MBA2034 How To Create a Go To Market Strategy

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Hey yo. Welcome to the $100 MBA Show. Powerful business lessons you can count on every single day with our D business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014. And in today's lesson, you will learn how to create a go to market strategy. This is probably one of the most important things you can do for your business. Whether you're just starting out or you're having a hard time getting traction in your business right now. A go to market strategy really defines who you are, who you serve, how you compete in the marketplace so that you you can acquire the customers you need to build a business you want. I've created Go to market strategies for years for several different types of businesses. And recently I actually created one one more time because I wanted to reshape our own go to market strategy over at Webinar Ninja because the market that we're serving has changed. And this will happen in your business sometimes. Now, there's a lot of complicated tutorials out there on how to do this. There's a lot of different business books that go into detail using a lot of jargon. I'm gonna simplify it. Today. I'm gonna give you six simple steps. These are six simple steps that I've learned from other experts like Dan Martell, TK Kotter, Chet Holmes, and more. You're gonna want a paper and pen for today's lesson so that you can write down some notes and take action immediately. So let's get into it. Let's get down to business. Hey, Fidelity. How can I remember to invest every month? With the Fidelity app, you can choose a schedule and set up rec investments in stocks and ETFs. Huh. That sounds easier than I thought. You got this? Yeah, I do. Now where did I Put my keys. You will find them where you left them.

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What happens if you don't have a go to market strategy? What happens is you say, I have this product and I want to sell it and I want to sell to every person with a pulse. And the problem, the problem with that is that when you talk to everyone, you talk to no one, you don't resonate with anybody. People don't really understand if it's a good fit for them. On top of that, you don't really consider where you're doing business, meaning the actual marketplace you're working in, the people you're serving, the competition that you're going up against, the positioning you're going to need to have so that you can be able to differentiate yourself. And what are the rules around talking about your business, about your branding, about your marketing, about your messaging? So many people skip all of this and just go straight to, I'm going to run some Facebook ads. And then they wonder why they don't get results. Because the ads themselves are not the thing that actually converts customers. Really. It's what you do with those ads, it's how you target those ads, it's what you say in those ads, all that kind of stuff. And that's what the go to market strategy is all about. It's a cohesive strategy so that you and your whole team is on the same page. Hey, this is what we're all about. This is who we serve, this is who we're going after, this is who we're going up against and this is how we're going to do. So let's get started. Building your go to market strategy. The first step is defining your market. Now this sounds like a sort of general word. What's that mean, my market? Well, let me simplify it for you. Who are you serving? What market are you playing in? And you want to get as specific as possible. For example, our webinar software, Webinar Ninja, we can serve anybody with a pulse, really, that wants to be able to run a webinar. Any kind of individual, any kind of business, any kind of enterprise, not for profits, all kinds of stuff, Right? But it's incredibly hard to market to everybody. There's a reason why McDonald's advertises on billboards, on interstate highways and not in first class duty free magazines. They know their target market. People that are hungry, that are on a road trip, that are driving, not people that are flying to their destination. In first, first class. Even McDonald's, this behemoth of a business that you think serves everybody, doesn't serve everybody. So you got to get laser focused on who are your people, who's the market you're serving. Say, for example, you're a business coach. The best results you can get when it comes to marketing is defining your market. It's not enough for you to say, I serve all kinds of business. It's so hard, it's super hard for you to be able to be an effective coach for all types of businesses. Real estate, online, offline, mom and pop restaurants, e commerce software, all kinds of businesses. No. So what you're going to do is you're going to niche down. What market are you serving? I'm serving, for example, the E commerce creator market, meaning people that create their own products, their own kind of art and craft, sort of the Etsy crowd and sell it on their e commerce website. That's a very, very strong market. And you could do a bit of research to find out how many businesses there exist. Do you have a big enough market for you to be able to serve? Is it too big, all that kind of stuff. So niche down on the market you're serving, who exactly are you serving? Don't go too wide. So that's step one, defining that market, who you serve. Number two, answer this question. Why that market? Why you? Why are you going after this market? For example, at Webinar Ninja, I serve coaches and trainers. Why do I choose this market? Well, because I've been a teacher all my life. My best customers are coaches and trainers. My products and services are best suited and can serve coaches and trainers. This is why I'm choosing this market. You need to define why you're choosing this market. Because you need to prove to yourself and your team first that this is the right market to go after. And number two, you need to really outline this so that you can easily articulate this to your market and say, hey, you want to go with us? Because we were meant to serve you. This is why we're specially equipped to serve you. Our customer, for example, my buddy Lawrence Tam. He's a business coach, but not any kind of business coach. He specializes in dentistry businesses, dentists. He shows them how to get more clients, how to expand their products, how to market their business. All kinds of stuff, right? And this is his specialty, and this is his market. And he's best to serve this market because he was a dentist and he had his own dentistry practice. He knows these people, he knows how to Serve them. And he grew his own business before he was a coach and knows what it takes to have a successful dentist office. So step one, define your market. Step two, explicitly answer the question, why this market? Number three and number four. Number three is positioning, number four is your competition. These go hand in hand. Okay, some people like to do step four first, then number three. Some people like doing number three first four. It's up to you. But the point here is that you need to have a unique selling proposition. You need to clearly state what position is your business going to take that's going to differentiate you, make you better, make you the best option in the marketplace for your audience. And you got to be super clear on this and have conviction that you are indeed the best. And if you're not the best, then how can you become the best? How can you change your business, your product, your service, your offering? So your positioning is solid. So this is going to take a little bit of research, step three and four, because you're going to need to know the major players in your game as well as the sideline players in your game. Let me talk about what that all means. Probably off the top of your head, you know the major competitors in your market, you know them, you hate them, right? You're going after them. But you need to define where are they in terms of the marketplace. Not all competitors are really competing directly with you. What I mean by that is usually in most businesses, they're serving different segments in the market. Say for example, a B2B business, a business to business type of business. They're going to compete either in the small business market or the mid market or the enterprise level. Maybe you have competitors in all three, but you really should be concerned the ones that are in the same market as you. Then you have sideline type of competitors. They're not really top of mind for you. But an uneducated customer might think you guys are the same, might use that competitor instead of you thinking it's all the same thing. Say for example, you have an ecommerce store that sells collectible toys. Now maybe your collectible toys are special because you do something different, or your service is different, or your actual toys are delivered in this special carrying case or display case that no one else does. You know that. But your customer, when they're searching for collectible toys, they might go to Amazon, they might go to ebay. That is a sideline comparison and you need to understand that they exist. And you got to keep that in mind. But when it comes to your positioning Back to number three, how are you different and how are you better than your main competitors, the ones that really are the same or really are in the comparison shopping type of list for your customer and they're comparing you to others. For example, back in the 90s, Domino's Pizza was going head to head with other delivery pizza delivery, Pizza Hut, your local pizzeria, all these people. And they wanted to position themselves as the number one pizza delivery option for anybody who is hungry for pizza. And the way they differentiated is not by saying we have the most delicious pizza or that we have the best prices. They differentiated by saying we'll deliver the pizza in 30 minutes or less. No one else was doing that. So that was their positioning. And that could be enough of a reason for somebody who's hungry to go with Domino's. So we talked about the market, we talked about why this market. We talked about positioning, we talked about the competitors in your landscape. The last two, five and six are incredibly important and we'll get to it right after we give love to today's sponsor.

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To wrap up today's lesson, we got two more parts to your go to market strategy. Step five. Step six. Step five is creating your company manifesto. This is a step where you nail your messaging. Your manifesto is basically your banner. It's what you tell the world. This is who we are. This is who we serve. This is how we do it. This manifesto will act as a muse to lure in customers. But most of all, it allows you to define exactly what you're all about. And this manifesto becomes basically your guide to all your marketing and messaging so that your brand is solid. One great tip when creating your manifesto is keep it to one page and if you're really good, one paragraph, something you can make a poster out of. You want to get really strong, talk about who you are and who you're not, who you serve and who you don't serve. Who's the hero in your business's story and who are the villains. And here's another tip. All the information is already done. You already actually decided all this in steps one through four. Now it's time to make it strong with a manifesto. Now step six. This is your go to market action. This is your game plan. This is how you're going to implement everything we Just did one through five. How we going to get our customers? Now we talk about how we're going to market. Facebook ads, YouTube, blogging. My advice is stick to one channel, okay? Go all in on one channel for six months at least. And I'm talking about you're going to give it everything you got. You think YouTube would be great to attract your audience. Audience. Now that you have put this all together, your go to market strategy, your manifesto, everything you defined your market, you know who you're serving, you know you're not serving your competition, everything. You think this is where you're going to find them, then go all in. YouTube might be the way. Podcasting might be the way. Blogging might be the way. Paid advertising might be the best thing for you. The point here is that choose one and focus on that and maximize that because your efforts are going to be better spent focusing on one than scattering across different channels. There you have it, guys. That's your go to market strategy. To recap, One, define your market, who you're serving. Two, why this market in particular? Number three, your positioning. Number four, your competition. Number five, your manifesto and messaging. And number six, your go to market action. So how are you going to get out there and get your customers? What's the channel you're going to start with? There you have it, guys, on a silver platter. I did all the research, I looked at the experts, I took all the advice, I simmered it down for you. Big shout out to some really good resources. Check out Dan Martell over at YouTube, TK K Cotter as well on YouTube, Chet Holmes book, the Ultimate Sales Machine. Check out these resources because a lot of the stuff I shared today, they go into depth on those topics. Thanks so much for listening to the 100 MBA show. Hit that subscribe button, that follow button right now. Do it now. Come on. By doing it, you get our next episode automatically and. And all our archived episodes, over 2,000 episodes that you have access to only when you subscribe. Before I go, I want to leave you with this. This is the work that us as founders, as leaders of our companies have to do. No one's going to do it for you. You can't even hire out for this because you need to make some major decisions about the direction your business is going. In steps five and six, you can get your team to help you out, to implement. But the first four, you gotta roll up your sleeves and do it. And this is exciting. This is fun. This is where businesses get built. This is where brands get built. This is where legacies are made. So I encourage you, I want you to pick up that pen and paper and get going. After this episode, implement and get your go to market strategy in motion. Write it, create it and make it happen. Thanks so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. USAA knows dynamic duos can save the day like superheroes and sidekicks or auto and Home insurance. With usa, you can bundle your auto and home and save up to 10%. Tap the banner to learn more and get a'@usaa.com bundle restrictions apply.