What is a Go To Market strategy?
A go-to-market (GTM) strategy is a comprehensive plan that outlines how a company will bring a product or service to market and create a sustainable competitive advantage. It involves identifying the target market, developing a value proposition, positioning the product or service, and executing a series of marketing and sales activities to promote and sell the product or service.
The Go To Market strategy sets the stage for success in a new market. The right Go to Market Plan is like a treasure map that guides your business to new markets that are like a treasure chest of new revenues. The right Go To Market Strategy will align your products and services with the best-fit markets. It should exemplify your competitive advantage and compel potential customers to buy your product or service.
A typical GTM strategy will typically include the following key components:
- Target market analysis: Identifying the target market, understanding their needs and preferences, and defining a unique value proposition that will resonate with them.
- Product positioning: Developing a clear and compelling message that differentiates the product or service from the competition and resonates with the target market.
- Pricing strategy: Setting a price that reflects the value of the product or service, and aligning it with the target market’s willingness to pay.
- Promotional tactics: Developing a comprehensive plan for reaching the target market through advertising, public relations, sales promotion, digital marketing, and other channels.
- Sales and distribution: Identifying the most effective channels for distributing the product or service, such as direct sales, e-commerce, or retail partners, and defining the sales process.
By developing a well-crafted GTM strategy, companies can ensure that they are positioned to successfully launch their products or services in the market, gain traction with customers, and build a strong competitive position.
How to develop a Go-To-Market Plan
Before creating your go-to-market strategy, some questions you will need to answer include:
- Define your target audience
- Conduct market research and competitor analysis
- Set goals and metrics
- Differentiate for competitive positioning
- Develop a unique value proposition
- Determine pricing structure
- Identify sales and marketing channels
- Develop messaging and identify creative assets needed
- Create sales enablement resources
Guide to a go to market strategy
This can act as a framework for your go to market strategy and will help get your product into the market.
- Why launch? – Why are you launching and what do you want to get out of this? Explain how this product aligns with your business plan.
- Market strategy – Explain where your product will fit in the market. How are you going to engage with consumers and tell them about your product?
- Pricing – How much will the product be and why? This should be a deliberate choice because the price reflects your business and its value. Think about the message that your pricing will send.
- External marketing – Explain how you’re going to market externally to inform people about your product.
- Sales – What is your strategy for sales? How do you expect the sales process to work?
- Support – How are you going to support customers that have questions and problems? Make sure your support team is prepared and equipped with the necessary tools to be successful.
- Product fit – Explain how this product will fit in with the rest of your business and its other initiatives and products. What kind of priority and responsibility does this product and market have?
- Metrics – What kind of metrics will reflect success? Explain how you will measure the fulfillment of your launch.
- Budget – How are you going to continue to keep your product in the market? What kind of budget and resources are required to further support this product?
The benefits of a go-to-market plan (GTM Strategy)
A go-to-market (GTM) strategy is a comprehensive plan that outlines how a company will enter a new market or launch a new product or service. Here are some benefits of having a GTM strategy:
- Clearly defines target market: A GTM strategy helps companies identify and define their target market, which allows them to focus their resources and efforts on the right audience. This saves time and money while improving the effectiveness of marketing and sales efforts.
- Competitive advantage: A GTM strategy takes into account the competitive landscape and identifies the unique selling points of a product or service. This helps companies differentiate themselves from their competitors and gives them a competitive advantage.
- Efficient use of resources: A GTM strategy helps companies allocate their resources, including time, money, and personnel, more efficiently. By focusing on the right channels and tactics, companies can avoid wasting resources on ineffective approaches.
- Better collaboration: A GTM strategy promotes better collaboration between different teams, such as marketing, sales, and product development. This ensures that everyone is aligned on the goals and objectives of the launch or market entry.
- Faster time to market: A GTM strategy provides a roadmap for launching a product or service, which helps companies move more quickly and efficiently. This can be especially important in fast-moving industries where time-to-market can make a big difference in success.
- Higher success rates: A well-executed GTM strategy can increase the likelihood of success in launching a new product or entering a new market. By taking a strategic approach and focusing on the right audience and channels, companies can improve their chances of achieving their goals.
Overall, a GTM strategy is an essential component of any successful product launch or market entry. It provides a roadmap for success, helps companies differentiate themselves from their competitors, and enables them to use their resources more efficiently.
The Go-To-Market strategy is crucial to the success of a product and the overall prosperity of the business. We suggest retaining a strategic consulting firm like Astute Group to devise an optimal Go-To-Market strategy. Our Go-T0-Market plans more than pay for themselves in the first year alone. Let’s discuss how we can get your products to market and drive prosperity.