That's a BIG question!
One way to slice it is what I call the "3 Lenses":
1. Outside-in: Target market selection as defined by intersections of customer segments and needs. This is closely linked with understanding and catering to specific use-cases of your product / service. Segments are defined based on a common set of characteristics that impact buying behavior and the relevance of your product. Can be industry, demographics (for consumers), location, organization structure, technology adoption style, etc. etc.
2. Audiences: Within the purchase decision, who is involved, and what's important to them? May companies use the concept of personas to make this more tangible.
3. Inside-out: GTM strategy based on the company's existing relationship with the customer, their level of knowledge and experience with the product and the company.

Other things to consider of course are:
1. Sales force / channel capability, skills, and account coverage model
2. Timing - For example, relative to upcoming product launches (your own and competition's) and seasonal or financial cycles.
3. Requirements and opportunities presented by external forces like strategic partners, regulation, etc.

Steve Smith

Founder, GrowthSource Coaching

Posted on Nov. 11, 2010

Hi Michael,

Here's a summary of the things you should consider. I've started at the beginning so if you've completed some of these tasks, work from the point that you are at currently.

1). Evaluate your market and the current players. Make sure the market you will be competing in is favorable to you and you can select and grow a niche. Make sure your business model can support the business you plan to build and you have enough resources to sustain the 'off the gorund' stage.

2). Get very clear about who you are and what you will be offering. Staying focused on the right things (activities that lead to revenue) is what most entrepreneurs struggle with. Too many directions will only dilute your efforts and drain your bank account.

3). Understand who your client is and what they want. You may have a product or service you think everyone needs but you'll go broke trying to market this way. Targeting a convincing message to your market niche will serve you much better in the long run.

4). Evaluate your sources of revenue. These are groups of clients that you can identify and figure out where they hang out, who they do business with or where they would go to look for your service. Think of them as channels to focus your marketing message.

5). Craft a message that is uniquely you. Use it in all forms of marketing; website, brochures, flyers, networking, etc. With consistency, you will build a recognizeable image.

6). Map out a lead generation strategy. How will you attract leads and what will you do with them when they raise their hands. This would include having a compelling offer on your website and a capture box for contacts. It would also mean knowing how to drive prospective clients your way and how to communicate with them to create a relationship that leads to a sale.

7). Think about joint venture partners that you could work with. What do they have to help you and what would you provide them to make yourself attractive to do business with.

8). Develop a sales process that includes contact data storage, email communications and prompt follow up. It could start with your plan to handle people who call and what to do with them if they are not ready to buy.

Finally, have a strong handle on your resources at all times. This means knowing where your money is going and how you are spending your time. The biggest challenge many of my clients had was spending all their finances on systems and programs that did not work or were not right for them before they completed what I've just outlined. The result was usually cash flow problems and an inability to take advantage of great opportunities when they eventually came along.

Hope this helps.

Steve Smith
OneCoach