What is a Go to Market Strategy?
Before launching any new product or business you need to do proper and thorough research of your market. The go-to-market strategy (GTM) is your handy tool and a good plan to deliver your new product or service to the right people and ensuring it satisfies them the way reflects positively on your sales. It is all about identifying a market problem and positioning your product or service as the solution. Markets aren’t all the same of course, therefore every go-to-market strategy differ on its own way and requirements. But there is a common mistake that many people think GTM is a marketing plan to resemble the word market with the word marketing, the two are two different needs, although they are overlapping in many ways, the GMT is a more comprehensive picture of the product and the form of management of the institution, which includes marketing. It is the GTM that will determine the general framework for you when you work on the marketing plan. You are not required to make a large document and fill it with information. You are simply adopting a tool that will help you in the future and let you make decisions easily, such as if you are planning the shape of the product and the segment you will start working with, the form of the work team, the framework of the marketing and sales teams, etc.. You need the plan to be short and concise, and to be agile, meaning that it is subject to change or updating as soon as you go down to the market, have a foothold, and receive feedback from customers.
Benefits of having a go-to-market strategy
After getting to know what a go-to-market strategy is, and how important it is, it’s time to know more about its benefit. A go-to-market strategy can:
– Reduce marketing time
– Increase ability to change adaption
– Ensure regulatory compliance
– Avoid wrong paths
– Establish a clear path for growth
– Reduce costs of failed product launches
– Manage innovation challenges
– Guarantee an effective customer experience
– Secure a successful product launch
Go-to-market strategy ingredients
Building an effective GTM strategy is a task where you need to invest time and effort and considering these key elements:
Market size: is it a large number of potential customers or a small pool who needs specific attention?
Customers: Decide who is the target audience in these markets?
Distribution model: How are you going to deliver the product or service to the customer?
Product complexity: Does the product or service you provide need a salesperson to explain the features and benefits to potential customers? Or is it easy enough for people to buy and use it right away?
Product messaging and positioning: What do you offer and how it’s different from other products or services in the market?
Relationships: Does your business depends on building a long-term relationship with the customer? If so it’s sales that helps you be in touch regularly with people, while marketing takes you to people when they need you.
Price: How much should the product or service cost for each customer group?
B2B or B2C: Are you selling to companies or to individuals?
This Go To Market Strategy PowerPoint PPT Template contains slides on:
Buyer’s Journey Diagram: it’s the slide you need to put yourself in the buyer’s shoes and study the problems and needs, finding solutions and doing evaluation for their buying journey.
Market Maturity: A diagram where you can study the maturity of the market and how the revenue of audience, market, price, sales, and other factors grow or decline.
Go To Market Plan: The plan you use to know exactly what are you selling (Value proposition/key purchasing factors). Who are you selling to? (Segments). How will you reach your market(channels) Where will you product? (Marketing strategy).
Target Market Strategy: The slide you talk about your strategy to target the market with certain elements and factors.
New Product Launch Plan: With this slide you talk about key steps of launching new product process with different steps that ranges from project overview to revenue and coasting forecast or whatever steps you are going to need or take.
Go Market — Customer Need Analysis: Here you can introduce your analysis of customer needs via 5 main needs that mainly consist of: process, value proposition, decision maker, change and value.
Product Roadmap: Slides where you show the details on how feedback from clients is taken into account and how the product is expected to evolve and change based on this feedback.
Go To Market SWOT: Here Is an analysis that helps you understand the internal and external factors that control your success toward your marketing goal via strengths, weaknesses, opportunities, and threats.
Product Positioning: Product positioning is the basis of your marketing story and a strategic slide that defines where your product or service goes in the marketplace and why it is better than other solutions. The goal is to know who your audience is, what they need, and how your product can particularly help.
Product Overview: Is the slide where you state the problem, project description, critical success factors and every thing related to the topic.
Remember that entrepreneurship is a space for constant and continuous learning! That is why setting goals and defining strategies is the best path to success. The go to market strategy is a basic and essential strategy, it makes you shine in a distinctive and consistent position, and you will be able to get results faster.
Take advantage of this strategy properly, you can work in a thoughtful and motivating way, by focusing in the beginning on small goals that you reach and gradually progressing on your way to expand your business. Everything will be much easier with our Go To Market Strategy PowerPoint PPT Template.