What is a Go-to-Market strategy?
A Go-to-Market (GTM) strategy is a plan that outlines how a business will introduce a new product or reintroduce an existing product into a new market.
The goal of a GTM strategy is to provide your target audience with a compelling and distinctive value proposition in order to improve the customer experience and acquire a competitive advantage. A business plan that specifies a sales strategy, pricing strategy, and marketing plan is typically included in a GTM strategy.
A company's entire marketing plan includes a GTM strategy. A GTM strategy focuses on a single product launch and is led by a smaller product marketing team, whereas a marketing strategy covers the whole brand of a firm.
1. Customer analysis
The most essential objective is to identify the appropriate target audience and determine their requirements and challenges. For this analysis, you should use a consumer insight tool, competitive analysis, and email marketing.
Creating a buyer persona allows you to target and shape your marketing communications for a specific set of people. To learn more about your clients, you may utilize blogs, forums, social media channels, or surveys.
2. Selecting the best marketing channel for your company
To get the most return on investment, you'll need to find out which marketing channels will produce the best results. This may be done using the ICE framework:
- Impact: How many consumers will you be able to reach through your selected marketing channel?
- Confidence: Are you certain that this channel will provide you with the best results?
- Ease: Is this channel providing a high ROI in a short period of time?
There are a variety of marketing channels that are available, including social media and content marketing, SEO, paid advertising, sales and business development, email marketing, and offline marketing. Learn more on marketing strategy here.
3. Create a content marketing plan
If you adopt an inbound marketing approach to develop demand for your product, content marketing is an excellent technique to attract your target consumer. Your content marketing team's mission is to develop captivating content based on your value matrix and buyer journey phases.
How well your team employs search engine optimization (SEO) is just as crucial as the material itself. The easier it is for potential clients to find your goods, the higher your SEO ranking.
4. Metrics can help you improve your sales process
To boost your sales team's performance, choose a way to track their development. Use KPIs like discussion rate, sales volume, and time to make sure you're on track and identify where your sales staff needs to improve.
Use analytics to look for methods to reduce your customer acquisition costs, increase your profit per customer, and shorten your sales cycle (the amount of time between first contact with a prospect and a closed deal).
5. Align the firm with the introduction of a new product
The minutiae of day-to-day revenue operations can easily overshadow planning for a product launch. But when is a better moment to enlist the help of all other departments? What other option is there to control the launch's expectations?
Aligning the company implies that everyone is aware that the product is about to be released and is prepared when the big red launch button is pressed.