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Tuesday, November 13, 2018

5 Tips to Create a Successful Go to Market Strategy

by Editor (editor), , January 16, 2018

By following the five tips outlined in this article, your business can incorporate the latest marketing, sales, and customer service best practices.

It doesn’t matter what you’re selling -- it could be a service providing help with credit repair or it could be a custom website builder -- but whatever it is, you need to develop a successful go to market strategy in order for your product or service to acquire customers and become profitable.

While business owners often think about creating a high-quality product or offering an outstanding service, it can be easy to overlook the importance of creating a business plan that outlines just how you intend to bring your offering to the market.

By following the five tips outlined in this article, your business can incorporate the latest marketing, sales, and customer service best practices already being used by a wide variety of successful businesses.

1. Build customer personas to get to know your target audience

One report showed 82 percent of businesses that use customer personas were able to create an improved value proposition. A persona is simply a combination of psychographic and demographic factors used to summarize the needs and wants of a particular type of customer.

Organizations as sophisticated as Hubspot rely on customer personas in order to better communicate to teams within the company who the ideal customer is and what the ideal customer is looking for.

Hubspot, a company that sells SaaS marketing and sales products, developed a variety of customer personas when trying to understand their target market. As a result, one persona named Molly became particularly well-known within the company. Hubspot’s CTO, Dharmesh Shah, would bring a teddy bear named Molly to important meetings as a way of reminding attendees to focus on the customer. It may sound silly, but it’s critical for businesses to think of their target audience as a real person to market effectively.

2. Invest in a marketing automation platform

Salesforce found that over 60 percent of marketing leaders are using marketing automation to better interact with prospects and customers. Organizations of all stripes are using marketing automation tools like Pardot, Marketo, Hubspot, and Act-On to generate stronger leads, nurture prospects, and better serve customers.

Marketing automation platforms offer tools like drip email marketing, smart content, and social media monitoring that make it considerably easier for marketers to create sophisticated marketing campaigns.

Just as importantly, marketing automation platforms give marketers access to helpful analytics related to campaign performance and website behavior, which can make it much easier for them to optimize their marketing strategies in real-time.

3. Commit to content marketing

Content marketing is a great way for brands to generate awareness among members of a target audience. The Content Marketing Institute found that content marketing leaders generated nearly 8 times more traffic than non-leaders.

Not only does content marketing help brands be discovered through social media or organic search, but the marketing strategy can also serve as a means to educate prospective customers, so they become more interested in your product or service.

Take TrustToken, for example; the company produces a sophisticated product related to the cryptocurrency industry. In an effort to educate members of their target audience, they have developed a series of blog articles -- like this one about cryptocurrency regulation -- which serves to educate prospective customers while improving brand awareness as a whole.

4. Identify the most efficient customer journeys

Developing efficient customer journeys is a key component of success in today’s market. A study cited in Digital Commerce 360 found that companies with strong customer journey strategies were able to retain 56 percent more customers than those with weak strategies.

Business leaders need to encourage marketers and channel managers to identify the most promising customer journeys, then campaigns should be designed to drive prospective customers through such proven journeys, while avoiding those that may not perform as well.

For example, it may be the case that your business wins customers more easily when they visit your business for a face-to-face discussion as opposed to a phone conversation. If this is the case, your go to market strategy should be built so as to drive face-to-face interaction.

5. Offer outstanding service at every touchpoint

Over 80 percent of consumers say they trust product recommendations made by friends and family. For this and other reasons, word-of-mouth marketing is one of the most efficient ways for a business to attract new customers.

A great way to build word-of-mouth business is by providing existing customers with outstanding customer service across the board. To achieve this goal, business leaders must first map out all the points where a customer could interact with a member of your organization. Those touchpoints could include email, social media, phone, or in-person (among others).

Once mapped out, business leaders must make sure all customer-facing employees understand how to provide consistently high-quality service.

Conclusion

Building a go to market strategy is a vital component of creating a successful business. Great go to market strategies can accelerate business success and help to lower costs.

What tips will you choose to incorporate into your go to market strategy? Leave a comment below to let us know!



About the Writer

Editor is an editor for BrooWaha. For more information, visit the writer's website.
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