What is a go to market strategy?
A go to market strategy is a plan that sets the stage for success in a new market. This strategy brings extra focus to one product, area, and/or market. It’s important to have a solid strategy going forward especially when entering a new market with your product.
Proper go to market strategies need to be detailed but also straightforward, with the ability to be updated as needed. The go to market strategy outlines why you’re launching this product in this specific market, who it will be for, and how you’re going to get consumers to buy.
Go to market need to know
Before creating your go to market strategy, some questions you will need to answer include:
- What need do consumers have? – What kind of need is in the market and how does your product meet this need? Did you confirm this as a need, and will there be a demand for your product?
- Audience and buyers – Who will buy your product? Figure out your target market and ideal customer in the market. It’s important to know as much as you can about your audience to properly market to them and turn them into customers.
- Competition – Who else is in the market and how will they respond to your entering? Know your competition and what you’re getting into beforehand. What does the market look like and what could affect your launch or product?
- Distribution – How and where are you going to distribute your product? Think through the logistics of how customers will specifically get your product.
- Marketing and sales – Will your audience respond better to more marketing or sales initiatives? Know the best way to appeal to your audience, this will help show how to implement your plan.
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?
Benefits of a go to market strategy
A go to market strategy helps you to see the big picture and to properly prepare for a launch. This gets you to think about potential issues that customers may face to give them the best experience possible.
A go to market strategy guides and supports you as you launch a new product or in a new market. It makes your decisions more intentional because everything is planned of time. Go to market strategies also establish expectations and goals in a new market for you to strive for.