Part 6 - GTM Strategies: Launching Your Product Successfully

Once the product and pricing are in place, the next step is the actual part – taking the product to the market and pitching it to the clients. I must put a word of caution here: the order of productization does not follow a standard route; it is zigzag, and many times, each step is a discovery process rather than a standard sit-down strategy discussion. A GTM (Go-To-Market) strategy is as important as your product. A product is as good as it seen by your client in the market. I call this ‘Jungle mein mor nacha kisne dekha’. If your product does not get noticed, it is as good as non-existent.

What is a GTM Strategy?

A GTM strategy outlines your steps to make your product available and visible to your target consumers, for them to be aware, consider, and then try your product. A GTM strategy requires an in-depth understanding of your customer, their need to buy your services/product, and the benefits they will derive from it. It includes the product, customer, message, and distribution channel to reach the customer.

Building Blocks of a GTM Strategy

1. Market Research: Understand your customer and what they want. Know what the competition is offering. Competition may not be direct; it could be indirect.
2. Buyer Personas: Visualize your buyer; create their profile (demographics, behaviors, habits, etc.). Each profile or persona needs to be addressed with a tailored message.
3. Value Proposition: Clearly define what is different about your services and delivery. Make sure it addresses a pain point or delivers a better experience.
4. Pricing and Positioning: We talked about setting prices and ways you can value your product. Positioning has to be clear and distinctive. You cannot be everything to everyone.
5. Sales Channels: The selection of sales channels and the right marketing tool for the channel is important. Select sales channels in line with your buyer personas.
6. Sales Strategy: A lot of drop-offs happen because we do not follow the sales process. Lead generation to deal closure and collecting money is a defined process—follow it. Equip your team with the material to help them sell; they cannot sell in thin air. Spend time training them, over and over.
7. Marketing Plan: Often either relied upon too much or neglected. A good sales strategy needs a good marketing plan to be successful and vice-versa. Plan your marketing in line with the product, channel, and sales strategy. You cannot launch a campaign in an area where distribution has not been covered.
8. Launch Plan: While just a single day in the entire GTM plan, this is a good opportunity to create buzz around the product. Rally all your stakeholders together to create impact and reach in the market.

GTM ki GTM Strategy

1. Preparation Phase: Prepare well; do not think things will happen on their own. A lot of items have to fall in place: product, price, marketing plan, sales channel, team.
2. Launch Plan: This is a one-time opportunity for the product; you do not launch a product every few weeks or months. Plan the ACT carefully to deliver the message and punch with your stakeholders, especially your customers. Monitor the metrics closely and tweak them quickly to get maximum output.
3. Post-Launch: Keep the tempo high; keep promoting your product. Add new sales channels. Make changes to your marketing and sales plan as per market feedback. Above all, make sure everyone in the team talks to the customer and uses the feedback to make changes to the product and the message.

Endgame:

What is a good GTM strategy? It is one with the following components:

• A clear understanding of your customer and market: Know your target audience, their needs, and how to reach them.
• Effective messaging and sales plan: Communicate your product’s value convincingly and ensure distribution is in place.
• Follow through and tweak as you go: Ensure you talk to customers, listen, and change the above two based on feedback.