A go-to-market (GTM) strategy is a step-by-step approach employed by companies to successfully launch a product into the market. In general, a solid GTM strategy specifies a target demographic, contains a marketing plan, and lays out a sales strategy. While each product and market are unique, a GTM strategy should focus on identifying a market issue and positioning the product as a solution.
A GTM strategy is an effective technique to forecast a product's success while taking into account a variety of aspects such as the need, market research, competition, and previous instances of comparable items that have been released, among others.
It is, however, important to note that a GTM strategy isn't only limited to products. A GTM strategy can be devised for launching a new service too, or if you’re opening up a new branch of your company in an entirely different demographic.
There are 4 important parts to a GTM strategy:
1) The fit between product and market:
What problem(s) is/are your product(s) supposed to solve?
2) Who is your target audience?:
Who is having the issue that your service solves? What is the maximum price they are ready to spend for a solution? What are some of the annoyances and disappointments that you can help with?
3) What are the demand and competition?:
Who else is offering what you're launching? Is there a market for the goods, or is it overcrowded?
4) What distribution channels will you use to offer the product or service?:
Is it better to go with a website, an app, or a third-party distributor?
If you are new to developing a GTM strategy all of this may seem a bit overwhelming. But you can start with research, and there are two types of research that are most helpful:
- Secondary research. This is finding information in your domain that has already been published. It is most useful for sizing and evaluating markets in which you want to compete. It’s great for setting context and deciding what you want to do and where.
- Brand research. Here you or your partner firm collects original data about your product or service and your competitors’. This is helpful for the other three steps of your GTM strategy.
An effective and actionable GTM strategy can help your product be successful in the market and help you gain that edge over your competitors.Also, if you want assistance with setting up sales team for executing this GTM strategy, you can also look for sales process outsourcing. For more details, you can get in touch with us here.