Go-To-Market Strategy For Growth
Launching a new product? Or looking to enter a new market with an existing product? Then you’ll need a thorough go-to-market plan to help you succeed. It encompasses your business’s strategy to identify and attract target customers; which sales channels you’ll leverage; and how you’ll accelerate customer adoption of your product.
For businesses wanting to expand internationally, a go-to-market plan will help them identify countries where there is the greatest demand for their products, and create marketing campaigns tailored to local customers. In this article, we will explore the main components of a go-to-market strategy, with guidance on creating one.
When do you need a Go-To-Market (GTM) Strategy?
There are three main scenarios when a business may need a go-to-market strategy:
- Launching a new product in an existing market – For example, an established wellness brand adding a candle range to its product portfolio.
- Launching an existing product in a new market – For example, a furniture business looking to sell to China for the first time.
- Testing a new product’s market for growth – For example, a tech startup soft launching an app to limited users to measure demand and response.
In such instances, a go-to-market strategy will minimize their risks via in-depth planning and research into the market they’re entering.
Go-To-Market Strategy vs Marketing Strategy
A go-to-market strategy focuses on how a business will introduce a specific product to the market and reach its target customers. It’s focused on immediate revenue and customer success.
A marketing strategy is a longer-term, ongoing plan for the wider business and covers messaging, content creation, and campaigns – essentially the touchpoints that make the brand memorable in a competitive market. It should be flexible to help the business adapt to demand and find the optimal market-product fit.
Go-To-Market Strategy Benefits
- Establish potential problems: A go-to-market strategy ensures due diligence is paid to all the components of a product launch, identifying potential problems early on.
- Know how to position your product in the existing market: Thoroughly researching target customers helps create powerful, effective, and tailored marketing messaging, defining your product’s value proposition in a competitive market.
- Increase revenue: Emphasizing extensive research and planning before launching a product minimizes risks, ensuring the product reaches the most relevant audience for maximum sales. Understanding the target customer allows adjustments to enhance the product's chances of success.
Components of a Go-To-Market (GTM) Plan
Each business’s go-to-market plan will vary, but general components include:
- Market research and analysis
- Product promotion
- Sales and distribution
- Logistics and supply chain management
How to Create a Go-To-Market Strategy
Step 1: Market research and analysis
Thoroughly analyze the existing market, conduct competitor analysis, and define your buyer persona.
Step 2: Craft your Promotion Strategy
- Construct a value matrix mapping out buyer personas’ pain points.
- Identify where your target audience spends most of their time and allocate resources accordingly.
- Continuously track and optimize marketing content performance.
Step 3: Establish your sales and distribution channels
Define where consumers can buy your product and streamline the buyer’s journey for increased sales.
Step 4: Logistics and Supply Chain Management
Prioritize timely product delivery and consider aspects like inventory management, warehousing, and packaging.
Here, the product itself is the salesperson, empowered with all the information a buyer may need. A product-led GTM strategy involves analyzing customers’ behavior and interaction with the product to ultimately drive customer acquisition, retention, and growth. This strategy is well-suited for businesses aiming to scale fast at a low customer acquisition cost.
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