You need a go-to-market strategy for your new product or service
What is that, exactly?
In short, a GTM is a comprehensive plan for introducing a new product or service to the market. A GTM differs from a marketing strategy which is a long-term strategy (could ideally be years in the future) that outlines a business’s overall marketing objectives. A GTM is aimed at a specific shorter-term timeframe and asset (product or service).
Businesses prepare GTM strategies to optimize potential success and minimize risk when introducing a new product or service to market. There are four major components of a go-to-market strategy. Let’s briefly cover the specifics:
Definition of go-to-market strategy:
- A GTM strategy outlines how a company will bring its product to market, from initial launch to ongoing promotion and sales.
- It serves as a roadmap, guiding every aspect of the product’s introduction and positioning in the market.
Components of a go-to-market strategy:
- Target market profiles
Identify the specific audience you intend to reach with your product. - Value proposition
Clearly articulate what makes your product unique and valuable. - Marketing plan
Define how you’ll promote the product (e.g., advertising, social media, events). - Sales and distribution strategy
Plan how the product will be sold and distributed.
Benefits of creating a GTM strategy:
- Market understanding
Gain insights into the marketplace, competitors, and customer needs. - Cost efficiency
Identify promotional channels with the highest return on investment. - Positioning and messaging
Troubleshoot product positioning and messaging before launch. - Logistics planning
Define distribution and sales channels for maximum impact.
Alignment with business mission:
- Crafting a GTM strategy allows you to review your organization’s mission and ensure product efforts align with it.
- Consider how new products support your mission and values. If they do not, how can you support the new asset long-term?
A GTM strategy is crucial for successfully launching products and sustaining their impact in the market. Naturally, any good go-to-market strategy begins with insightful research into your customers’ needs. Once you’ve determined you are a fit for your customer’s needs, you are ready to begin building your GTM.
Sources:
What Is a Go-To-Market Strategy? And How to Create One, Coursera
Sales Strategy Guide: 5 Steps to More Efficient Selling, Salesforce
What Is a Go-to-Market Strategy? (And Why You Need It to Beat Your Competition), Salesforce
