What is a go to market strategy framework?
Go to market strategy is often confused with a business plan. While the two are closely related, they are different from one another. While a business plan is a broader concept, a go to market strategy framework is primarily focused on delivering a product or service to the end consumer. In a competitive market, an organization’s chances of standing out not only depends on the products or services offered but also on how these products or services are brought to the market. A go to market plan is the unique approach that sales leaders take for winning a market. It’s the decisions leaders make to prepare their organizations for the future and outperform their competitors. Experts at Infiniti Research have listed below some crucial factors to consider before building a go to market strategy framework.
Identifying who the target audience is the foundation of a go to market strategy framework. It begins by defining various customer segments while ensuring that each segment is discrete and distinct. Once the target customer segments are identified, understand the challenges faced by them. Pinpoint specific reasons why the target group of customers should choose you and how you can help provide them with a solution to overcome their challenge.
Once the target audience segments have been sketched, the next step in building an ideal go to market strategy framework is to identify the best channels (both direct and indirect) for reaching out to the customers. This helps businesses examine and understand where their target customers are. Then appropriate marketing channel selection can be done based on the best way to reach customers.
Packaging and pricing
Packaging and pricing requirements vary from company to company. Therefore, brands must identify the best solution that suits their offering rather than trying to copy their counterparts. A successful go to market strategy framework begins with creating a strong product and brand image. The packaging, as well as the pricing, should do justice to the brand image that the company has created or wants to create in the market.
Customer acquisition cost strategy
A go to market strategy framework becomes incomplete without an appropriate customer acquisition and costs model. The customer acquisition cost is related to pricing and packaging. If what you get from the target customers is lesser than the costs of acquiring these customers, then businesses need to reconsider their customer acquisition strategy. The ability of a firm to monetize its customers is critical. So, keeping tabs on the customer acquisition cost and lifetime value helps avoid any imbalance in the money being spent and returns gained.