Creating a Go-to-Market Strategy for a New Businesses

Robyn Ward is a Business Development Executive with BetterWorks (http://betterworks.com)

1. Document your value prop & distribute to team
2. Create a detailed customer analysis for both indirect & direct markets
3. Research all possible competitors
4. Outline all distribution channels: sales, BD & partnerships
5. Determine your product's price point

Transcription

So entrepreneurs are often moving in a breakneck-speed. They build the product and all of a sudden they need to get it into market. What I always suggest is to really have a go-to-market strategy in place which means have something written down and bet it with your team.

The first thing you need to do is nail down the value proposition. Write it down in terms for everybody on your team to read. The second thing is doing highly detailed customer analysis for both indirect and direct markets.

The third piece of this strategy is doing your competitive landscaping. Understand who your direct and indirect competitors and who are the customers they are going after and what market share do they have. Next, you want to make sure to outline all of your potential distribution channels. Is that sales, is that business development and partnerships.

And the last piece is pricing. All of a sudden you have a product and you know who your customer is, but what is the price point in which that customer is going to buy. You really need to review all of these key points and wrap them up and we go to market strategy before moving from product to market.