June 3, 2021
June 3, 2021
Whether you are launching a new product or looking for ways to revamp your brand, the first step should be to create an impeccable go to market strategy. Developing a detailed go to market strategy forms the basis for a successful start.
Without the backing of a perfect strategy, you will not be able to break into the market. To claim your place, you should fuel your efforts and devise the perfect go to market strategy.
The last thing you want to do is invest your resources, capital, and time in a fruitless, unprofitable product. The go to market plan makes sure that your product launch is a smooth ride and there are no hiccups in accomplishing the desired goals.
Let us take a look at what is go to market strategy to understand its basics.
What is go to market strategy? A go to market strategy highlights all the steps necessary to succeed in a new market or a different audience. It identifies ways of reaching the targeted audience and attaining an edge over the competitors.
A good gtm strategy considers multiple factors to curate a perfect plan that will lead to profitability in the future. The plan helps businesses identify the need for a new product, understand the target audience, and create a plan to attract customers and persuade them to buy it.
A good go to market plan can serve several purposes to generate revenue for a company. Once you have a go to market strategy in place, you can:
There are multiple uses of a go to market strategy, including:
Having a strategy in place can help you make your mark in the market. It can also help you avoid mistakes to solidify your chances of success. Furthermore, it can counter all possible reasons for failure in business to establish the standing of your product in the market.
Research says that 42% of businesses fail because there is no market for the product or services. 19% lose to their competitors, 18% fall victim to pricing issues, 14% lack good marketing strategies, 14% do not consider the needs of their customers, and 17% do not have a business model, to begin with.
Startups have a failure rate of about 90%. These figures are proof of a company’s lack of proper strategy and planning. Diving headfirst into a business without proper research and planning can result in the loss of revenue, resources, and time.
While a GTM strategy may not be your shortcut to generating immediate profits, it can help you fix the gaps and make improvements before you introduce the product to the market.
There are certain things that you should pay special attention to before you develop your go to market plan. These things will help you narrow down the information required to build a good gtm strategy.
Following are the crucial parts of an ideal go to market plan:
The knowledge of the above will help you develop a profitable strategy so that your product launch is successful through and through.
Moving on to the main section of this article, how to create the perfect go to market strategy?
As explained earlier, before you start developing your product and introduce it into the market, you have to narrow down the focused market for your product. This includes demographics, psychographics, competitors, ethnicity, etc.
A bad go to market strategy example of the above can be producing supercars in an underdeveloped country. While there may be a few buyers in the target country, the numbers will be too low to risk investment on such a massive scale.
You must also identify your target customers to create plans that will help you engage them and convince them to buy your product.
By understanding the demands of the market, trends, barriers to entry, etc., you can identify the market that will be most profitable for the success of your product.
The start of your market strategy should highlight the reasons you are launching the product. It should also explain the need for the product in time, how are you going to go about it? etc.
These details in the value matrix will give an overview of your strategy. Also, it will communicate the purpose and reason for the development of the product and the needs it fulfills.
In this phase, you will develop strategies to create brand awareness and determine the position of your product in the market.
Your marketing strategy should include:
It can also include sales material, personas, use cases, etc. The aim is to develop a general understanding of your product in the market and determine ways to create awareness about your product.
In this phase of your go to market strategy, you have to determine the pricing strategy of your product. The pricing of your product reflects your understanding of the market, competitors, and the target audience, along with the value your product delivers.
How will you market your product to the consumers? You should employ external marketing tactics to appeal to a larger audience.
External marketing tactics can include:
In this step, you will experiment with various marketing tactics via different mediums to find out the most appropriate platform so that you can advertise your product accordingly.
One of the steps in creating your go to strategy is understanding the journey of your buyer. This journey maps the process that ends with the purchase of the product.
The stages included in this phase are:
Your focus in go to market strategy should not only be on the product launch but also to determine how to move the prospective client from awareness to the decision stage.
In this part of developing the go to market strategy, you will identify ways to introduce your product in the market. This is a crucial step since it is directly linked with the profitability of the product.
The core elements included in this section include:
Whenever you launch a never-seen-before product, you will arouse the curiosity of clients. As a result, you can expect various questions and issues. How will you handle these issues and answer the questions of the customers?
In this step, you will identify ways to answer customers’ queries. Crucial items included in this part are:
Your responsibility does not end once you launch the product into the market, in fact, this is the start of the party. Once you have introduced the product, you have to identify:
How will a company determine whether the product launch has been successful or not? This requires the use of certain success metrics.
These metrics can help you determine whether the product has fulfilled its purpose and if you have fulfilled your goals or not. Success metrics must be meaningful, measurable, operational, and motivational.
As we mentioned earlier, your job does not end after the launch of the project. You have to stay connected with the product to ensure that it stays in the market and is a source of revenue for your company. This involves clarifying the budget and resources your product will need after it enters the market.
The factors included in these needs include time, money, and any other factors that can impact the daily lives of the stakeholders.
Bringing a new product to the market seems like a Herculean task. The journey is rough, and the road is bumpy, but the guidelines listed above can significantly improve your pathway. Creating a go to market strategy will lower down the risks and increase the probability of success.
Is there anything else that you would like to add? Let us know in the comments below.
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