How a well thought out strategy is a recipe for a successful product launch
Author
Christoffer Hansen
ch@hanei.se
GO-TO MARKET
How a well thought out strategy is a recipe for a successful product launch
Author
Christoffer Hansen
ch@hanei.se
Every company that wants to grow needs a solid strategy. To keep the company on the right path, you need a go-to-market plan with a clear vision of what you are selling, how, where, and to whom.
So, what is that you are selling?
Are you launching a new product?
Re-launching your company and brand?
Or do you want to move an already existing product to a new market? Whatever it is, the strategy should be a valuable tool with all the information you need to implement it, but that can be updated after feedback from prospects.
ANSWER THESE QUESTIONS
WHAT are you selling, and what problem is it solving? Is the product/service in demand? These are essential questions to answer to know if there even is a place for your product on the market. When you understand why you came up with this product and tested people’s need for it, you will find your position in the market.
HOW and WHERE will you distribute your product? Is it a physical store or online? How will you tell your customers about it?
WHO is going to buy your product? Do you know your audience? You need to know your customer, their needs and wants, passions, and preferences, for you to tailor your message so that they respond to it. The companies that understand their customer the best are the ones on top of the market.
- Summarize
For the ones that cannot be bothered by reading the entire strategy, it is a good idea to summarize your entire strategy. This part should briefly describe the product and service, what problem you are solving, market strategy, pricing, sales strategy, and KPIs. - Agenda
How will you stand out from the competition? The chances are that there already exist several products or services that solve the same problem that your product is. So, what is your unique selling point?
Position: Where does your product fit in on a scale of high-end luxury and affordability?
Message: Describe the benefits of your product with 3 points. Sales materials: What support, material and tools do you need to sell your product?
Customer journey: To understand how your business is perceived by the customers, it is good to map out how many stages there are before the customer makes a purchase.
Personas: Who is the end-user of your products? Outline the customer’s behavior and character. Who is your ideal target customer?
Use cases: How will life become better with your product? - Pricing
What kind of message do you want to send with the pricing? Is it a premium product, or do you want to lower the price to undercut the competition? The pricing should be set with purpose and fit in with the entire strategic plan. - Sales strategy
It is vital to have a clear vision of how your product is going to be represented by your sales representatives.
The sales reps should be provided with the right tools, resources, how to acquire clients, and support from sales management. - KPIs
To recognize if the go-to-market strategy is successful, you need KPIs that will be used as metrics. KPI can be conversions, close sales rate, and leads, etc..
CUSTOMER’S JOURNEY
It is good to map out and visualize a customer’s journey to get a better understanding of their needs and how your product fits in as a solution.
THREE STEPS TO A CUSTOMER JOURNEY:
THERE ARE SEVEN STEPS IN THE B2B SALES FUNNEL:
IMPROVE CUSTOMER JOURNEY
A global manufacturing company decided to improve its customer journey in order to stay on top of its leading market position in a more competitive market.
The solution was to involve all the employees, from four different countries, in workshops where they contributed with their individual knowledge to create an improvement of the customer journey. More than 50 workshops were held, which resulted in a global program that was combined into daily operations that dealt with critical touchpoints. Next, they will decide on a leading model to make their new way of working the new normal.
The result of these workshops was a change in the culture of the organization and the way they spoke about customers, their needs, and experiences. On the market, the improvement of the customer journey resulted in significant sales growth.
SO WHAT?
In launching a successful product or service, a well thought out go-to-market strategy is a significant component. The right questions can get you the answers to what you need to do for your go-to-market to succeed.
Knowing where your product fits in on the market is one of the most crucial steps; if you do not know where the product fits in, it does not matter how good the marketing is because it will miss the right segments. Start by answering the what, where, how, and who before launching your product.
If you want to learn more about Go-to-market strategies and how the right one can increase your companies sales growth, feel free to reach out to us at Hanei Consulting Group.
If you want to learn more about Go-to-market strategies and how the right one can increase your companies sales growth, feel free to reach out to us at Hanei Consulting Group.
About us
We are a team of independent professionals from diverse backgrounds who want to make consulting simple. We have extensive experience from strategy- and technology consulting firms, start-ups, and corporations, where we have solved problems in 50+ countries – from start-ups to Fortune 500 companies. We are the architects of your growth.
