Go To Market Strategy: Top 5 Things To Know (2021)

Introduction

A go-to-market or go to market strategy is an active plan curated by the organization to provide unique value to its customers using the internal and external assets of the company. The GTM strategy helps in deciding how the organization will target customers/clients and achieve a competitive advantage.

A solid GTM plan maps a detailed plan to be followed to achieve certain targets and effectively creates a blueprint to deliver your products and services to your ideal customers. It considers all the aspects involved, like pricing and distribution. 

GTM blueprints are easily scalable and can be applied to achieve the smallest tasks possible in the business. It could be launching a new product, achieving a new milestone in terms of annual turnover, or back a new set of customers. 

Suppose if you are planning to launch a new product in the market, apply GTM by thoroughly researching the customer base and demand for the product, how to effectively market and deliver the product, and so on.

Go-to-market basically is planning to make your product reach the market effectively. If done right, the product is surely going to succeed in a few days of launch.

1. How to develop a go-to-market strategy effectively?
2. What are the components and driving factors of the GTM strategy?
3. Go to market strategy| GTM marketing strategy
4. Go to market strategy examples| GTM Strategy Templates
5. Benefits of GTM Strategy

1. How to develop a go-to-market strategy effectively?

For starters, while launching a new product in the market, examine your existing customer base and determine if your new product already has the required customer base or if the product demands a completely different and a new customer base.

Research the product details closely in the market. Understand the parameters required, know the product demand in the market, and to what extent can you scale your financial forecast. Apply a relative pricing strategy and fix a suitable price for the product. Compare and contrast similar products running in the market.

Also, choose the right channels and marketers to promote your product effectively. Doing so will grow your customer base rapidly. Plan on what and how much of the product content needs to be promoted. And finally, design your marketing campaign and promote it with the most influential faces.

2. What are the components and driving factors of the GTM strategy?

There are six strong pillars to map your GTM strategy on – Customers, Competition, Company, product, pricing, and Market.

Other common factors considered while executing a GTM(go to market) plan are:

• Customer size and how much sales can be projected from the expectant.
• Research and understand customer behavior. Note their actions towards competitors’ sites and jot down the key requirements they expect.
• Map the geographical location of the prospective buyers.
• Recognize the industry in which your product falls into.
• Focus on the benefits earned by the customers after buying your product. The more benefits provided, the more likely are the chances for the product to top the market.
• Carefully examine the application procedure of the product you plan to provide.
• Ready your brand story and company details to be provided to the customers.
• Take a close call at the demographics to identify your potential customer base.

3. Go to market strategy| GTM marketing strategy

Once your product is set to launch or if launched already, your next step would be to market the product. It is vital to apply effective marketing strategies to make your launch successful. 

The GTM marketing strategy covers the following:

• The position and share-value of the product in the market.
• Smartly identifying your customers, clients, and competitors.
• Effectively promote the product using the right marketers and influencers.
• Stick to the basics of a marketing plan in general.

4. Go to market strategy examples| GTM Strategy Templates

A) Vuclip’s ‘must-haves’ GTM strategy

Takeaways:

• Resolve video buffering
• Build your product for consumers rather than for the company’s benefit.
• Research showed that the GTM strategy with the plan of selling to enterprises failed.
• Switched to mobile-friendly online shopping.

B) Upscope’s strategy of focusing on trending live chats

Takeaways:

• Solid content and integrations
• Providing the user screen instantly at customer support during navigation issues. This helps in faster recovery of the issue.
• Regular customer/user analysis 

C) Huawei’s million-dollar GTM strategy

Takeaways:

• Setting up research and development teams, customer support teams in India to connect the foreign telecommunication and the users better.
• Competing with relative local English channels to beat the stereotypes.
• Establishing trust among Indian customers and building genuine relationships with foreign users.

D) Point-to-point strategy by Southwest airlines

Takeaways:

• Instead of stationing the flights at hubs, they decided to plant the drops with a point to point strategy.

5. Benefits of GTM Strategy

GTM means go-to-market, and also offers numerous advantages. Few of them are-

• If GTM strategies are effectively executed, it saves you a lot of time while marketing. You do not need to overdo your marketing strategies.
• Go-to-market strategies assure a foolproof plan for a successful product launch. Therefore you save on the costs of unnecessary failed product launches.
• GTM strategies consider all aspects of the business, therefore it’s easier to adapt to any new change.
• The blueprints are flexible and can easily take up innovative and new challenges.
• A thorough GTM strategy ensures a comfortable and effective customer experience. The basic principle of the GTM is to build products for customers and not for the enterprise.
• Ensures regulatory compliance and quality of the product.
• GTM strategy doesn’t deter the growth, in fact, it ladders the product to its optimal range.
• Gives a sense of direction to proceed and boosts confidence. Every single team working on the project will have a clear cut idea of what to do next.

Conclusion

If you strategically implement a detailed and well-researched go to market, you can expect the results in a year or two. There are no such downfalls with GTM, you only need to be patient and consistent. It is a long term plan to build a profitable business, reduce failure costs, and enhance the customer experience.

Delight your customers and surprise your fellow competitors by effectively performing Go to Market strategies to your business. The organized behavior of the GTM will surely provide higher chances of success rates to your company.

Plan your GTM strategy and get going with a competitive advantage.

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