Go To Market Strategy: Complete Overview
September 2, 2020
What is a Go To Market Strategy?
A go-to-market strategy commonly referred to as a GMT plan is essential to successfully launch a product. It is a strategic plan developed by a company or an organization. A GTM plan assists in bringing a product into a market and applies to a wide range of products. The products range from a new upgrade (in a saturated niche market) to a market pioneer (in a new broad market). Additionally, the strategic plan defines the necessary practical steps required to help the product succeed.
Encapsulating the entire business plan on how the company is run and marketed is the role of a GTM plan. Each product and its respective markets are different. Hence each GMT strategy should be unique and well thought out. The strategic plan is the foundation for the product’s success in a market.
Elements of a GTM strategy.
A GTM strategy has five elemental steps. These five steps will help you understand the factors to consider before entering a market. At this point, you would be beyond the ideation stage and have the actual product.
1. Identify the potential market:
Identifying the potential market is crucial, this may sound basic, but it is an essential step. Looking at the market, identify and hone into the right segments that give the most value. It is the key distinguisher between making and breaking of a product’s success. Potential markets are not just the obvious ones, but those that could use the product for alternative purposes to satisfy niche needs. Analysing the currently established competitors and potential competitors can help make informed decisions and identify the role of your product in the market.
2. Research the user’s journey:
The product offered should add value to the user by making their lives easier. Understand the current default course of action adopted by the user ( user journey ) from the start to the end of their journey (it could involve research, surveys feedback form, social media, etc.). Similarly, Identify difficulties being experienced (pain points) in the process flow. Also, ensure the product offered matches and caters to those pain points experienced. Every customer is unique, and asking the right questions will uncover the pain points and cater to their needs.
3. Targeting the pain point:
Uncover the potential pain points of processes or products in the market this directly relates to the success of the product. Solutions to these pain points draw in customers requiring a specific solution because they do not have to struggle for a fix. In a few cases, the pain points are easily identified and expressed by the customer. This is because it is direct and presents itself as a hurdle causing inconvenience. These scenarios are most favourable to the entrepreneur as the customer needs are clearly defined and, is presented with a targeted solution. In conclusion, selling the product to the customer is direct and, an easy sale but such is not the case most of the time.
Situations arise where either the potential customer does not realize how the product satisfies their needs or if a product is available to satisfy their needs. In these situations, the sales and marketing team must help the customer understand and realize the fit of the product. In most cases, the pain points would be hidden, in different forms, and, it would take a skilled team to identify it.
4. Product positioning in a market:
Presenting the product is the primary step, define the core purpose of the product as it is crucial because this sets the tone and baseline for potential customers. Identifying the core purpose will help pitch the hurdles it can overcome. The core purpose should be specific and must explain what the product has to offer. Defining the product function is just as important; this describes how the product fits and satisfies the customers’ needs while tying in its core functions. Differentiating your product from others that are available in the market and emphasising its innovation or its edge over the rest makes the product stand out from the rest.
5. Develop suitable strategies to capture potential customers:
Identify the current influencers and how their products set the tone in the market. The ability to offer something the competitors do not provide is advantageous to boost the product in the market. Create a clear distinction between your products and the competition. This distinction helps define what your product stands for. Following up on the products functionality and customer satisfaction earns immense trust in the product and ultimately, the company. The ability to deliver promised services (value proposition) positively reflects on your company’s reputation and its future growth.
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