The universe of markets and buyers is incredibly diverse, and your decisions about where and whom to target can make or break your revenue performance. A company can’t be all things to all buyers in all markets. As the competitive landscape is always changing, with more players vying for prospects’ time and attention, it is vital to select markets where you can effectively compete and win. Then, continuously segment the market to isolate specific audiences to engage at the right time and place with the right message.
A company needs an effective go-to-market strategy that makes it easy to buy from and sell to. Go-to-market strategies and plans are a blueprint for how the company will reach customers, streamlining and establishing a strong focus on the steps that a company must take to co-create value with customers.
https://revenuearchitects.com/wp-content/uploads/2017/03/under-the-microscope.png622622John Stonehttps://www.revenuearchitects.com/wp-content/uploads/2013/08/RA_logo-300x137.pngJohn Stone2017-05-09 14:52:262024-03-06 22:41:39Go-to-Market Strategy and Plan
The commercialization process prepares you to introduce products and services into the market. There are several different frameworks that describe the product development process in detail and commercialization is typically included in this overall process. For our purposes, in assessing and constructing a revenue architecture, we focus on elements of commercialization that impact marketing and sales execution.
Consider the traditional “7 Ps”: product, place, price, promotion, people, process, physical environment. For the purposes of the Revenue Architecture framework, the commercialization activities are central to marketing and sales execution. Sales and marketing teams do sell for a hypothetical company – their job is to sell the products and services the company offers. Commercialization helps influence product design and quality, and paves the way for more effective productive marketing and sales execution.
Activities prior to Commercialization include Market Strategy: Customer Value Research and Analysis, Firm Competencies, Competitive Industry / Market Analysis, Customer Win/Loss Analysis, Firm Performance Analysis, Requirement Definition, Product Line Economies , Budget Planning and Cost Management, Market Acceptance and Availability,Product Strategy, Product Roadmapping.
The Commercialization process includes: Value Positioning including Target Market Definition and Sizing, Customer Engagement Model, Commercial Use Cases, Pricing, Terms and Conditions.
Activities we review after commercialization include Go-To-Market: Positioning and Value Communication, Routes to market, Channels and Partnerships, Marketing Planning, Launch Planning, Customer Acquisition Models, Sales Enablement, Collateral, Lead Generation, Sales and Channel Training, Customer Relationship Management, Funnel Analysis, Market Assets at Different Sales Stages, Technical Tools and Marketing Assets.
A Market Strategy is a core element of a company’s revenue architecture and differentiated strategy. Revenue leaders need to define how to approach the Market Strategy based on attractiveness, competitive positioning, and fit.
This post dissects Market Strategy and its components and explores why it is essential to any business.
