Developing a Go-to-Market Strategy That Works
It Starts With A Value Proposition That Resonates
Many manufacturers believe if you build a great product it's going to sell, and truthfully that would be great if that was all it took. The reality is no matter what product category you are building for, there are dozens of other products, some better, some worse. The companies that look at their business holistically and keep up with new methods of interacting with integrator and consumer communities often end up succeeding in the long run. Most manufacturers pick a department that dominates the business direction. They may be Engineering led, Sales led, or Marketing led, but the truth is the only way to really succeed over the long term is to bring the groups together. That's where MRKTMKR comes in, interviewing not just the CEO and head of departments for initial direction, but also the hardware and software engineers since they often know the product capabilities best, the support agents taking the calls, and the sales and marketing teams with boots on the ground. We go in-depth to make sure any trainings we build capture the heart of the product, often uncovering major benefits and value propositions the company wasn't talking about previously but end up becoming major selling points.
Our Approach
Gathering Insights From Your Team
One of the biggest misses in a go-to-market plan is that the decisions are often made in a vacuum. Yes, someone ultimately needs to be the decision maker, but it’s important to get information from the various departments. If you’ve hired a solid team, they are likely the most passionate users, and often hear things that don’t make their way up the chain. We dig around to understand what the various teams think are most important in the products, so we can both validate those statements against dealers and competitive research, as well as often picking up key insights that end up being strong selling propositions. Having an outside group do this often leads to your teams being more willing to open up versus an executive member asking the same questions.
Understanding the Integrator's Needs
When you are passionate about a company, it’s easy to lose a bit of objectivity when it comes to understanding your brand's positioning. We all want to think what we offer is the best, and MRKTMKR’s job is to reach out to a sampling of dealers, both current and potential, to objectively understand where the brand hits its target, and where it might be currently missing. We will discuss current value propositions, their opinions of what’s needed in the market, as well as what they value most in a manufacturer partner. Too many brands think the integrator should feel lucky to be offering their products, but the best relationships are ones where the integrator believes in the brand, and believes they are being listened to. That doesn’t mean they always get what they want, but we will make sure you understand what the market is expecting so you can make informed decisions based on objective data.
Understanding The Competition
It’s easy to think we know our competitors well, but we often have a personal bias, playing up the features where we are better and downplaying the features we may rank lower on. MRKTMKR makes sure you get an objective analysis, one that covers not only the speed and feed differences, but how the competition positions their products and brand in the industry, and specifically against you. We go through their websites, dealer interviews, and industry insight to understand not just hardware differences, but dealer margins, accessibility, and other areas where a brand can lose share if they aren't careful. This research is key when figuring out how to approach new integrators or getting existing ones to offer your products more consistently.
A Go-to-Market Plan Specific To Your Business
At this point we have a ton of data. We’ve interviewed your internal teams, as well as current and potential dealers. We also did a deep dive into competitor brands and products to create an objective picture of the industry and where you currently fit in it. We’ve also internalized the goals your executive team outlined during the initial discussions. Now comes the fun part. We will walk you through not just the data, but the context behind it, then outline a strategy that bridges where you are with where you want to go.
From there we will modify the proposed programs based on feedback from the executive team. We will provide rough estimates for each program, so you can clearly budget for whatever programs you want to implement.
A Plan Without Execution is Just a Dream
Most important though, is executing and measuring the results. MRKTMKR can hand you the strategy, but our ability to help execute and follow up is where the magic really is. We believe in cycles of innovation and continuous improvement. That means we work with you to implement the strategies you want to execute, and then go back to the various teams to make sure you’re getting the results you expected. If something needs to be tweaked, our feedback loops will catch it quickly so the program can adapt.
Most plans fail because they don’t get buy-in from the teams and don't know what to measure, so they dictate the goals and focus on the easiest things to measure (meetings and sales). Developing the core habits that will really move the needle (sentiment, confidence, opportunity, ASP) typically results in an increase of sales and profitability.
Bringing it Together for a Winning Go-to-Market Strategy
The benefits of having a 3rd party company come in that can objectively look at the current business, your goals, and figure out where the gaps are, can’t be overstated. That perspective is incredibly hard to get internally because of our natural confirmation bias, and even harder from a consultant that doesn’t have deep knowledge of the CEDIA industry. With more than 20 years of A/V industry experience, MRKTMKR knows the industry and we know how to get your internal teams and dealers to open up without fear of presenting their opinions. We also know how to work with your executive team to develop a Go-to-Market strategy and KPIs that fits your business's needs.
Want more information on our Go-to-Market process? Schedule an appointment to speak with us today.