Launching a new product is always a ride. And part of the fun is finding customers. To do so, every business - be it a a sole entrepreneur, a startup, or a massive company - needs a go-to-market (GTM) strategy: a method for reaching new customers.
This article explores the benefits of a GTM strategy and outlines steps to prepare for a successful product launch.
What is a Go-To-Market Strategy?
A go-to-market (GTM) strategy is a detailed plan for finding and acquiring new customers. It encompasses the channels, target personas, and actions needed to execute the plan effectively. There are two primary types of GTM tactics:
- Inbound Tactics: These involve creating content to attract customers organically. Examples include blog posts on Sherpo, Instagram or LinkedIn posts, Twitter (X.com) threads, and more.
- Outbound Tactics: These are more direct approaches, such as sending emails to people who have shown interest in your product.
When Do You Need a Go-To-Market Strategy?
A GTM strategy is beneficial in various scenarios, including:
- Launching a New Product: Each new product should have a specific GTM strategy. For instance, if a content creator launches a new video course on Sherpo, they need a GTM plan tailored to that particular course, but of course it can leverage an existing customer base acquired with other products, like blogs.
- Entering a New Market: If you’re expanding an existing product into a new market, you need a GTM strategy. For example, if a creator on Sherpo decides to offer their courses in a new language, they will need a fresh GTM plan to find a complete new set of customers, who may have different needs etcetera.
- Growing Sales in the Current Market: When planning significant growth, a GTM strategy helps identify risks and necessary changes to scale effectively.
Leveraging Inbound and Outbound Tactics
Inbound Tactics:
- SEO Optimization: Sherpo helps optimize your content for search engines, increasing visibility and attracting organic traffic.
- Content Marketing: Regularly publishing high-quality blog posts (on Sherpo!), videos, and social media content can attract and engage your audience.
- Social Media Engagement: Platforms like Instagram, Facebook, and LinkedIn are excellent for building a community and promoting your content.
Outbound Tactics:
- Email Marketing: Reach out to potential customers who have shown interest in your products through personalized email campaigns.
- Performance Marketing: Utilize targeted ads on platforms like Facebook, Instagram, and maybe even Google, to reach a broader audience.
- Affiliate Marketing: Collaborate with influencers and partners to promote your products and reach their audiences.
Go-To-Market Framework
Crafting a GTM strategy involves several components. Here’s a step-by-step framework to develop your GTM strategy:
- Understand you target: Understand how your product solves a specific problem for your target consumers, then determine who is most likely to buy the product and why, and where you can find them.
- Find affiliates: find other creators in your niche who can help spreading the word, and offer a % of each sale to incentivize them.
- Set metrics and targets: Determine the metrics to measure the success of your GTM strategy, such as conversion rate, ROI on marketing investment, etcetera.
Go-To-Market Strategy Tips
Here are three tips to enhance your GTM strategy:
- Prioritize the customer: Focus on understanding your target audience’s desires, motivations, and barriers to acquisition.
- Seek input from buyers: Actively gather feedback from prospective customers, and optimize your landing page, content, and communication.
- Test frequently: Continuously test various strategies for product design, messaging, marketing, and pricing to refine your approach.
Conclusion
A well-executed GTM strategy can make the difference between a successful product launch and a missed opportunity.
By following the outlined steps and leveraging Sherpo’s powerful platform, content creators can navigate the complexities of launching new products and expanding into new markets with confidence.
Start crafting your GTM strategy today and unlock the full potential of your digital content offerings.
