{"id":3589,"date":"2021-12-28T18:53:04","date_gmt":"2021-12-29T01:53:04","guid":{"rendered":"https:\/\/www.bmediagroup.com\/news\/?p=3589"},"modified":"2021-12-28T18:53:04","modified_gmt":"2021-12-29T01:53:04","slug":"go-to-market-strategy-for-startups","status":"publish","type":"post","link":"https:\/\/www.bmediagroup.com\/news\/go-to-market-strategy-for-startups\/","title":{"rendered":"Go To Market Strategy for Startups"},"content":{"rendered":"<p>We don\u2019t mean to intimidate you (and maybe you were already aware), but there\u2019s something you need to know: Studies show that <a href=\"https:\/\/review42.com\/resources\/what-percentage-of-startups-fail\/\">90% of all startups fail within five years of formation<\/a> \u2014 not a very reassuring statistic, right? But what\u2019s the story behind this damning figure?<\/p>\n<p>It all comes down to obscurity. Simply put, nobody knows about your business or what products\/services you offer. In an ideal world, you could pour endless amounts of cash into a marketing push that announces your presence to the world with gusto, but, as we&#8217;re sure we\u2019re both painfully aware, this is no ideal world.<\/p>\n<p>Not only are advertising budgets rather meager for startups, you\u2019re up against other businesses with established product-market-fit, which is daunting, to say the least&#8230; but there is a way to cut through the competition and get your voice heard \u2013 an effective go-to-market strategy for startups.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3590\" src=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/marketing-strategy-for-startups.png\" alt=\"marketing strategy for startups\" width=\"800\" height=\"300\" srcset=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/marketing-strategy-for-startups.png 800w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/marketing-strategy-for-startups-300x113.png 300w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/marketing-strategy-for-startups-768x288.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<h2>What Exactly Is A Go-To-Market Strategy, And Why Is It Important For Startups?<\/h2>\n<p>A go-to-market strategy for startups is precisely what it sounds like \u2013 an advertising game-plan that breaks an unknown product or service into a target market; it\u2019s your key to the locked door of commerce!<\/p>\n<p>Your go-to-market strategy is a blueprint that illustrates how you will reach the people you want to reach with the message you want them to hear. It\u2019s considered a separate entity to standard marketing stratagems, as they imply an established market position, whereas GTM is a way of reaching an initial audience from nothing.<\/p>\n<p>It\u2019s the foundation on which all your future marketing campaigns will be based, and a strong foundation inspires confidence, not just within your target audience, but among your investors, too. Creating a GTM strategy is the ultimate way to position your business for success moving forward. Other GTM benefits include\u2026<\/p>\n<ul>\n<li aria-level=\"1\">Weeding out potential risks<\/li>\n<li aria-level=\"1\">Generating profit quickly<\/li>\n<li aria-level=\"1\">Developing your business and product\/service<\/li>\n<li aria-level=\"1\">Attaining you a competitive edge over other startups<\/li>\n<\/ul>\n<h2>Creating a Go-To-Market Strategy For Your Startup<\/h2>\n<p>The three pillars you&#8217;ll need to know for a go-to-market strategy for startups are the <strong>What, Who, and How<\/strong>&#8230;<\/p>\n<ul>\n<li aria-level=\"1\"><strong>What<\/strong> are you trying to sell?<\/li>\n<li aria-level=\"1\"><strong>Who<\/strong> needs what you\u2019re trying to sell?<\/li>\n<li aria-level=\"1\"><strong>How<\/strong> are you going to introduce your offering to those who need it?<\/li>\n<\/ul>\n<p>If you can answer these questions, you\u2019ll have laid the foundation for a successful entrance into your particular niche of the market, so let\u2019s consider how this can be done.<\/p>\n<h3>Step 1. Know Your Audience<\/h3>\n<p>You may well have come up with the concept of your product or service through finding gaps or weaknesses in the market yourself, and that\u2019s great; it means whatever you come up with has some form of real-world appeal, but now you have to find others like yourself and figure out what makes them tick.<\/p>\n<p><a href=\"https:\/\/www.marketingevolution.com\/marketing-essentials\/target-audience\" target=\"_blank\" rel=\"noopener\">Hone in on your target audience<\/a>, and try to map out their behaviors and general way of thinking. Forget about trying to sell something to the world; focus on this very finite group of people and figure out exactly what they\u2019re looking for.<\/p>\n<p>Modern consumers expect businesses to know all about their wants and needs, but we\u2019re not mind readers, so instead, we can build up a customer persona by\u2026 This applies to all types of businesses. It doesn&#8217;t matter if you are a digital service providing with a nationwide audience, like providing <a href=\"https:\/\/www.wills.com\/\" target=\"_blank\" rel=\"noopener\">legal wills online<\/a>, or a brick and mortar business creating tangible products to specific locations, like a <a href=\"https:\/\/switch-vodka.com\/\" target=\"_blank\" rel=\"noopener\">vodka distillery<\/a>, knowing your audience is crucial.<\/p>\n<h4>Scheduling Interviews with Potential Users<\/h4>\n<p>Interviewing people takes time, but you won\u2019t find more rich, accurate, and enlightening results via any other means, so it pays to <a href=\"https:\/\/socialmarketingwriting.com\/target-audience-research\/\" target=\"_blank\" rel=\"noopener\">talk to prospective customers face-to-face<\/a>.<\/p>\n<p>Far more fluid and personal than standardized surveys, interviews give you a real insight into the lives of people who your product\/service could help, which is a great way to gather data you can use at a later date to refine your offering.<\/p>\n<p>Be wary of time constraints and ask effective questions, such as\u2026<\/p>\n<ol>\n<li aria-level=\"1\">What are their preferred channels of communication (e.g. email, Facebook, Instagram, TikTok, billboards, etc)?<\/li>\n<li aria-level=\"1\">What are they disappointed by or lacking?<\/li>\n<li aria-level=\"1\">In their eyes, what makes a product or business effective and valuable?<\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3591\" src=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/survey-your-audience.png\" alt=\"survey your audience\" width=\"800\" height=\"300\" srcset=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/survey-your-audience.png 800w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/survey-your-audience-300x113.png 300w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/survey-your-audience-768x288.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<h4>Questionnaires<\/h4>\n<p>Interviews are fantastic sources of information, but they\u2019re almost too focused. Although you\u2019re narrowing your research to drum up a <a href=\"https:\/\/blog.hubspot.com\/marketing\/buyer-persona-research\" target=\"_blank\" rel=\"noopener\">customer persona<\/a>, you still need to venture further afield to ascertain splits in that persona in terms of age, profession, location, etc, and questionnaires are a great way to do so.<\/p>\n<p>The wider net you cast will give you more of an insight into what pain points are simply individual woes and which are felt universally, ripe for capitalization.<\/p>\n<p>However, do bear in mind that you\u2019ll need to provide some form of incentive to encourage people to complete your questionnaire, and try to keep it short and sweet, too \u2014 we\u2019re all busy people.<\/p>\n<h4>Purchase Pre-Existing Data<\/h4>\n<p>There are countless other companies that have had to study their target audience before you founded your startup, and you can use this to your advantage.<\/p>\n<p>Paying for research carried out by similar companies gives you effort-free results. Now, they\u2019re not going to be quite as accurate as the results you\u2019ll get from your own studies, but they can certainly help to create a more substantive customer persona in a short amount of time.<\/p>\n<p>Due to its immediacy, this method is often employed first as a sort of scattershot data drive. It gives you a rough estimate of things like target consumer age, location, profession, income, pain points, and purchase triggers.<\/p>\n<h3>Step 2. Know Your Competitor<\/h3>\n<p>If you\u2019re going to offer something new, you need to know what your competitor is already bringing to the table. If an established entity has beaten you to the punch, your chances of gaining traction with a GTM strategy are slim-to-none. Find ways around it.<\/p>\n<h3>Step 3. Coming Up With a Value Proposition<\/h3>\n<p>In a nutshell, a value proposition is a snappy headline followed by 2\u20133 sentences that divulge why your product\/service:<\/p>\n<ul>\n<li aria-level=\"1\">Is <strong>relevant<\/strong> to the user<\/li>\n<li aria-level=\"1\">Solves the user\u2019s <strong>problem<\/strong><\/li>\n<li aria-level=\"1\">Is <strong>unique<\/strong> and cannot be found elsewhere<\/li>\n<\/ul>\n<p>For example, let\u2019s say you\u2019ve invented an automatic garlic clove peeler. Your value proposition should establish that garlic is one of the most common ingredients in cuisine around the globe (<strong>relevance<\/strong>), it makes the tough job of peeling cloves effortless (<strong>problem solved<\/strong>), and it\u2019s a patented design (<strong>unique<\/strong>).<\/p>\n<p>It\u2019s important not to get caught up in mentioning features alone. To entice customers, you need to tell them in no uncertain words how it will make their life easier or more enjoyable.<\/p>\n<h3>Step 4. Establish The Best Lines Of Communication For Reaching Your Target Audience<\/h3>\n<p>With your target audience in sight, it\u2019s time to find out <a href=\"https:\/\/www.bmediagroup.com\/news\/reach-vs-frequency\/\" target=\"_blank\" rel=\"noopener\">how to reach them<\/a>. People of different age groups and professions communicate and are exposed to things in unique ways.<\/p>\n<p>For example, younger people will consume a lot of adverts on social media platforms like TikTok and Instagram, while older generations may only use Facebook or perhaps even just email.<\/p>\n<p>Another example is that people working from home will engage with mostly digital adverts, but for those who commute to an office, <a href=\"https:\/\/www.bmediagroup.com\/news\/effective-billboard-advertising\/\">billboard advertising will be highly effective<\/a>.<\/p>\n<p>Don\u2019t feel you have to settle for just one mode of communication per faction of your target audience. Research has shown that omnichannel approaches to customer communication have a much higher retention rate than single-channel approaches.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3592\" src=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/go-to-market-strategy.png\" alt=\"go to market strategy\" width=\"800\" height=\"300\" srcset=\"https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/go-to-market-strategy.png 800w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/go-to-market-strategy-300x113.png 300w, https:\/\/www.bmediagroup.com\/news\/wp-content\/uploads\/2022\/01\/go-to-market-strategy-768x288.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3>Step 5. Zeroing In On Marketing Tactics<\/h3>\n<p>People don\u2019t just use different channels of communication, they also have preferences in regard to how they\u2019re engaged with.<\/p>\n<p>For instance, certain demographics may respond well to the personal\/celebrity touch of paid partnerships, while others will be distrustful of this tactic as the pecuniary aspect of the agreement makes the brand representative seem disingenuous and the product seem weak.<\/p>\n<h3>Step 6. Don\u2019t Stop Testing<\/h3>\n<p>Even if you think you\u2019ve got everything figured out, you need to keep on testing your theories by <a href=\"https:\/\/www.bmediagroup.com\/news\/measuring-advertising-effectiveness\/\">measuring advertising effectiveness<\/a>. Test different styles of ad copy, test the efficacy of different images, test different marketing tactics\u2026 test everything!<\/p>\n<p>Marketing is a trial and error process, so the more mistakes you get out of your system early on by putting plans through their paces, the fewer you\u2019ll be paying for later with a poor campaign.<\/p>\n<h3>Step 7. Budget Planning<\/h3>\n<p>Once your research has provided all the answers you need to shape your GTM strategy, it\u2019s time to map out what your budget may look like and how it will be split across different marketing tactics.<\/p>\n<h3>Step 8. Implementation<\/h3>\n<p>At this stage, you\u2019ve done most of the heavy lifting, and now it\u2019s time to use what you\u2019ve learned to implement your marketing strategy!<\/p>\n<h2>bMedia and Developing a Go-To-Market Strategy<\/h2>\n<p>As mentioned earlier, omnichannel marketing tactics in GTM strategies are far more effective than single-channel plans, which is why you should seriously consider incorporating a robust OOH line of communication with your target audience as part of your strategy, either as the primary or supporting mode of contact.<\/p>\n<p>Granted, digital marketing has great reach potential, but as a fatally saturated facet of the advertising industry, it tends to inspire a lot of fatigue in the viewer. Billboards and OOH adverts, on the other hand, still grab attention, cinching valuable real estate in the consciousness of the viewer.<\/p>\n<p>But providing the physical space for your ads is just the tip of the bMedia Group&#8217;s iceberg. Our dedicated team of marketing experts can help you build a custom, go-to-market strategy for startups from the ground up, ensuring you and your business can generate customers, and start changing people\u2019s lives with your product\/service.<\/p>\n<p><a href=\"https:\/\/www.bmediagroup.com\/contact\">Contact us today<\/a>, and we\u2019ll talk you through <a href=\"https:\/\/www.bmediagroup.com\/news\/how-to-measure-ooh-advertising\/\">how we measure the efficacy of OOH advertising<\/a> with state-of-the-art analytics to optimize the potential of your campaigns and stimulate rapid business growth.<\/p>\n<p>Your startup may be small, but with bMedia in your corner, you\u2019ll cast a much larger shadow, giving you the confidence and market position to hold your own against giants of any given industry, giants that, with our help, you will soon tower over.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We don\u2019t mean to intimidate you (and maybe you were already aware), but there\u2019s something you need to know: Studies show that 90% of all startups fail within five years of formation \u2014 not a very reassuring statistic, right? But what\u2019s the story behind this damning figure? It all comes down to obscurity. Simply put, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3593,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[29,7,8,9,23,24],"tags":[11,12,13,14,37,26,16,47,41,31,103,104,105,106,17,18,19,20,107,61],"class_list":["post-3589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advertising","category-billboards","category-blog","category-business","category-guerilla-marketing","category-news","tag-advertising","tag-benefits-of-billboard-advertising","tag-billboard-advertising","tag-billboard-advertising-effectiveness","tag-billboards","tag-digital-advertising","tag-digital-billboards","tag-digital-media","tag-digital-outdoor-advertisement","tag-effective-billboard-advertising","tag-go-to-market-strategy","tag-go-to-market-strategy-for-startups","tag-marketing","tag-marketing-strategy","tag-ooh-advertising","tag-out-of-home-advertising","tag-outdoor-advertising","tag-outdoor-media","tag-startup-marketing","tag-types-of-outdoor-advertising"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Go To Market Strategy for Startups | OOH Advertising | bMedia<\/title>\n<meta name=\"description\" content=\"A solid go-to-market strategy for startups could be the difference between success and failure. 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