What's the first step in developing your go-to-market strategy? Determining your value proposition.
Our biggest piece of advice is to take an "Outside In" vs. "Inside Out" approach.
What's that mean?
Always consider the customer benefit when developing the value proposition. Oftentimes, companies make the mistake of taking an insular or 'inside out'? approach as opposed to an unbiased 'outside in'? approach. When considering the value proposition, assess the attributes that make your product superior (inside out) but assign more clout to answering the perceived benefit and value to the customer (outside in).
Pressure test your value proposition by vetting it with prospective customers, thereby ensuring the proposition aligns with what the end user values most.
How do you take an 'outside in' approach? Where do you start? Learn from one of our clients: Michael Sayles, V.P. of Sales at Ferrara Candy Company.
- Develop a compelling value proposition.
- In preparation for the launch of Rapid Acting Protein, we conducted secondary research to gain a more profound understanding of our consumers' needs and wants in addition to understanding the marketplace. By doing so, we identified a whitespace opportunity within the fitness food category and developed a compelling value proposition - a gummy product with 20 grams of Whey protein in a delicious new, fruity flavor.
- Make real-time adjustments by listening.
- When RAP hit the market, we used social listening to garner consumer feedback. The consumers dictated what made RAP unique, rather than the other way around. So, we made shifts in real-time to tailor messaging accordingly.
For more insights into how to build an effective go-to-market strategy, download our NEW RULES FOR BRINGING YOUR PRODUCT TO MARKET whitepaper.