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Go-to-Market Strategies: Selecting Markets for the Best Fit and Growth

As you take your product to market, it is critical that you segment the market and identify the target market segments that are the best fit for your product, your company and your sales process. In the product development process, you (hopefully) developed a profile of your target customer. You probably selected several vertical markets (industries), the specific buyers in those markets (titles, job roles), and possibly geographical regions to target. As market needs are highly volatile and ever shifting, it is important that you re-assess the targets, geographies and vertical markets where those customers reside and buy before launch.

There are several key elements to the market assessment process. Some of the areas we've identified as critical components of a complete assessment include:

  • Market Size: How big is the market you are targeting? Is it regional, national, or global?
  • Market Growth: Is this a fast growing market? Stable? Declining? What is CAGR estimated for next 5 years?
  • Orientation to technology: Are your target customers early adopters? Are they followers?
  • Point of pain: What are the key problems they need to address or resolve?
  • Urgency: How quickly do they need or want to adopt technology?
  • Benefits sought: What benefits are most important to your target? Are these aligned with what you are offering?
  • Likelihood to spend: How likely is this market to spend? Does it meet your timelines for revenue ramp?
  • Who authorizes spending? Is it a corporate or individual purchase decision? Is your sales process aligned with that?
  • Competition: How entrenched is the competition?
  • Opportunities: Where does your product fit or offer a solution?
  • Challenges: What are the obstacles you must address to sell successfully into this market?

By going through this process, you will be able to rank the markets that offer the best fit for your product, your company and your sales process. By carefully assessing the elements of this list, you will be able to determine which market segments present the best opportunity for success and growth. A market segmentation process and assessment is crucial to launching your product successfully.

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