How To Develop A Go-To-Market Strategy
How does your business connect with its customers and how do you deliver your unique value? How do you go from the initial connection with a potential purchaser to the fulfilment of your brand promise? The answer to these vital questions defines your ‘go-to-market’ strategy.
Your go-to-market (GTM)strategy brings together all of the key elements that drive your business; sales marketing, distribution, pricing, brand development, competitive analysis and consumer insights. It provides an action plan that clarifies how to reach your target customers and better complete in your marketplace.
What at the benefits?
A GTM strategy has numerous benefits that help your business increase general overall efficiency including;
- Reducing the time it takes to bring new products to market
- Reducing any costs associated with failed product launches
- Increasing your ability to adapt to change
- Managing any innovation challenges you may be experiencing
- Ensuring an effective customer experience
- Confirming any regulatory compliance
- Establishing a path for business growth
- Clarifying a clear business plan and direction for key stakeholders
Whilst developing a comprehensive GTM can be daunting, it is worthwhile and will help ensure a workable roadmap to achieve market success.
What should I include in my strategy?
To create an effective GTM strategy for your business, you want to start by creating a detailed plan with the following six elements;
- Markets: Which markets are you trying to enter?
- Customers: Who do you want to sell to and who is your ideal target customer?
- Channers: Do you know where your target customer buy? Where will you promote your products so your targets can find them?
- Product or service: What are you selling? And what unique value do you offer to each target group? Why should I buy your product?
- Price: How much will you charge for your products for each customer group and why?
- Positioning: What is your unique value or primary differentiation? How will you connect to what matters to your target customer and position your brand?
Before you begin, as with the creation of any strategy, it’s a matter of asking the right questions, in the right order.
First you need to ask where are you now? What is the current state of affairs in your business? Decide how to measure your current business position and the current climate of your market place. Next you need to confirm where you want to go. What is the desired end picture of this new initiative? Now is the time to define your objectives. And finally, what must happen to reach your goals? What strategic options are available to you? What does success look like? IF you can confirm the answers to these questions you have the bones of your action plan.
The thought of creating a GTM strategy can be daunting, especially if it’s the first time you have had to work on such a project. Just remember the main distinction between an overall business strategy and a specific GTM strategy is that the latter has a greater emphasis on connecting with your customers. In an ideal world, you will delight your customers and surprise your competitors. After all, happy customers are the most effective form of marketing an