Product Strategy & Go-To-Market System
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The document outlines a go-to-market strategy with sections covering product strategy, inbound marketing, customer experience, feedback, outbound marketing, and external analysis. The goal is to connect a company's product vision, positioning, and roadmap to customer acquisition, retention, and support through thought leadership, social media, events, and adapting to social, technological, economic, and political conditions.
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Product Strategy & Go-To-Market System
- 1. PRODUCT STRATEGY Vision Positioning Roadmap Buyer/User Personas Stories/Requirements Competitive Analysis Product Portfolio Pricing INBOUND MARKETING Thought Leadership Content Marketing Social Media Social Monitoring SEO Brand CUSTOMER EXPERIENCE Acquisition Retention Support FEEDBACK References Surveys User Groups Social Monitoring Interviews/Visits OUTBOUND MARKETING Events Advertising Campaigns Telemarketing Press Relations Sponsorships GO-TO-MARKET Sales Model Sales Tools Sales Enablement Launch Plan Lead Generation Lead Nurturing Lead Conversion EXTERNAL ANALYSIS Social Technological Economic Political Go-To-Market: a system of related activities and processes that connect a company’s product strategy to the customer experience. Version 1.0
Editor's Notes
- Wikipedia defines Go-To-Market strategy as a “set of integrated tactics which a company will use to connect with its customers/business and the organizational processes it develops (such as pricing and contracting) to guide customer interactions from initial contact through fulfillment.” While I agree with this definition, I do not see Go-To-Market as a strategy rather a framework. Go-To-Market is a related set of activities and processes that connect the company’s product strategy to the customer experience. The Go-To-Market framework is cross-functional, spanning product management, product marketing, and sales. It is a strategy and requires operational efficiency. Thus, the challenge is obvious – to have an effective Go-To-Market framework, an organization needs the visionaries to set the strategy and the tacticians to execute the plan for customer acquisition and retention. Here is how a Go-To-Market framework looks: It Starts with Product Strategy The product strategy defines who the company will target and what the product portfolio shall be. External analysis of social, technological, economic and political factors (STEP analysis) impacts the product strategy. For example, consumer trends, R&D activity, economic growth, and government regulations all come into play when setting product strategy. Product strategy is the jurisdiction of product management in conjunction with product marketing and the executive team. Go-To-Market Drives the Process Product strategy feeds the Go-To-Market activities, which is the “how” - how to brand, promote and sell. Inbound and outbound marketing formulate the two methods for marketing the product portfolio. Inbound marketing is a term coined by HubSpot’s Brian Halligan. It “pulls” customers in, drawing their attention and interest to the company’s website. Social media (blogs, Facebook, Twitter, LinkedIn) with compelling content and Search Engine Optimization (SEO) are the processes that drive inbound marketing and helps characterize the thought leadership policy. Outbound marketing is the more traditional “push” method of reaching the customer, also known as interrupt marketing. Go-To-Market puts the product strategy and marketing activities to work. The Sales model is about the route or channels to market. Is the product sold direct or through a channel of resellers, online, etc? Regardless of the model, sales tools and training enable sales with the means to get customers. Often times people confuse Go-To-Market with a product launch plan, but the two cannot be more dissimilar. The product launch is a subset of the system. It is a project plan with a budget and tasks to rollout a new product release. The lead nurturing and conversion activities form a loop with inbound/outbound marketing to convert leads to customers. Customer Experience Provides the Feedback From the customer experience, the organization maintains a feedback mechanism of interviews, site visits, surveys and user groups. Product improvement and new features originate from customers and references of satisfied customers aids sales process. All this feeds back into the product strategy to redefine and track the product direction. Final Thoughts The Go-To-Market system is at the intersection of the product strategy and executing on a set of related processes to enhance the customer experience. The system described here provides a simple framework to successfully win new customers and keep existing one coming back for more. Keep it simple - address the needs of the market, establish the plan and execute it.