How to Create a Powerful Go-To-Market (GTM) Strategy
A go-to-market strategy is the perfect tool to launch a new or reconfigured product. Read more about the benefits of a go-to market strategy and how to use it to fuel your company's success!
What is a go-to-market strategy?
A go-to strategy is a great tool when introducing a new product, launching a service, or updating a brand profile. It helps you to plan and think in advance, which in turn increases your chances of success. The framework is built around key factors and elements that create a tailored market strategy.
The go-to market strategy framework differs from a classic market strategy by focusing on a specific product or service rather than the company's overall market strategy.
Critical elements of a go-to market strategy
A successful go-to market strategy framework covers a wide range of aspects. Even though you might already have an overall strategy for your company, it is valuable to have a plan for the individual products or services you will be launching or re-launching in the future. This way, you will make sure that what your company offers fits the market and is efficiently promoted to the right people.
To ensure that you include all the necessary elements in your GTM, you need to carefully look into these critical areas, which will significantly impact how well your product will perform on the market:
- Brand positioning
…laying solid groundwork will put you on the right track and help keep you there. This will lower the risk of spending time and energy on a strategy that is hard to implement and will fail to produce your desired outcome.
The GTM strategy works for all organizations, large and small, in all industries. Though their strategies are tailored to each organization’s specific needs, all share the following foundations:
Brand values and mission
A clear brand strategy helps you build a strong brand that is easy to recognize and relate to. The more work you’ve done on your brand strategy, values, and vision, the better your GTM strategy will be.
What problem does your product solve?
Many companies fail because their product doesn’t solve a problem or answer a need for their target audience. Before you create a GTM strategy, do qualitative and quantitative research on how your product can help your potential buyers. (If you’re just starting out, see Three Things to Do Before you Create your Strategy.)
The 7-element GTM strategy framework
As you already know, every strategy needs to be easy to implement. Otherwise, you risk spending a lot of time and energy on something that will never be implemented. By breaking it down into 7 smaller and more manageable steps, you will help yourself save both time and energy. This step-by-step way of thinking lets you focus on essential areas one at a time without missing any important aspects:
Define your ideal customer. Who will most benefit from your product or service? The better you know your target audience, the easier it is for you to communicate the benefits your product to them specifically.
Buyer personas are a great way to paint a picture of who you want to reach. Imagine your ideal customer's behaviors and needs from a bigger perspective:
- Hobbies and interests
- Spending habits
- Daily routines
- Desires and wants
- Household income
This broader perspective will not only help you communicate more effectively, but also fine-tune your product to better suit your buyers’ needs. If your company’s already up and running, your customer support team will have great insights into how your customers perceive your product.
When you know your target audience, you’ll better understand where and how to reach them. Determine which markets they’re active in and tailor your efforts accordingly.
Questions that open up your way of thinking about your product from an outside perspective are usually very effective when defining markets:
- In what markets will your products or services be most valuable?
- Where can you naturally promote your products?
3. Brand Positioning and Competition
Market mapping and landscape analysis means to identify key players and group them by categories such as industry, organization size, etc. In other words, who are your competitors, and how do they position themselves in the market?
Your investigation will uncover opportunities will present themselves as you research. Does an important competitor consistently receive bad reviews on their customer service? That’s a golden opportunity to push your company's great customer care.
When you have an understanding of your customers as well as the market and landscape, you can identify the advantages and unique values with the product or service you are offering. Ask yourself questions that will help you see your product from your customer’s point of view:
- What is the relationship between your customers and your offer?
- How do they use your service or product?
- How could your offering help solve the problems you identified in the preparation steps?
The pricing of your product should be based on the market, your brand position, and your customers.
Is your product intended to be a luxury brand or economical and widely available? Starting at a low price point might attract more customers, but the profit will only cover some of the costs. On the other hand, a pricing model that is too high might scare away customers, and you end up in the same position—unable to run your business smoothly and sustainably.
As with all strategies, it’s vital to budget all of your resources: personnel, time, etc. As circumstances change, you may need to recalculate and adjust course. Key Performance Indicators (KPIs) are especially useful here. How will you know that your strategy is working – is your success measured through a certain number of subscriptions, or does it come from entering a new market? Defining success can help align your team to work towards the same goals.
7. Market Strategy
Now it’s time to create a coherent experience for your customers—from ad campaigns to the product or service specifications on your website.
Does your target audience spend a lot of time on social media? Create a company profile with useful and interesting content. For example, if your product is wallpaper, your social media content could be focused on interior design inspiration.
When the framework is set, it’s time to prepare for the implementation of the strategy.
Alignment and agility
Before implementing the GTM strategy, be sure that everyone on your team understands what the goal is, and that all are on board with the plan. The more aligned your team is, the easier the implementation will be.
And remember: the go-to market strategy should work as a helpful and agile tool, not a fixed rulebook!
Make sure you have the resources you need
Make sure you have all the pieces in place before you set sail. The effect of your launching might require back up on areas such as customer service, technical support or sales.
Keep yourself and your team updated
Stay up to date with what is going on in and around the market you are active in. The go-to market strategy is something that will help you at your current position. By staying updated, you will increase your chances of seeing opportunities and being proactive.
A special strategy for a special purpose
The seven elements help narrow your focus to a specific product or service rather than your overall market strategy. As your research continues and you collect more information on your target audience, each new marketing campaign begins one step closer to success!
Still unsure on how to apply a go-to market strategy? Our experts can help you with that. Schedule a quick call and get started with your GTM strategy.