Go To Market
In this Lesson
[Day 20/30: Product Manager to CEO 30 Day Challenge] You've spent months perfecting your product, and now it's ready to be released into the world. Congratulations!
The next step is to figure out how you're going to market it. The best way to do this is by creating a Go To Market Strategy—a plan that outlines how you'll get your product out into the world and make it accessible to customers.
When it comes to marketing, the first thing you need to think about is how you'll get your product into the hands of your customers.
Here are five tips for creating your own go-to market strategy:
1. Start by defining your target market. Who is going to buy your product? Then make sure that everyone on your team understands who they should be targeting with their marketing efforts.
2. Decide on pricing strategies and find out what people are willing to pay for your product. If it's too high, customers won't buy it; if it's too low, you won't make any money from selling it!
3. Create a distribution plan so that customers can find your products easily when they're looking for them—and make sure this plan works with your pricing strategy!
4. Create an advertising campaign and sales funnels that tells consumers why they need this specific thing in their life right now (and why it's better than other options). Don't just say "buy my product" because no one cares about YOU—they care about themselves!
While go-to-market strategy is a massive undertaking in itself, be sure it should include:
1. Understanding your buyer personas - Who are your customers? What do they need from you? What do they want from you? What are their pain points? What are their goals? What motivates them? How do they make decisions?
2. Understanding your competitors - Who are your competitors? How do they position themselves in the market and how does this affect your customers' buying decision? How strong is their brand? Do they offer better value for money than you do (even if it's not apparent at first sight)? Why does this matter for your brand positioning strategy (more on this below).
3. Understanding the market and industry trends - How has the market changed in recent years? Are there any new technologies or practices that could help or hinder your business model/model of choice - e.g., AI vs human interaction; mass production vs handcrafting; digital vs physical products etc).
