Go-To-Market Strategy Is a Marathon, Not a Sprint

by Megan Miller

Planning and executing a product launch is one of the most exciting and challenging activities a marketing team takes on. But is the word “launch” an appropriate name for it? A rocket reaches its destination – low earth orbit – approximately eight minutes after launch and is declared a success the same day. If only a new product introduction could succeed that quickly!

Contrary to common perceptions, a product launch isn’t just a one-day event to introduce your new product to the market. It’s a period of weeks or months where you prepare for the introduction, build momentum and position the product for success.

The product launch is a specific part of a broader go-to-market strategy, which covers the entire process of bringing a new product or service to market. Launch is the phase of the strategy that focuses on the public introduction to the target audience and the media.

Crafting an effective overall go-to-market strategy is vitally important for technology companies aiming to tap into accounting firms, law firms or corporate legal departments. The go-to-market strategy serves as a blueprint, guiding the launch of a new product or service while minimizing risks and maximizing market penetration. Here’s how to tailor your strategy for success in the legal and accounting markets:

Understand the Market: Begin by comprehensively exploring the needs, pain points and challenges faced by firms. Conduct thorough research to identify specific issues or inefficiencies that your technology solution can address.

Identify the Target Audience: Segment your target audience within the legal or accounting sector based on factors such as firm size, practice areas and technological maturity. Tailor your messaging and approach to resonate with the unique needs and preferences of each segment or group. For example, larger firms might prioritize scalability and integration with existing systems, while smaller firms may value affordability and ease of use. Structure your message accordingly.

Position Your Solution: Situate your product or service as the answer to the specific challenges faced by legal or accounting professionals. Highlight key features and benefits that differentiate your offering from competitors and directly address pain points. For example, you might create positioning to emphasize factors such as efficiency gains, cost savings, compliance advantages and enhanced client service. Remember too that competitive products or services are not the only alternatives available to clients; the status quo or “doing nothing” is an option as well.

Build Awareness: To gain name recognition and create buzz, focus on generating visibility and engagement within the legal community at large, including industry associations, state and local bar associations, industry analysts, bloggers and thought leaders. Serve up a mix of content marketing, thought leadership, social media campaigns and targeted advertising to communicate the value proposition. Decision-makers in professional services firms are a cerebral bunch. Develop educational content such as white papers, case studies, blog posts and webinars to address trends, regulatory changes or industry challenges, while building your organization’s reputation as authoritative experts.

Drive Consideration: As prospects move into the consideration stage, provide them with in-depth resources and personalized experiences to further evaluate your offering. Offer product demonstrations, free trials or consultations to allow potential customers to experience the benefits firsthand. Testimonials, client success stories and endorsements from respected professionals work to build credibility and trust.

Facilitate Purchase Decisions: Make the purchasing process seamless and straightforward for new customers. Provide transparent pricing information, flexible payment options and responsive customer support to address any concerns or inquiries. Consider offering incentives such as discounts for early adopters or bundled packages to encourage purchases. Address resistance to change by making the technology transition easier, with software training or data migration services.

Measure Success: Implement robust analytics and tracking to monitor the effectiveness of your go-to-market strategy. Track key performance indicators (KPIs) such as lead generation, conversion rates, customer acquisition costs and customer lifetime value. Continuously iterate and refine your approach based on insights gained from data analysis and feedback from prospects, partners and clients.

A well-executed go-to-market strategy can pave the way for successful market entry and sustained growth in the legal and accounting tech sectors. By understanding your target audience, positioning your solution effectively and delivering compelling content and experiences, you can capture market share within your industry for startups and new products.

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