The foundation of any successful company is a properly developed Go-to-Market Strategy. The goal is to align the product and the organization to the buying process of the customer. The strategy must contain disruptive components that minimize the competition and increase revenue generating opportunities.
The first step to a properly developed Go-to-Market Strategy is a methodology called the Customer Journey. This methodology gives an organization visibility into the buying process of their customers. The process begins with interviewing customers that bought; interviewing prospects that evaluated but bought a competitor product; and interviewing prospects that evaluated but did not buy any product. The interviews follow the emotional mindset of the customer through each of their buyer phases. Some interviewees describe their journey into distinct phases such as Awareness, Research, Recommendation, Due Diligence and Purchase. Some of their emotions through the journey included nervousness, frustration, hope, irritation and relief.
Within each of the buyer phases, additional questions are posed to understand the customer perception of the organization. For instance, in the awareness phase some questions include “what message influenced you to take a closer look?”; “how much time was spent in this particular phase?”; “what was the research process?”; and, “where did you go to find information?”.
At some point an “aha” moment occurs. This event is when the interviewee articulates the point in time when they decided to buy the product. It is really important to understand the messaging and the emotions at that particular time in the customer journey.
Understanding the buyer journey is a foundation to any Go-to-Market Strategy. The customer journey enables an organization to influence the right buyer earlier in their decision making process with the right message. The benefit to an organization is a shortened sales cycle and more deals.
For more information about Heritage Ventures, Go-to-Market Strategies and how we share in your risk, please contact either Cameron Ackbury Cameron@HeritageVentures.com or Chris Wheeler ChrisWheeler@HeritageVentures.com