Out of the 30,000 new products introduced every year, about 95% of them fail. That rate is so astonishing, you might think twice about your next product launch.
If you want a successful product, you need to have a few things in your favor. You need to have a little luck, the right product, and the right message. The timing and delivery of the product and message matter just as much.
A clear go-to-market strategy can also help you launch your product and make it a resounding success.
What is a go-to-market strategy? Read on to find out and learn how to make your next product beat the odds.
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What Is a Go-to-Market Strategy?
A go-to-market strategy is a plan that you create to bring a new product to market. It’s also used to expand your current offerings into a new market.
There are a lot of risks when you’re expanding your business, both with new markets and new products.
You have to make significant investments to expand your business. You could lose those investments if you base your expansion on a gut feeling.
A go-to-market strategy answers questions about your market and the products. You learn if the market is ready and if your product has a chance to succeed.
A Go-to-Market Strategy Template
How do you create a go-to-market strategy? This template outlines what you need to have in place to have a successful launch. You have a series of questions that you need to answer to come up with your strategy.
Your first step is to determine who your product is for. Is the product an upgrade for current customers? Is this a new product for new and existing customers?
You need to create a buyer persona and understand who influences the buying decisions.
Now you want to identify your goals for the product launch. What is the vision for the product launch? How does that align with the vision of your company?
What’s the main challenge that your target market faces? How does your product solve that challenge?
Be sure to research your competition in the market. Learn what they do to meet the needs of their customers. Note who the target market is, the price point, and key messages.
The next step is to position your product so it stands out in the marketplace. Develop your value proposition and the messages that communicate your value to your prospects.
As you get deeper into your go-to-market strategy, you want to make sure that your vision is present throughout. This is the best time to hire a marketing consultant. They have an outside perspective and ensure your company’s visions and values align with the strategy.
The Buyer’s Journey
You have a firm foundation to build on. Now it’s time to map the buyer’s journey and choose the best tactics to reach your customers.
This is the chance to know each touchpoint customers have with your brand. Your map should include the context, the stage of the buyer’s journey, and who’s responsible.
As an example, the customer service team sends a follow-up a few days after the customer receives the product. They make sure the customer is satisfied and ask for a product review.
When you choose your marketing tactics, keep in mind where the customer is at in the journey.
For instance, if you want to use social media, that’s likely to reach people in the early stages of the buyer’s journey.
SEO is often used for a number of steps in the buyer’s journey. You can position content to reach buyers when they research products and when they’re ready to make a purchase.
Validate the Strategy
Marketing is an inexact science because it’s based on a lot of assumptions. You look at data and based on the numbers, you make certain assumptions about your customers.
Your strategy is based on certain assumptions about your audience and what will work. You’re also assuming that you have the best product that the market needs.
You can’t go to market with assumptions and hope you got it right. You need real data to validate your strategy and assumptions.
This step is important because you can collect valuable insights now before you invest in the strategy. The decision to go to market or hold off is critical to the health of your business.
Get it right, and you’ll find success. Get it wrong, and it can be costly enough to set your business back.
The first step is to review your plan and write out all of the assumptions in it. Conduct interviews or a focus group with people in your target market.
When you conduct your focus group, you need to make sure that you learn whether or not people will buy the product.
They might agree that you have a great product idea. They could find it beneficial. Yet, they still wouldn’t spend money on it.
Ask them what they think about the product. Then ask why they think that way. Follow that question up by asking if they are willing to spend your set price on the product.
At the end of the process, take what you learned and make adjustments to your go-to-market plan.
Be in the 5% Of Successful Products
It’s not easy to launch a successful product. You have to have a mix of the best circumstances and a little luck.
A go-to-market strategy doesn’t hurt either. That’s the one thing that gives you an opportunity to create your own luck. It’s a plan that forces you to look at the most important components of the sales process.
With a validated go-to-market strategy, your product will be sure to succeed. Now that you know how to launch a product, check out the Business section for more tips to grow your business.