We have done extensive Digital marketing, AI and Go-to-Market (GTM) research for entrepreneurs and preliminary strategic set up before deciding to move to digital advertisement. Here is why, how and the lessons we learned in the process.
AI and Going to market; the sexy buzz words people have gotten to love — especially in technology companies. Haven’t companies been going to market forever?
What is GTM "Go To Market"?
According to Gartner Group, a Go-to-market Strategy is a plan that details how an organization can engage with customers to convince them to buy their product or service and to gain a competitive advantage.
According to Harvard Business School, a Go-to-market strategy is a detailed plan of how your startup will reach its target customers effectively and efficiently—where effectiveness depends on how rapidly you reach and convert customers and efficiency on how profitable your efforts are. Typically, a GTM strategy includes a mix of direct and indirect channels to educate, support, and distribute your product to customers.
Our Go To Market and Digital Marketing Strategy
urBIZassist has come to life on the basis of the ask of mentees and advisory relationships with customers; in the process escaping the entire GTM and digital marketing process, relying on word of mouth and referrals to grow.
In September we decided to follow the trend and Go-to-market. We wanted to better understand our competitive strengths and market positioning, and we wanted to start building the customer feedback mechanism within our digital marketing strategy. We also leveraged technology, digital and AI solutions to complement our currently existing capabilities to drive our on-line presence. If you haven't already, check out our Online AI Journey.
More importantly, it was very key for us to have a core capability to enable the Feedback Mechanisms, creating robust feedback loops, gathering customer insights, monitoring market trends, and adapting our strategies iteratively to stay responsive.
What Works Well?
Getting people to try our products for free to earn their buy-in, while at the same time building data points related to our feedback loops
Going slow and steady, demonstrating value every step. Relying on organic growth and watching it grow
Relying on referral business. Continuing to provide value and ensure our customers grow
Using AI to building the data analytics, learning, tweaking
What Does Not Work?
The cost of advertising is horrendously high. Get ready to break the bank.
The most challenging question we have found is where to put the $$$ at work for the best return. We are still looking!
A/B testing and overall direction requires long term engagement and strategy tweaking as we go, hence large resources.
Depending on the company and the business situation, the exact way to engage with GTM and digital marketing strategies will vary. Stay tuned for our monthly Founder Round table conversation on AI and GTM for November Round Table. Luckily, your business doesn’t exist in a vacuum. Take advantage of other tech founders’ wisdom and insights from navigating the same process.
What We Learned in the Process?
There is a perception out there that being an entrepreneur is about making the millions quickly. Here is a little pinch of reality based on our experience with amazing entrepreneurs we support, so we make sure we understand the stakes.
📌 Quick return on your invested $$$ are unrealistic. Some strategies and on-line presence may take few years to develop, and there’s always the risk of not having the right strategy in place.
Money pressures will often be there unless you start to think in terms of "OPM" Other People's Money.
📌 Keep in mind that statistics still show a clear 90% failure rate for new ventures. The number one reason of startup failure continues to be product market fit. What it means is that you may be super excited about your product, but you need to ask the question: is there a need for it? is there a demand for it?
📌 To get to a product or solution that meets market needs requires a lot of thinking early on, market research, and a solid Business Plan with scenario analysis. The Plan will shift inevitably, hence a need for re-focus.
On the plus side, there are so many resources, many of which are free, that you can adopt to mitigate each risk and threat to your business. So, sharpening entrepreneurial Skills is an on-going part of the journey. Entrepreneur Knowledge is just like any other skill —you can develop it and strengthen it through education and practice.
Ready to Launch your GTM Strategy?
If you are in the process of building your GTM, determine few elements prior; define your Buyer Persona and overall Branding of your Business before crafting your GTM strategy.
Is your Customer Pain Point established and have you conducted your Market Research before diving into your GTM strategy?
The last Piece of the Puzzle
Testing, testing and testing.
Success with digital marketing relies on being able to deliver in a consistent and recurring manner to the right people. If you are not using AI, you are behind the curve and at a disadvantage to your competitors. Have you started to consider AI in your strategy?
The optimal solution for your particular entrepreneur journey will depend on the maturity of your business, resources and your vision going forward. Be sure to align your needs to the right tools.
Happy AI ing, happy GTM ing!
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