By Fernando Berrocal

‍

A plan for your startup's product delivery is also known as a Go-To-Market Strategy. Although less detailed than the business strategy, it addresses important aspects of your organization and deserves a great deal of attention.  The GTM strategy serves as a strong component of your business plan, which is meant to address everything from this strategy to the firm's organizational structure.

‍

‍

Your business plan absolutely does contain essential information regarding each element of your startup. Your GTM model, however, will concentrate on the specifics of how you'll provide your product to clients. The key is knowing what you want to say about your product; and why customers should buy it (instead of the competition’s offering). You cannot simply choose something to sell and begin doing so.

‍

Take some time before you get into the remainder of your go-to-market strategy for startups.  It is imperative that you start off with a clear vision for your product. You must describe the product to your customers; highlight its main advantages. It's crucial to start with the fundamentals. A lot of your research may touch on this, but it will be more beneficial if you start by knowing exactly what it is you're trying to market.

‍

The next step is determining who exactly your intended intended audience is. You must be explicit about the target market for your product when putting together a solid GTM strategy. The size of the target market, the demographics, the level of income it makes, and its location should all be mentioned in the description. It provides a broad overview of the target market for your product.

‍

So, why is your Total Addressable Market (TAM) important? The TAM details how much room for expansion your firm has. Investors want to know that you are addressing a significant market concern. To make up for the poor investments they might have made, they aim to make investments in promising businesses. They believe that their firm won't be able to provide an exponential result for them if it doesn't target a sizable enough market. TAM asks: "How many people could potentially use your product?" This does not imply how many people will use it. Note: you'll get asked this the most, and the replies are frequently the worst. It can be perplexing when people use the same word to mean various things. Consider this as an example of the complexities of TAM: Netflix is accessible to almost everyone, yet this does not represent its whole subscriber base.

‍

Market Requirements

‍

Finding out what your potential clients want–and why they might be interested in purchasing it–is the goal of the market demand section. This entails observing how potential customers behave and how that demonstrates their want to spend money on this particular product. Although market demand is not a factor in your market research, observing how individuals behave can be helpful. It also helps since you may exploit gaps in the market's present products as a method for your business to meet those demands.

‍

Market Research

‍

Does the market accept your product well? You must record the outcomes of any market tests you were able to undertake. The following questions will be covered here:

‍

• How big is the market that you serve and where is located?
• Why should customers need to purchase from you?
• Who makes up your target market? Is it increasing, reducing, or staying the same?

‍

Who Are You Trying To Find?

‍

A user persona must be established if you want to better understand your customers. This imaginary individual stands in for the usual consumer of what you're offering. Make a persona that represents your target audience using the information from your market research, think of:

‍

• What is the name and address of your user?
• What is their academic level and age?
• What kind of residence do they occupy, and do they own or rent it?
• What kind of employment do they do?
• Do these people have children, are they divorced, or both?

‍

‍

Get a detailed understanding of the customer's issue. “What problem am I fixing for my consumer?” is the most important question to ask while selling a product.  Remember: it's difficult to present your solution as an answer if you don't understand the issue. When you first launch your business, it is simple to become exhausted by the workload. However, it appears that there are some recommendations for how to build your problem statement after much trial and error.

‍

What issue is most urgent? It's excellent that your product potentially answers multiple issues. However, it's important to start with what you do best. Nothing can be fixed all at once. The most important issues must be addressed first; after finishing that, go on to the next biggest issue.

‍

It's crucial to determine the client's demands, and concentrate on them. A problem's level of seriousness fluctuates. The more painful it is, the more valuable it is. A problem that you can't even admit is difficult to tackle. What's needed are specifics regarding how much suffering your character experienced while coping with this difficulty–not facts about a life-threatening issue. Convenience is frequently emphasized as being of paramount importance. However, it turns out that consumers won't be inspired by convenience if you don't give it personality or make its presentation stand out. By the end of all this, you ought to be able to respond to the following queries:

‍

• What response does the client give to this?
• What issue does my offering address?
• Does this matter to my customers?

‍

‍

Determine what you can provide. Your value proposition is a phrase that explains to the customer why they should choose to purchase your product over competing ones. Why should they spend their money on you? What distinguishes you from everyone else in the world? Once you've identified the issue, you need to demonstrate how your product addresses it. It doesn't matter if there are rival companies in this market because each company has a distinctive value proposition. List the benefits your product provides for users and the ways it stands out from the competitors. You can investigate competing products to see why they are inferior.

‍

Calculating Prices Is One of an Organization's Crucial Functions

‍

It takes more thought to develop a price plan than simply selecting random figures and posting them on your website. You need to understand the market, what people are ready to pay, and the amount of work that went into developing your product. Pricing strategy is a process that calls for a thorough understanding of both your product and the industry. How much do they charge? How much does making or shipping it cost you? When setting a price, these considerations must be taken into account.

‍

What Marketing and Promotion Strategies Do You Have? 

‍

Investors are interested in your plans for product promotion. Keep in mind that your startup's go-to-market strategy is equally focused on getting out and acquiring new clients. This implies that you'll require a strong marketing strategy plan. Even though you don't need to be familiar with every aspect of your marketing strategy, you should be able to respond to the following: What is your marketing plan? Research the tactics of your rivals. Here are some queries to ask that will aid your marketing tactics:

‍

• Where is the advertising for my rivals, and how much does this form of advertising cost?
• Should you prioritize social media advertising, content marketing, or other aspects of digital marketing?
• Where does my ideal user or target customer spend the most time?

‍

In conclusion, if you want to succeed, capture the market. Every business needs a go-to-market strategy, but gaining clients is always the ultimate objective. Once you've determined who your ideal client is, it's time to locate them–and deliver a message that will reach them.

‍

Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.