From the course: Create a Go-to-Market Plan

Identify your primary channels

From the course: Create a Go-to-Market Plan

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Identify your primary channels

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- [Instructor] Knowing you can sell to customers directly or indirectly gives you plenty of options. As a part of your go to market plan, you want to map out the best channels for your product. This is what the industry calls a channel strategy. A channel strategy sets you up to educate and sell your products in the places where your customers want to purchase products from you. Think about the brands you know. Some only have a few channels where they sell their products and others have many. For example, Amazon's primary channel of course is amazon.com. However, they also have affiliate partners. For instance, on my author's blog, I'm an Amazon affiliate member. Customers who know and trust me may be likely to click on an ad to purchase books. At the same time, airlines provide several channels where you can purchase your airfare. Sure, you can go on the united.com website and make a reservation through the site. However, some of their customers like to call and speak directly to a representative to book their travel. If you have an American Express credit card, you can use their travel services to book a trip. To develop your channel strategy, first think about your existing channels. Determine where target customers make purchases most frequently. Are they mostly online because they feel comfortable about online sales? Does your product require a retail store demo prior to purchase? Second, you also have to ask if your product fits the channel. If your product is online, ask what is the best way for customers to get acquainted? Would they prefer a virtual tour rather than speaking to someone at a call center? Third, think about the level of interaction needed to complete the purchase. Do you need a live representative to gather detailed information? Can this person be an automated chat bot? What about products that are best demoed in person? Ask does your customer want to buy the product online or will they look for the nearest retail store to physically test the product? For instance, do customers want to lay down on a mattress or test out a new pillow before they make a purchase? Think about your potential partners. Would my customers purchase through a partner? If so, what type of partner would compliment our brand? Remember, if you use partners then also think about the best ways to set up the partnership. Partners can sell for you, such in the case of the Intel's processor that's inside a Dell computer, or partners can sell with you by bundling your product along with theirs. For example, you have a choice of getting antivirus software when you purchase a Dell computer. However, partners who can sell who don't align with your company's core values should be avoided. Be sure to select the channels that are right for your new product and that also make the most sense for your customers.

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