A great B2B go to market strategy is actually pretty simple, but it's amazing how many technology marketing companies manage to complicate it. Even the best marketers sometimes take a simple process, make it seem complex, and then spend an inordinate amount of time turning it back into a new, shiny, simplified process - all in hopes of impressing the client.
It can be easy to succumb to reinventing the process wheel; but when you give your clients a lot of smoke and mirrors, they're going to see through it. In truth, it is your expertise in an industry that will win over clients, not a fancy process.
3 essential elements of a B2B go to market strategy:
- Market Intelligence
- Market Segmentation
- Brand Promise
1 - Market Intelligence
For any B2B go to market strategy, a basic demonstrated understanding of the market is needed. The best way to ascertain this information is a combination of primary and secondary market research. In the technology marketing space, there are so many resources available - from publishers like IDG and UBM to research companies like Forrester- that finding the information is the easy part.
The elements of thorough Market Intelligence analysis include:
Where are they?
What is their job title?
And most importantly, what is it that keeps them up at night?
- What is my market?
- Is it a young market or a more mature market?
- Who are my competitors and what are they saying?
- How am I competing within this market with regard to price, expertise, functionality, etc.?
2 - Market Segmentation
The second element in a successful B2B go to market strategy is market segmentation. The findings from the market research you completed in the Market Intelligence phase determine who is most likely to purchase your product, solution, or service. Many clients initially tell us that their target market is CIO's in midsized IT companies, but the market is usually more narrow than that. What you are looking for is not just someone that could potentially buy, but someone that needs to buy your product, solution, or service.
3 - Brand Promise
The final B2B go to market strategy element is your Brand Promise.This is the juncture where your market research, the target market, and your client's technology solution meet.
Questions to keep in mind:
- Is what you are bringing to market something that is needed by your target market?
- What supports your claim that your solution will fulfill their need?
- Why should your target market believe you?
In technology marketing, this is where the rubber hits the road. This space is very crowded, and it is not easy to craft a Brand Promise that is different enough from competitors but still resonates with the target market.
Once these three elements are established, every decision and every tactic used to bring your product to market should keep your market research in mind and be aimed at reaching your target market to further support your brand promise.
For all you technology marketing folks, I hope this was simple enough. If not, leave a comment and I'd be happy to explain further!