How to Develop a Strategy for Market Penetration

When you are unveiling a new product or towing service, the last thing you want is to waste time and resources trying to bring a new product to the market. It is important to come up with a carefully thought out plan. Without planning, it becomes impossible to know if you are doing the right thing or not. A go-to-market strategy is a way in which a company brings a product to the market.        

You will need to have a business plan that outlines the target audience, a marketing plan as well as a sales strategy. Each product and market is different and this shows each goes to market strategy should be well thought out. Here is how to go about it;

Identify your buyer persona

You need to identify your buying centers and persona. The first thing when preparing your product for market is to consider your customer. Before any purchase is made, there are normally 7 people involved. We have the initiator who starts the buying process and shows initial interest. We then have a user who uses the product regularly. We have the influencer who convinces others the product is needed. We have the decision-maker who gives final approval of the purchase. We have the buyer who owns the budget and the approver who pushed the initiative on a large scale.

Craft a value matrix

You need to craft a value matrix to help identify the messaging. A value matrix is a breakdown of each buying center persona, their business problem as well as how the product is valuable in solving different problems. There is a relevant marketing message tying the problem and the solution together. Create a list of the people involved and list the pain points they face daily. Your message needs to capture the pain points and the value, in a meaningful way. The best way to achieve that is by agitating the pain point.

Test Your Message

Once you have set your value matrix in place, it’s time to test your marketing. Start advertising on marketing platforms using messages that you have created for your members. You will have three variables to test, which are the channel you advertise in, the audience you target, and the message you share. When deciding on where to test, ensure you consider where your audience is. You can consider digital ad channels such as LinkedIn, Facebook, Google Ads, and Twitter.

Optimize your ads

Nest, you need to optimize ads for your audience. Some ad platforms have a highly targeted audience setting for advertisers. LinkedIn offers options for job title, company size, job functions, and geographic location. You need to test different options to see which ones are more likely to convert. It is very important to understand the buyer’s journey. This will be the case if you have set up your buyer persona. The buying process will be linear. The buyer will realize they have a business process and research the topic. The buyer will shortlist potential solutions and narrow them down to some, to make the final decision.