HOW TO DEVELOP A GO TO MARKET STRATEGY
On the 15th October 2019, we had a masterclass based on ‘developing a go to market strategy’. This workshop was designed to assist our residents to develop an action plan that specifies how a business can reach its target customers efficiently and achieve competitive advantage.
The facilitator of the master class was Lebogang Masilela from Thirty-one-Twelve advisory. What Thirty-one-Twelve does is strategy and advisory. Their main goal is to help companies achieve sustainable growth over a period of time. By growth in this context it means that they either find a new market for the company to enter and create communities which the company can grow with the consumer.
A Go to Market Strategy is made up of the market; sales and the overall operation of a business. When you are introducing a new product in the market, the last thing you want is to waste your resources and time to a market where and when it is unnecessary. In order to avoid this, it’s important to create a carefully thought out plan. A go to market strategy therefore is a way in which a company brings a product in to a market. It generally includes a business plan outlining the target audience, market plan and sales strategy. Each product and market are different, therefore each GTM should be thoroughly thought out, mapping a market problem and a solution which the product offers.
A Go To Market Strategy comprises of 5 development and core components. The initial step is defining your value proposition. The company needs to determine what value do they promise to deliver. This can be viewed as a declaration of intent which introduces the company’s brand to the consumer by informing them what the company stands for, how it operates and why consumers should support them. This is basically a summary of why consumers should buy their product. After defining what your value proposition is, you can start determining your pricing strategy and your target market.
Secondly, define you’re your consumer (who is your target market?). The company will decide whether it has existing customers that might be sales prospects or whether it needs to seek an entirely new set of target customers. It’s important to note that consumers already know what they need. Therefore, as a company, you should be able to detect how your product will best fit the needs of the consumer.
Thirdly, Identify your goals and timeline. It’s important to ensure your goals are S.M.A.R.T. (specific, measurable attainable, realistic and time bounded). You need to create a timeline for these goals and try to focus on two or three attainable items at a time. Driving awareness through simple communicating with your target market is essential through this phase.
Fourth, Create a demand generation through awareness. As demand generation programs comprises of every single contact (from before a person becomes aware that your company exists all the way through closed-won and up sells). A true demand generation strategy accounts for every contact in the buyers journey all the way from new consumer to a happy consumer. In executing an effective demand generation strategy, you create opportunities; opportunities to make your data driven decisions; align your marketing and sales teams; track marketing’s contribution to revenue and most importantly, drive growth for your organisation.
Sales conversations therefore becomes important. Effective campaigns depend on gathering and analysing data. This can be achieved through using a CRM system to inform and adjust your pipeline, converting prospects to customers faster. Marketing automation does not only structure conversations and creates pathways for future profiles, it furthermore evaluates the effectiveness of the product. Effective messaging therefore relies on feedback from sales meeting and good sales intersection rely on prospect response data from a marketing automation tool.
Many businesses fail to see the benefits of including a market strategy in their overall strategic business not knowing that this can provide the business with focus and direction. It helps you identify the tools the company can effectively use to from competition and gain market share and lastly, this can save the company money and time by attracting the right target market.
Under the auspices of South Korea’s Ministry of Foreign Affairs, I was invited to visit the East Asian country last week by the Korea-Africa foundation to discuss and engage on sustainable ways to build a stronger Korea-Africa relationship, which was established last year.
This past weekend, the annual Geekulcha hackathon (GKHack19) took place at 22 on Sloane startup campus. Led by Mixo Ngoveni, it focuses on boosting and sustaining a strong geek culture in South Africa.
The annual Global Entrepreneurship Week (GEW) at 22 on Sloane closed off last week with Edcon, in partnership with Proudly SA, hosting 12 up-and-coming fashion designers from its Design Innovation Challenge to showcase their stunning creations.