A Go-To-Market strategy is an essential component for any business that is looking to launch a new product or service. Whether you have been in business for years, or you are just getting started, developing a GTM strategy is one of the best ways to ensure that all of your bases are covered, and set yourself up for success. Below are the basics of a Go-To-Market Strategy – what it is, and how you can start to use one in your business.
What Is a Go-To-Market Strategy?
A Go-To-Market Strategy is defined as “an action plan that specifies how a company will reach customers and achieve competitive advantage.” Essentially it is a business plan, but with a more narrow focus on a specific service or product. It is a way for you to organize everything you need to launch this product, including who will be working on it, the tools you will need, the technology that will need to be involved, and who the target audience is, among others. By clearly defining your Go-To-Market Strategy before you begin, you will be better able to focus on the goal and make the process smoother along the way.
There are three main factors that every business should focus on when developing their Go-To-Market Strategy. They are The Customers, The Company, and The Competition.
The Customers: First and foremost you need to think about your customers. Who is this product or service going to be for? How can you ensure a good customer experience? When your customer has a good experience with your company, they are likely to work with you again. This leads to customer loyalty, and as a result an increase in sales. By focusing on the customer’s experience, you can increase your customer retention and lower the cost of business at the same time.
The Company: Who is going to be working on this project? What kind of resources are they going to need? What is your company’s vision, and how can you incorporate this into your new product/service? In order for your launch to be successful, you need everyone on your team to have the resources they need, the motivation to do the job right, and the communication to ensure everyone is on the same page.
The Competition: Lastly, you need to think about who your competition is. Who is offering similar products or services, and how are they doing it? In what ways can you improve on their actions? Is there a niche currently being ignored that you can target? Before you start launching your product, you should have as much information as possible about similar products, including how they are doing, what sort of revenue they are generating, and how they are being marketed. The more information you can include in your plan, the better.
Once you have all of the information above gathered, you need to organize it in a way that is clear to everyone involved. Each team member that is working on this product or service should have access to the strategy, so that they can view it whenever they need to.
If you need assistance in assembling your plan – whether it be in gathering the information or organizing it – you can visit this resource on Go-To-Market Strategies. Putting together this plan is one of the best ways to make sure that you have everything you need in place before you launch your new product or service. Rather than just making it up as you go along, a solid Go-To-Market Strategy can help any business stay organized, and increase their profits.