Go To Market Strategy: 6 steps to make products visible in the EU
Пост обновлен апр. 10
Each year we see the rise of many tech startups in education, finance, medicine, and other domains. They win incubator mentoring, show at WebSummit, and become leaders at Product Hunt voting.
However, some of them might fall into oblivion because of many reasons. According to Failory research stats, 9 out of 10 startups fail for the two most popular reasons. It is all about Market/Product fit and … proper marketing.
Therefore, going to market strategy is one of the heavy elements of every startup during their history what it contains the heaven-sent, not the failing plan.
Step 1: Define the market.
Usually, many clients of mine want to place a product in as many markets as possible. Well, there is nothing terrible about becoming a world leader. However, when you nail how to go to market in Switzerland, it will be clearer how to work with DACH clients and so on.
9 out of 10 startups are failing. Fair stats 2020
There are few known methods to set up market strategy: competitors research, learn about your current customer base, translate feature lists into benefits, and understand what community might need such a product.
Also, don't underestimate current media landscape research and evaluate if it is the right time to launch it. If you reach out to the locals in proper product placement, the result will appear soon.
Step 2: Know your audience.
The time is flying fast in startups. Therefore, the audience for go to market strategy should be defined more precisely. For instance, "all German-speaking countries" or "all enterprise brands" are unsuccessful audiences to target because of their wideness.
Defining your clients is somehow a pain in the ass. What I usually recommend is to "live as if it was your life." Easy to say than do? Then find some contact familiar with the subject and make a questionnaire for the "cust dev" interview. You can even find a youtube video called "One day as a lawyer/architect/doctor. "
The key things you need to pay attention to while figuring out the audience:
How do they consume news? Which platforms do they use?
What are their critical activities during the day?
What are their Hopes, Problems, Aspirations, Beliefs, Goals?
This information will help you to create a proper message house and place it on the right channels.
Step 3: Gain trust from market players
People love to hear about big brands. If you convince them to use your product and share that information during launch, you will gain a wider audience. Then, how do you get the attention of big brands? By offering them an innovative and game-changing solution.
At this same step, it is essential to manage working groups with such companies. Keep in mind that you don't waste product or your time with it. People from mature companies can prompt you with a direction to outstanding features. They can become your first clients and brand advocates.
Before doing anything outside, try to look critically inside of your organization. It is common practice to fix website errors, polish logos, and make your product at least 99% ready.
Step 4: Sync with media
The best strategy here is always to keep business connections with journalists. It must be a part of your networking life. They can become your friend someday. However, you might focus on bringing your MVP and tech sides ready. That is why it will be problematic to gain media attention at the beginning.
You will need to prepare an eye-catching pitch, media kit or factsheet, and a press release to break the ice. These materials are essential and will help your startup to get famous faster.
Step 5: Pitch to Influencers
When you are more than ready with your MVP, it is time to gain support from your domain's decision-makers and opinion holders. If you prove your product or service worth mentioning to these people, the visibility effect will be much recognizable.
However, to be successful at this stage, the product is supposed to be truly useful. To find influencers try to reach out to people interested in related topics. However, Google search can help find the right voice for your startup. Personal accounts, tech hubs, local newsletters' authors, bloggers - all of them might be interested in your story.
While working with opinion holders, keep in mind that your pitch must be not only selling. It is significantly vital to explain clearly how your product will impact life around for the better. Also, a trend for honesty is a new black: that is why you can ask for a promo post or a time in their video show without hesitation.
Understand which country will be the best for the launch.
Study the target audience not too generically.
Create working groups with famous companies to prove product efficiency.
One of your long-term goals is to develop good relationships with the media.
Connect with opinion holders and show off products to their verdict.