A go-to-market strategy is an action plan that spells out how you will deliver your product or service to the marketplace, gain traction among customers, and generate revenue. It’s a critical part of any business owner’s growth strategy because it helps them attract more customers and increase sales.
What is Go to Market Strategy?
Go-to-market strategy is the plan that describes how a company will launch its products or services into the market and gain traction among customers. It’s also known as a business strategy, or B2B marketing strategy.
The go-to-market strategy should be defined at the beginning of any business development project because it informs every other aspect of your marketing efforts. It answers questions like: Who are our target customers? How do we reach them? What’s our value proposition? How will we differentiate from competitors?
Benefits of Go to Market Strategy
- A go-to-market strategy gives you a clear plan for launching your business.
- It allows you to focus on what matters most and prioritize your resources.
- It helps align sales and marketing teams by outlining the stages of the process (for example, how you will reach out to prospects).
- You need to take into account your brand, product, and target audience when creating this document.
- Your go-to-market plan should be aligned with your overall business strategy so that it’s not contradictory or redundant.
Why Do You Need a Go to Market Plan?
A go-to-market strategy is a strategic document. It’s the roadmap for your business, and it sets the stage for growth. It helps you focus on what’s most important in your business, so that you can be more efficient, productive and successful with less effort.
As an entrepreneur, taking control of your GTM is one of the best ways to ensure that you don’t get lost in all of the other projects going on at any given time throughout your business life—and this is especially true when it comes to building out product features or developing marketing campaigns. When done right, it can give you an edge over competitors by helping you launch faster than they do while also allowing room to pivot if needed (which will happen).
How to Create a Go-to-Market Plan
The first step to creating a GTM strategy is to define your target customers. In order to do this, you need to understand the market and their needs.
Once you’ve defined your target customer(s), it’s time to create an offering and positioning for them. The purpose of this step is twofold: 1) To ensure that your product or service meets the needs of your target audience; 2) To differentiate yourself from competitors in the market so they are compelled by what you offer instead of someone else’s products or services (or both).
Once you have created a solid offering, it’s time for testing! Test with prospects from outside of your organization (who aren’t friends or family members) so that when the time comes for sales pitches, no one hesitates because they feel awkward about buying something from someone who was once seen as just another employee at an office workspace.
Step 1: Define Your Target Customers
You should take the time to get to know your customers, understand their needs and wants, and identify the customer segments that you will target. Each segment should have clear and measurable criteria for membership. You can then define the ideal customer profile for each segment—that is, what characteristics are typical of members of a given segment?
The next step is creating personas for each segment. A persona is a fictitious character who represents an ideal member of a specific group or market segment. Personas can help you better understand how your customers think about their problems and goals, what types of information they need from you (or don’t), which media channels they use most often when engaging with other brands online; these are all great ways to improve your GTM strategy.
Step 2: Define Your Offering and Positioning
After you’ve addressed the first two steps of the GTM process, it’s time to define your product or service. If you’re already selling something in a limited capacity, this step should be fairly easy because you’ll be able to use that existing offering as a starting point for further refinement. However, if this is the first time that you’re creating an entirely new product or service, then there are some additional considerations to take into account.
The first thing that needs defining here is exactly what problem does your offering solve? Without getting into the nitty-gritty details of marketing communications strategy (which we’ll get into later), this helps define what will become known as “positioning.” In essence: What makes someone want to buy from me instead of my competitor? Why would someone choose my brand over another one? It’s important not only because it informs how consumers perceive your brand but also because it impacts sales and revenue potential—the more unique and differentiated from competitors’ offerings you can make yours seem (and vice versa), the more room for growth there will be for future expansion opportunities down-line.
Step 3: Test Your Offering with Prospects
Once you’ve refined your GTM strategy and identified the right target customers, it’s time to test your offering with prospects.
The goal of this step is to learn how well your current product or service performs in the market. You should be testing your offering with prospects who are similar to your target customers, but also consider testing with prospects who are not similar and even those who are unfamiliar with your industry.
You want to know what drives their buying behavior so that you can adjust accordingly later when marketing to larger groups of customers that have similar characteristics as these early adopters did (or didn’t). This will help ensure that when you do start selling on a larger scale, all of your marketing efforts will resonate with potential buyers because they’ll recognize themselves in every piece of communication you send out about the benefits of using whatever product or service it is that’s being offered by Go-to-Market Strategy Guide Inc!
Step 4: Prepare Your Sales Team for Direct Sales
For the sales team and your go-to-market strategy to be effective, they need to be trained and motivated. Sales training is critical for getting your salespeople ready for what lies ahead. A good program can help them learn about your product or service, as well as how to sell it effectively.
A common mistake many companies make when establishing their GTM strategy is assuming that every person in the company will play a part in selling. They don’t realize that some people may not have what it takes to be successful at direct selling or may not want this responsibility—and that’s okay! You should have a pipeline of potential customers before you hire any new team members so you’re prepared when they do come on board. Your go-to-market plan also needs a strategy for managing the sales process from beginning through closing deals, which includes having tools like CRMs (customer relationship management software), account managers who are responsible for maintaining relationships with key accounts, etc., depending on what phase of the sale cycle applies at any given point in time.”
Section 5: Set Channel Partnerships in Motion (If Applicable)
The next step is to define your target market and identify your target customer. You should also define what product or service you’re selling, as well as the unique selling proposition (USP) of that product.
If you’re developing a new technology, for instance, you might say it’s 20 percent faster and 10 percent more energy efficient than existing products on the market.
Next comes your go-to-market strategy: how are you going to get people interested in buying from you? This is where channel partners come into play. Channel partners can help with everything from sales and marketing to customer support after purchase—and they can be an invaluable resource for taking your business global.
Step 6: Get the Word Out with Marketing Communications and PR
Your marketing communications and PR plan should be the culmination of all previous steps. It’s important to keep your target market in mind when writing your GTM strategy, but you also need to think about how you will reach them.
A good place to start is a SWOT Analysis of your business against its competitors. This will help you identify what strengths, weaknesses, opportunities and threats are unique to your business and industry as a whole (and therefore which ones can be addressed). You’ll then use this information as the basis for developing an effective marketing communications plan that addresses these strengths or weaknesses in order to encourage customers towards purchasing from you rather than from someone else.
Who Needs a Go To Market Strategy?
A GTM strategy is crucial even if you’re just starting out. It helps you determine which market segments to target and what your value proposition should be. If you don’t have a GTM strategy, there is no way to know what your business model should look like or how much money it will take to get started.
A GTM strategy also helps guide companies that are already established in the market but want to expand their reach by entering new markets or acquiring new customers.
In addition, many large companies lack a clear roadmap for expansion into new territories due to the complexity of their operations and networks. A GTM strategy can help them develop new ways of working across functions such as sales, marketing and innovation so as not only meet customer needs but also adapt quickly enough when those needs change over time
What are the different types of go-to-market strategies?
The GTM strategy is a set of strategies and tactics that you use to gain customer interest in your product or service. In marketing, the go-to-market strategy refers to the direction in which a product or service will be taken in terms of distribution channels, pricing, packaging and promotion. The concept can also be applied to services.
The different types of go-to-market strategies include: direct sales (where customers buy directly from the company), channel sales (where resellers sell to end users), partnerships (when two companies work together) and marketing communications. PR is another way of promoting a business or its products but it’s not strictly speaking part of go-to marketing as defined above..
Top Go to Market Strategy Tools
There are different go-to-market strategy tools that you can use to make your life easier, such as:
- Marketing automation software, which helps you automate your email marketing campaigns and improve the client experience by sending personalized messages at the right time. It also allows you to monitor the results of your efforts and see what’s working best for your business. This will allow you to optimize future campaigns based on this data as well.
- SEO tools like Ahrefs or SEMrush, which let you track keywords for better keyword research, understand how much traffic each keyword brings in and where it comes from (social media vs organic search), track competitors’ rankings, etc., all in one place.
- CRM software such as Hubspot’s Sales app or Salesforce’s Marketing Cloud (formerly known as ExactTarget). These allow teams within sales organizations to collaborate more effectively while also automating repetitive tasks so they don’t have time wasted on manual processes. You can also consider using some other specific go-to-market strategy tools such as Content marketing platforms like HootsuiteEnterprise resource planning software such as SAP Business one project management software like AsanaEntrepreneur article link.
A go-to-market strategy is an action plan that spells out how you will deliver your product or service to the marketplace, gain traction among customers, and generate revenue. It helps businesses decide which channels they should use to sell their products and services, what type of marketing they need in order to reach those customers effectively, and how much time it will take before they start seeing results.