Go-To-Market Checklist

Entering new markets is always risky. However, a well-informed go-to-market strategy can soften the landing in a new area. This guide aims to help businesses with assembling a data-driven go-to-market strategy to mitigate the potential risks of expansion.

A comprehensive go-to-market strategy clearly defines how a company can enter a new market with a kind of product or service. In this Go-To-Market Action Plan you will find out what keys steps are required to develop such a plan. The action plan will tell you how to:

  • Solve Key Issues of Go-To-Market Planning
  • Identify Market Opportunity
  • Plan for Budget
  • Develop a Strategy

 

  1. Solve Key Issues of Go-To-Market Planning.
  • Identify the value of your offerings to existing and prospective customers
  • Develop a promotion strategy that outlines a timeline and scope of product advertising
  • Make a forecast of revenue expected from product sales over a period of several years
  • Estimate initial costs and resources associated with sales
  • Estimate ongoing costs for maintaining the product
  • Identify risks associated with achieving marketing targets
  • Develop a mitigating strategy for managing those risks

 

  1. Identify Market Opportunity.
  • Identify a market you want to enter
  • Review current and prospective customer feedback regarding your market opportunity
  • Review feedback from your company’s employees as well
  • Analyze market trend data to have a clear vision about current situation and future events within the market
  • Develop a clear hypothesis regarding your market
  • Organize client/employee meetings, executive forums, workshops and brainstorming sessions to test your hypothesis
  • Identify the target customers that will be served by your business in the new marketplace
  • Define what barriers would force the target customers now to purchase from your organization
  • Figure out what solutions can be applied to removing those barriers

  1. Plan for Budget.
  • Review your sales expectations to develop a revenue model that will be assessed against market penetration and average deal size
  • Establish profit margins over a 2-3 year period, considering your startup and ongoing costs
  • Set market goals that must be linked to revenue expectations
  • Develop a market penetration budget that covers all types of costs and considers revenue expectations
  • Be sure to include staff recruiting and training costs in the budget

 

  1. Develop a Strategy.
  • Determine how your product will be delivered to the target audience in the new market
  • Figure out what triggers will make your prospective clients purchase the product
  • Be sure your market plan takes those triggers into account
  • Determine how staff-critical activities (such as hiring and training) will affect your products in the marketplace, and then adjust your marketing strategy appropriately
  • Identify new skills and abilities that your salespeople must improve to generate higher revenues
  • Outline the tactics for the first year of operations in the market
  • Identify how your business structure will be changed to accommodate to new market conditions
  • Outline marketing activities needed to generate brand recognition and awareness
  • Have a plan for creating leads from your targeted market
  • Determine tools and systems required to support marketing operations
  • Identify and describe risks that surround your marketing campaign
  • Develop a mitigating strategy for those risks.

When creating your product messaging ask yourself:

  • How does your offer address the need in the market?
  • What supports your claim that your solution will fulfill their need?
  • Why should your target market believe you?

Key Takeaway

The components of a go-to-market strategy are simple: market intelligence, market segmentation and product messaging. But, the execution of those steps can be more complex depending on your product and the market you’re entering.