Failing to plan is planning to fail. As cliché as it might sound, the saying is very true when it comes to entering new markets. Whether you’re launching a new product or trying to reach a different customer base, having a carefully crafted go-to-market strategy can set your business up for success.
What is a Go-To-Market Strategy?
A go-to-market (GTM) strategy is an action plan that details how your product will successfully reach the end customer. While a brand story can help you clarify what you do and why it matters to your customers, you still need to have a strategy that identifies a market problem and then positions your product as a solution.
To ensure effective market penetration, a GTM strategy should state what your product is, who the ideal customer is, and how you plan to reach your target market and convince potential customers to buy from you.
Who Needs a Go-To-Market Strategy?
Any business, new or well-established, will need to craft a go-to-market strategy when:
- Launching a new product
- Entering a new market
- Re-launching an existing product
How To Create a Go-To-Market Strategy
1. Define your target audience
This is the first and most important step when crafting a GTM strategy. To avoid a bad product launch, you need to be very clear about who your customers are. If you plan to sell your product to other businesses, start by defining who your target audience is and then use data to draw up your ideal customer profile (ICP) as well as buyer personas.
When defining your target audience for your go-to-market strategy, be sure to consider:
- Demographic/firmographic information
- Pain points
- Current technology or solutions
- Potential sales objections
2. Research your competitors
Unless you’re dealing with a very innovative product that’s new in the market and has no direct competitors, chances are you’re entering an already saturated market. A foolproof GTM strategy details how your product stands out from your competitors. Conduct proper competitor analysis to find out:
- Who your competitors are
- What their target market is
- How much they charge for similar products
- How your product is different
- Current and projected market share
3. Create your messaging framework
A successful product launch is one that is geared toward providing a solution to a certain consumer need. Once you have crafted your buyer personas, outlined their needs, and identified how your product solves these needs, the next step is to create a messaging framework that ties the business need and solution together.
Also known as a value matrix, your messaging framework lists your buyer personas, their pain points, how your product can solve these needs, and the messaging you will use to convince your customers to buy your product.
4. Build your marketing & sales strategy
A GTM strategy aligns all your stakeholders, including marketing and sales teams, by creating a path to a successful product launch. Draft a promotion strategy that includes:
- A marketing plan
- The marketing channels you will use to reach your customers, and
- The type of content you will use to reach your customers
You will also need to set up your sales and distribution channels detailing where your customers can buy your product and how the said product can reach them.
Need Help Creating a Go-To-Market Strategy?
At WEBITMD, our marketing experts can help you build a customized, comprehensive go-to-market strategy to stand out from the competition and win market share. Contact us or download our Growth Stack guide to start leveling up your marketing strategy today!