Paawan Kothari, Entrepreneur and Go-To-Market Leader, shares her insights on marketing in the second part of a multi-part series: Demystifying Marketing.
All startups have a business plan. Successful startups have a robust Go-To-Market strategy.
So what exactly is “Go-to-Market”? Here’s a simple definition; a Go-To-Market plan is a clear articulation of what you are selling, to who, where, and how.
What: A common mistake is to think of the “what” as the product or service you offer. It is not. You are selling a solution to a problem, fulfilling an unmet need, an aspiration. This is your value proposition.
Who: Who are you selling to? You likely have multiple types of customers. Customer segments include demographics, geography, industry vertical, size, role, and behavior (psychographics).
A customer can be the user, the purchaser, the decision-maker, the influencer. Remember each type of customer may have a different pain point or may need a different incentive to buy. Is your marketing tailored to address their needs in a language that resonates with them? Here is where you actualize customer segmentation and buyer personas.
Where: This may seem simple but is just as important. A prioritized list of geography. Online or offline? If online, through your own website, or via partners / online marketplaces, or both. Are you selling at tradeshows, conferences, via catalogs?
How: What is your marketing and sales strategy from awareness to conversion to retention? What tactics, messaging, assets will you use for each stage?
The simplest way to create a GTM plan is to create a matrix that maps the customer segments and the stages of the buyer’s journey with the positioning, channels, tactics, and marketing assets. Every product launch and every verticle should have its own GTM plan.
For an early-stage startup, creating a GTM plan may feel daunting. However, investors look for a sound GTM plan right after the founding team and product innovation. It doesn’t have to be detailed, but it needs to illustrate that the founding team understands the market, the customer, their unique positioning, and have a strategy to scale.
Stay tuned for more on the differentiation between Sales and Marketing in the next blog in this series, coming soon.
Author Bio Paawan Kothari is an entrepreneur, a seasoned marketer, and a budding political activist with over 20 years of experience working for large and small companies. In 2010, Paawan quit her corporate job to start her venture, The Chai Cart®, to bring together her passion for entrepreneurship with her desire to make a difference. After 8 years of building the business, brand, and acquiring marquee customers, Paawan sold the business in 2018.
Originally published in Medium.
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