What's your go-to-market strategy for product innovation?

A comprehensive go-to-market strategy for product innovation encompasses thorough market research, product development, clear messaging, pricing, sales, marketing, support, feedback loops, scaling, analytics, compliance, ongoing adaptation, team alignment, competitive analysis, a well-defined launch plan, and customer education. This dynamic strategy requires agility to respond to evolving market conditions and customer feedback.

A lot of brands focus on existing consumers which is great of course, but new consumers mean new revenue potential as well. It is nice to have them both as part of your innovation strategy.

As the new products commercialization manager for a large steel manufacturer, I look for the following when defining the target market (in varying degrees depending on the product) market space understanding and readiness --> Do we understand the space we will play in? Do we know our competitors in this space (both direct and indirect)? What are fundamental market space dynamics in play? Do we understand our customers? Ideally, all this information needs to be available from previous "steps" in the development process...now is more about synthesis of it all. If you want to discuss/co-create on GTM further, please reach out through direct messaging.

To develop a robust unique value proposition, we need to better understand consumers and the options they have today. Consumer insight is critical to get at this stage. This is not a place to save money. Investing in consumer insights helps unlock the unmet needs in the market, hence gives you a leverage to design your USP according to that.

Value proposition is not just about listing your product differentiators. It is a meticulous exercise to distinguish your messaging amidst the competition. It is an opportunity to establish your product niche. For example, InDrive is a ride-hailing platform founded in 2013 that competes with Uber and Lyft. But InDrive carved out a differentiation for themselves and offered ride-negotiating service for customers. InDrive's value proposition was centered about empowering customers to offer fair price for their rides and not be succumbed to what was offered to them. So, be smart about amplifying your niche in your product value proposition.

A value proposition starts with internal brainstorming and dives into user research. The real worth emerges in users' hands. Defining it requires an individual approach - a prototype or MVP introduced to early adopters. Their feedback shapes insights. These users are virtuosos of feelings. How does it make them feel? These treasures surface through experiences. True value often surprises - an epiphany, a shift from the original script. Over time, it evolves as users discover deeper potential. A product transforms into an experience. The value proposition isn't just a statement; it's a testament to the creator-user bond, carrying imprints of those who believed in its worth.

As I stated previously...during the development stages, the value proposition for the product has to be strong already. The value proposition must only be tweaked at this stage (i.e. fine-tuning the GTM) to suit the customers' needs. If the value proposition is solving real customer needs, you'll need to tweak the value proposition a few times because you already have identified several customer(types).

The perfect pricing strategy for various distribution channels is crucial to business success. Each channel presents unique challenges and opportunities, necessitating a tailored approach to maintain optimal margins. Direct Sales: Leverage control over pricing for flexibility; E-commerce Platforms: Account for listing and transaction fees; Wholesalers and Distributors: Balance competitive margins with profitability; Retail Stores: Set prices allowing for retailer markup; Online Marketplaces: Understand and adhere to platform pricing policies; Subscription Models: Provide various service levels to cater to diverse customer preferences. Remember, maintaining margin integrity is paramount. Avoid price wars, and demonstrate the unique value.

Indeed...the sales/distribution channels should be chosen once we know whom and where we will offer our product. Next to that it is also really important to ready ones own organisation to be able to deliver the product to the customers in time though the chosen sales en distribution channels.

As a Product Manager, my marketing mix focuses on delivering customer value. I emphasize the 4Ps: 1. Product: Offer products that solve specific customer problems. Continuous development and improvement are crucial to staying competitive. 2. Price: Align pricing strategies with our target market's willingness to pay while ensuring profitability. 3. Place: Optimize distribution channels to reach the target audience effectively. This includes partnerships, e-commerce, and a user-friendly website for a seamless customer journey. 4. Promotion: Leverage digital platforms, content marketing, and social media to create brand awareness. I also focus on customer education, sharing the value and benefits of our products.

Another aspect is indeed to create a marketing mix relevant to the product and market space that it's going to be offered in. Marketing mix should not be limited to marketing collateral only...remember the 7Ps...hence the previous three aspects of this post should all be taken into account.

For Product Managers, testing and refining a GTM strategy involves iterative steps like market analysis, launching with data collection, feedback loops, pricing tests, marketing and sales channel optimization, product improvements, scalability planning, competitive analysis, messaging refinement, data-driven decisions, compliance awareness, enhanced customer support, and exploring expansion opportunities while maintaining team alignment and cross-functional collaboration. Regular reviews drive optimization efforts.

Yes, testing and refining the GTM strategy is essential to increase the probability of success for the product. To do this in the best way possible, one should aim to test and validate the GTM during product development. The involvement of all internal stakeholders and customers (available) is crucial to a sturdy and relevant GTM.

In addition to the GTM approach outlined in this collaborative article, I would highlight that establishing the right (set of) tool for Product GTM is pivotal. GTM tool helps in measuring the performance of GTM plan and offers insights to continually improve it. While there a plethora of GTM tools including Google Analytics, HubSpot CRM, Mailchimp, Canva, you need to consider the following when selecting a tool that meets your GTM needs. 1. Pricing plan 2. Integrations with sales and marketing channels 3. Ability to offer adjacent functionalities like CRM, Billing 4. Customer acquisition enablement