Develop a capital-efficient strategy to acquire customers.
Make notes on these key elements: market conditions, competitive positioning, your ideal customers, your product offering, and pricing.
For example, your “battle environment” may be a market that is flush with competitors, while your “target enemy” may include a segmented, independent buyer persona.
Knowing each of these elements will help you choose a GTM (go-to-market) strategy that will acquire, retain, and grow your customers in the most capital-efficient way.
A sales-led strategy provides the personalization and assistance required to satisfy a lifetime value customer base.
A market-led strategy is best for a large client pool, where enough prospective clients exist to mitigate potential marketing-qualified lead leaking.
If you are providing a hyper niche solution, a sales-led approach will work best.
Sales-led strategies can suffer in a competitive environment where businesses with more efficient customer acquisition costs (CAC) dictate product pricing.
Market-led strategies can take advantage of previous customer knowledge.
Sales-led strategies have a high CAC and lifetime value customers need to recoup the cost of acquisition.
A market-led strategy has a lower CAC.
Analyze your sales (sales-led) and marketing (market-led) teams to decide where your business is strongest.
For example, a sales-led strategy leverages your sales team to reach potential clients, so your sales team will need to be strong from start to finish.
A market-led strategy will require your marketing team to drive marketing qualified leads (MQL).
- Having a document that details your acquisition channels (SEO, email campaigns, social media) and stages (for example, stranger > researcher > visitor > lead > established > well-established > promoter) will help you to choose the appropriate go-to-market strategy.