Go-to-market (GTM) strategy
David Karanja
Strategic Planning ? Client Relationship Management ? Sales and Negotiation ? Marketing and Branding ? Market Expansion
A GTM strategy is a small but important component of your overall marketing strategy. A solid go-to-market strategy considers multiple factors, including pricing, distribution channels, and unique selling propositions.
A GTM plan defines how you launch new products and services. A well-planned strategy not only shortens time to market, but helps your business grow and develop while minimizing costs. And developing a solid GTM strategy is important now more than ever.
Below, I’ll outline how your go-to-market strategy plays a part in your overall marketing plan. I’ve also provided seven key steps to create a useful go-to-market strategy for your next product launch.
Marketing strategy vs. go-to-market strategy.
When crafting a business plan, business owners may use the terms “marketing strategy” and “go-to-market strategy” synonymously. However, these two terms are drastically different, each bringing a different type of sales strategy to the table.
The point of your overall marketing strategy is to determine how you can reach your target audience and convert potential customers.
Your go-to-market strategy, on the other hand, involves a specific product. The plan focuses on how you’re going to set up the launch of a new product or service.
Both play integral roles in new market outreach and customer acquisition.
As a small business owner, you may see these two strategies overlap. But as your company grows and matures, the two approaches will begin to become more and more distinct.
So, in summary, a marketing strategy is something ongoing and fluid. It’s something that you’ll always have in place, and it’s something that will change with time.
Go-to-market strategies focus explicitly on the sales process for launching a new product. Go-to-market strategies typically involve much more fixed or rigid deadlines.
Seven steps for crafting a useful go-to-market strategy.
If you’re a small business owner looking to come up with a go-to-market plan for your next product launch, you’re in luck. I’ve compiled a seven-step plan that you can implement when drafting your go-to-market strategy template. By following these seven steps, you’ll be able to craft a discernable action plan that will lead to a successful product launch.
It’s hard to craft a successful go-to-market strategy if you don’t first define your target audience. When introducing a new product, start by researching your ideal customer base. Marketing segmentation is critical because few products are appropriate for all groups of people. Along with age and demographic factors, you should consider buyer personas, where clients are located, what jobs they hold, and what spending power they have.
Next, determine whether or not those customers are already part of your customer base or whether you have yet to reach them. If you need to discover new customers, you’ll also need to determine which lead generation strategies you’re going to use. Don’t forget to consider what your competitors are offering. If your product already exists at a lower price point, you may need to readjust your strategy.
Your value proposition, also known as your unique selling proposition, is what you promise to deliver to your customers. To find your value proposition, begin by assessing the top benefits of your product or service. Once you’ve identified the various advantages of your product, determine the possible solutions that those advantages offer your target customers.
The goal in defining your value proposition is to think like the customer. Ask yourself what problems or challenges in your life need solving. Once you do this, you can figure out how customers will use your products to meet their needs, and you can align your marketing efforts accordingly.
Once you’ve identified your specific value proposition, start setting your pricing strategy. Your pricing strategy depends on your prospective customer base and your goals for market penetration. Options that you can use when crafting your pricing strategy include: ( will detail in my next article)
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Another critical aspect of your go-to-market strategy involves identifying which products to sell and determining how you will position your brand. In most cases, you’ll want to create a unique product strategy for every one of your target markets. This step may include setting promotions or specifying bundling plans. Additionally, marketers should look for opportunities to differentiate their products from those of competitors.
Small business owners should recognize that after a launch, their strategies may need to shift based on customer reactions. Although the timeline of a go-to-market plan is static, decision-makers will want to be in tune with customer reactions so they can make small adjustments to the go-to-market strategy as needed. Monitoring social media is an excellent way to help gauge customer reactions to a new product or service.
It doesn’t matter how great your product is if you don’t have a strategy for reaching your ideal marketplace. To do so, you’ll need to select the right marketing channels. Marketing channels are the places where you promote and sell your products. Once you determine your target market, you can identify the areas where this group tends to shop.
Your marketing channels will vary based on your target market. Whatever channel you select, it’s important to put sufficient time into developing your brand and making sure it’s consistent. The goal is for customers to have consistent experiences no matter where and when they purchase your goods.
If you’re part of a larger company, you’re going to want to make sure to coordinate your GTM across all channels of your business. Doing so ensures that your message is consistent. The larger your company, the more coordination and planning you’ll need to craft your go-to-market strategy.
If you’re looking to get the word out about your new product or service, you may want to consider crafting an external marketing plan. External marketing can increase the likelihood of customers hearing about your product.
You may need print or online ads to begin garnering attention for your new product. Besides market research, external marketing will likely make up a considerable amount of your go-to-market strategy.
As we mentioned previously, you’ll want to make sure that your message is consistent across your external marketing content. One of the best ways to do so is to identify your brand. Who are you? What language would you use to describe your company and your new product? How will you make sure your new product is consistent with your current brand?
One of the most significant mistakes that business owners make when releasing a new product or service is not being there for customers after the fact. Before the product launch, you should prepare your support team for an influx in demand.
Whether it’s an increase in troubleshooting requests or an uptick in web traffic, you can expect higher volumes in the weeks following the launch of a new product or service.
If you don’t support customers, you run the risk of alienating them. Customer retention is critical for building a customer base. Once you have customers in your sales funnel, you should make efforts to keep them there. Providing them with adequate support is an excellent way to keep customers happy.
Determining the objectives of your go-to-market strategy before launch will make it easier to measure success down the line. Before you launch a product, determine what constitutes success. Is your goal to achieve a particular sales volume? Do you want to target early adopters? Be specific and clear to keep your sales team on target and boost your chances of success.
Creating an incredible product is only the first step. A successful company finds ways of putting its goods into the hands of its target audiences. By taking time to consider all the elements of your go-to-market strategy, including who you will target and how and where you will reach these individuals, you can give your business the best chance of going the distance.
?Summary
Taking the time to craft your go-to-market plan could increase the likelihood of success when introducing a new product or service to your business model. And successful product marketing campaign will bring an influx of cash to your business.