How can you create a successful go-to-market strategy for different channels and segments?

Various organizations may have distinct approaches to their Go-To-Market (GTM) strategy. However, the following are general steps applicable across the board: 1. Identify the problem statement. 2. Identify the target audience. 3. Investigate competition and demand. One of the best way to study this is by applying Porter's five forces model. 4. Outline the customers' journey. 5. Select appropriate marketing channels. It can be easily achieved once market segments is done. 6. Develop a sales plan. 7. Establish tangible goals.

For years we marketers have tried to define ideal target customer personas (ICP) and map their buyer journey to determine optimal distribution channels and targeted messaging per segment. Linear buyer journeys often fail in complex B2B deals with multiple influencers. These require flexibility to orchestrate messaging across fluid buying groups with shifting priorities. Ideally we should track engagement rates by role to optimise content resonance, and then adjust through continuous testing. We can still try to map personas and journeys, but expect unpredictability. There will still be channels that work better then others, so monitor preferences to drive relevance. Success is often about building relationships across the team.

Identifying channels and segments is crucial in product management, akin to mapping the terrain in a treasure hunt. Channels are your paths to reach customers, each offering a unique connection method. Segments are distinct groups of customers with their own needs and preferences. Utilize tools like market research, customer interviews, surveys, personas, and customer journey maps for deep insights. These tools help you understand who your customers are, their characteristics, how they interact with your product, and what they value. This approach ensures you tailor your marketing and product strategies effectively, reaching the right audience with solutions that resonate with their specific needs.

Analyze how your competitors are reaching and serving similar segments through different channels. Look for opportunities where competitors may be underserving certain segments or neglecting specific channels. Clearly define your target customer segments based on demographics, behaviour, and needs. Develop a marketing mix that aligns with each channel and segment. This may include digital advertising, content marketing, social media, events, etc. Decide on your distribution approach, considering factors like online, retail, or a hybrid model. Optimise touch-points at each stage to enhance the customer experience.Explore partnerships and alliances that can help you reach specific segments or leverage additional channels.

Choosing where and who to sell to is like finding a balance between what the market wants and what you can offer. It's about concentrating on the best places and people that match your product, considering factors like market size, growth potential, and fit. Take Netflix, for example. Instead of trying to be everywhere from the start, they focused on regions where people really wanted streaming content. They thought about market size, growth, and what viewers liked. This smart move let Netflix use its resources wisely, targeting markets where it could make the biggest impact. As they grew, they expanded to reach more people, building success step by step. Key Lesson: Concentrate efforts where they matter most, and success will follow!

Selecting the right channels and segments is about balancing market potential with your own capabilities and goals. Prioritizing based on criteria like market size, growth potential, and alignment with product strategy ensures resource optimization. This step is about focusing efforts where they can yield the most value, rather than attempting to cover all bases simultaneously.

After defining your channels and segments, the next step is to carefully choose where and how to engage. Evaluate which channels align best with your target segments, considering factors like demographics, behavior, and preferences. This strategic alignment enhances your outreach, ensuring your message reaches the intended audience through channels they actively use and trust. This thoughtful selection is key to optimizing your go-to-market strategy for maximum impact.

Choosing your channels and segments is like picking the right gear for a hike. You don’t need to pack everything. Select gear (channels and segments) based on the terrain (market size, growth potential). Consider the weather (competition) and your fitness level (resources and capabilities). Prioritize your path: aim for trails (channels) that promise the best views (value) and are within your capabilities. Maybe you don’t conquer the highest peak (all channels) right away. Start with achievable hills (segments), then scale up as you gather strength and knowledge. It’s about smart, strategic choices, not spreading yourself too thin. Focus on where you can make the biggest impact with what you have.

By consulting in multiple industries, I've developed a sense for drawing on deep market analysis and customer insights to prioritise channels and segments not only based on their current performance but also on their potential for growth and alignment with business goals, while thinking globally and acting locally. For instance, while leading a leading retailer's Loyalty site's regional re-platforming, my focus was on tailoring the digital experience to meet local consumer needs, a strategy that proved successful in enhancing engagement and loyalty. The approach is data-informed and customer-centric, ensuring that the channels and segments we target are where our products can resonate while anticipating future shifts.

Creating a compelling value proposition for each channel and segment is like tailoring a key to fit different locks. Each channel and segment has its unique needs and pain points, and your value proposition is the key that unlocks their interest and engagement. A value proposition is more than a statement; it's a promise of value. It succinctly conveys how your product or service solves a problem or meets a need, highlighting what sets you apart. This customization is crucial for resonating with each segment's specific goals and motivations. Frameworks like the value proposition canvas or the jobs-to-be-done theory are invaluable tools in this process.

At Walmart BestPrice B2B Ecommerce (now called Flipkart Wholesale) we created separate propositions for Resellers, Horeca, Offices & Institutions. For resellers we optimised cost by creating fixed weekly milk runs for delivery and incentives them with lower cost to order 1 day before their milk run. For Caterers we created value by giving huge discounts on products which were 1 week from expiry. They were going to consume in 1 day so it worked for them and prevented expire and shrink at Walmart- Flipkarts end. For restaurants specials ingredients consistent supply is all that mattered and these items were reserved for them if in short supply. Likewise for Institutions we ensured a subscription like auto supply of basics.

Crafting a unique value proposition for each channel and segment is key to resonating with diverse customer groups. It's about clearly articulating how your product solves specific problems or meets unique needs. Customizing the value proposition based on specific pain points and motivations of each segment enhances its relevance and impact. Utilizing frameworks like the value proposition canvas helps in structuring this messaging effectively.

With your channels and segments identified, the next crucial step is to create a strong value proposition. Clearly articulate the unique value your product or service offers to your target audience. Highlight the benefits that set you apart and address the specific needs of each segment. Your value proposition should resonate with the chosen channels and captivate the attention of your intended audience, forming the cornerstone of a persuasive go-to-market strategy.

I will see again "products are fit to channel not the other way around." So, every channel will be unique in terms of consumption pattern, interactions, touch points experience etc. Positioning playbook needs to fine tune value prop. w.r.t channel (As it defines customer). Value has to have elements of how unique one is (Assuming at category level one ends up filling up all the jobs to be done). A tabulated view of market and competition and honest fitment of customer (means willingness to guide them better even if they don't fit you) drives larger trust which helps brand build better equity amongst customers.

Developing a strong positioning strategy for each channel and segment involves defining how you want your product to be perceived in the competitive landscape. It’s about aligning your value proposition with the customer's perception and differentiating from competitors. While consistency is key, adapting the emphasis on different benefits or aspects according to each channel and segment can be highly effective.

Building on your value proposition, the development of a strong positioning strategy is essential. Clearly define your product or service's position in the market relative to competitors. Emphasize what makes you distinctive and why your target audience should choose you. Consider the messaging that will resonate most with each segment and tailor your positioning accordingly. This step ensures that your go-to-market strategy is finely tuned to communicate a compelling and differentiated message in the competitive landscape.

Setting the right pricing strategy requires a deep understanding of your value proposition, market conditions, and customer profiles. The pricing should not only reflect the value delivered but also align with customer expectations and behaviors in different channels and segments. Employing strategies like value-based pricing or penetration pricing can be instrumental in optimizing revenue while ensuring alignment with the broader go-to-market strategy.

Setting the right pricing strategy is a critical component of your go-to-market plan. Carefully analyze market conditions, competitive offerings, and the perceived value of your product or service to determine optimal pricing. Tailor your pricing structure to align with the expectations and budget constraints of your target segments. Striking the right balance between perceived value and affordability enhances the attractiveness of your offering, contributing to the overall effectiveness of your go-to-market strategy.

Rule of thumb: Usage-based pricing works best for products whose end user is other software. subscription-based models tend to work best for SaaS products with human end users. Utility of Software-to-human products lies in enhancing employee productivity. These products offer a convenient pay-as-you-go model that allows customers to use the products without any hassle. These are equipped with telemetry data, enabling companies to track, bill, and limit usage, resulting in a seamless adoption. However, this model may not be suitable for software-to-human products, as it can create friction for end-users who do not want to be charged for every action they take. In such cases, subscription models are appropriate.

At Walmart BestPrice B2B Ecommerce - now called Flipkart Wholesale we optimised supply chain for mix of cost efficiency and customer need. So weekly milk runs were the standard for customers in small towns. But they could order at a premium for different day of the week but at different order thresholds. For wholesalers we did transhipments directly from manufacturers to save on multiple Labour handling. The system was built to handle this complexity.

Planning the distribution strategy is about ensuring that your product is easily accessible to your target customers. This involves choosing the right distribution models (direct, indirect, hybrid) and aligning them with the preferences and behaviors of different channels and segments. The distribution plan should make the product available in a way that is convenient for customers and efficient for the company, enhancing overall customer experience and satisfaction.

The success of your go-to-market strategy hinges on effective distribution planning. Map out the most efficient and accessible channels to reach your target audience. Consider the preferences and behaviors of each segment to optimize distribution channels. Whether it's through online platforms, retail partnerships, or direct sales, align your distribution plan with the unique needs of each segment. This meticulous planning ensures that your product or service is readily available where your customers are, maximizing accessibility and convenience.

For the first release of the product, it's better to stick to the original plan. It's easy to get carried away towards the GTM execution phase. Normally teams would have done best market analysis for the product, this should not be wasted even without testing because of last moment confusion. If something doesn't work out as expected in the market after the release, it's fine, it will serve as a lesson. It's always okay to re-strategize after analysing the failure/success.

Questions to consider and answer as you build out any strategy: What does the ideal state look like 3 years from now? How does that ideal state align to the overall, long-term strategy of your company? What support do you need to get there - time, people, resources - and who else needs to agree to your strategy? What is the quantifiable impact of this strategy and how will it be measured? (I.e. what does success look like?)

Beyond the traditional aspects of a go-to-market strategy, consider integrating digital marketing tactics, leveraging data for continuous improvement, and staying agile to market changes. As well as allowing you to tailor your roadmap it also provides valuable inputs into whether your initial plans and insights were correct, allowing you to fine tune processes for future strategies. Keep an eye on emerging trends and customer feedback to refine your strategy. Additionally, ensure cross-functional alignment within your organisation to support the go-to-market efforts.