKET STRATEGY EXAMPLES THAT WERE SUCCESSFUL
Apple: While we don’t hear too much about the failures that Apple has with releasing new products to the market, they certainly have been highly successful with iPods, iPhones, iWatch and so on. Some great tips can be found online as to how Apple has successfully navigated product launches without using advertising and avoiding price wars.
Vuclip: This highly successful go-to-market strategy was accelerated by the company focusing on “must-have” mobile streaming in developing countries.
Carry A Book: Taking into account that people would be reading more as the world stayed home over COVID, Carry A Book app focuses on understanding that consumers want to read books and share their thoughts with others. The investment people make in reading a book from front to back is intense and when its over, it’s like losing a friend. What Carry A Book has successfully done is given avid readers a way of staying connected to what they have read
Go-to-market strategies benefit from the simplicity and customer experience. If executed well, a go-to-market strategy will have a higher ROI than being lost with overall marketing strategies focused too heavily on brand.
We use Robotic Marketer technology for go-to-market strategies as it is easy to use but importantly helps marketers understand customers and the market better.