Go-to-Market / Product-Market-Fit Checklist
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Phase:Timeline:Goal of PhaseQuestions to be answered:
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InitiateDays 1 - 90Understand basic market landscape, where {Your Product} fits in, and who our initial targets areWhat is the size / type of ideal firm?
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What departments feel the pain most?
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Who is the buyer (actual purchaser who can approve / write checks)?
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Who is the end user (s)?
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What is the pain point we're solving for?
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How do they solve for this today?
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What is the advantage of {Your Product} solving for it than current solution?
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What is their workflow (recurring event where {Your Product} fits in)?
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What other similar / competitor tools/ service do they pay for?
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What's the cost / pricing for those tools / services?
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What's the best way to reach buyer / end user?
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What's the best way to sell into these firms (e.g. to end users first; or direct to purchaser)
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How to build awareness and credibility in the new market to get past early adopters?
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Are there channels and partners you can leverage to accelerate the close of new customers?
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How big is the market (for {Your Product})?
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Is that specific sub-market large enough?
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What's the best way to acquire leads for prospecting?
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What are the major potential roadbloacks (hypothesize 3-4 issues you may encounter)
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How price inelastic is this industry? Scale of 1-3 (1 being elastic, 3 being inelastic)
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Thoughts for best pricing structure to initiate / test with?
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Gain AccessDays 91 - 180Land initial 20 clients & start to understand the machineSteps to execute:
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Formulate hypothesis on initial target outreach and offering: end users, who to call in to sell to, etc.
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Build initial list of 500 diverse prospects
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Build initial cadence structure (email, call, email, vmail, etc.)
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Execute initial cadence structure
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Questions to be answered:
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Prove / disprove hypothesis on the pain point you're solving?
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What was the best way to reach them?
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Better to sell top down or bottom up?
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How do we build the next 5,000 lead list and was there anything specific to avoid for next set of prospects? (e.g. certain types / sizes / focuses of firms)
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Numbers to analyze:
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How many dials / emails / touch points to set first meeting?
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How many touch points after first meeting did it take to close?
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How long was Sales Cycle?
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What does the initial close rate look like? and what are industry benchmarks for comps in this vertical?
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Average Deal Size?
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Average Utilization?
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Dry RunDays 181 - 365Prove out the market and the machineSteps to execute:
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Build list of 2,000 prospects
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Deploy 2 sales reps into this vertical with hypothesized cadence / outreach
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Execute for 6-12 months to prove out hypotheses and economics
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Numbers to analyze:
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How many dials / emails / touch points to set first meeting?
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How many touch points after first meeting did it take to close?
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How long was Sales Cycle?
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What is Close Rate?
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Average Deal Size?
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Average Utilization post-sale?
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What are the largest concerns about this market and why it may not work out?
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Does pricing seem correct? If so, why? If not, what's the set of behaviors we want to optimize for that are functions of pricing?
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DeployDays 365+Hire sales team into this vertical to execute, gain market share, and establish fully functioning vertical for {Your Product} Steps to execute:
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Build List of 5,000 prospects
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Build training program and hire more reps to execute on this vertical
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Deploy 3 additional reps into vertical with proven cadence / outreach
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Numbers to analyze:
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How many dials / emails / touch points to set first meeting?
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How many touch points after first meeting did it take to close?
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How long was Sales Cycle?
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What is Close Rate?
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Average Deal Size?
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Average Utilization post-close? Did this meet / underperform / exceed expectations based on pain points initially discovered?
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Does the pricing seem somewhat right? (review your close rates / utilization rates)
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Assess Product market fit (scale 1-10)?
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How many more reps can we deploy into this vertical and what is our time to zero? (time to zero = based on cadence + recyclability + hiring plans the amount of time you have in a specific market segment before you run out of leads)
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