As a business owner, it is crucial to have a strategy for expansion. Whether it is a new service or product or a change in the target market, a go-to-market strategy can give you a competitive advantage. This is why we've compiled this short guide to creating a go-to-market (gtm) strategy.
Go-to-market strategy - explained
A go-to-market strategy refers to a strategy or an action plan describing what your business can do to succeed. There are several different types of go-to-market strategies, including rebranding or starting a business, entering a new market, launching a new product or service, or reaching out to a new target audience.
Advantages of having a go-to-market strategy
A go-to-market strategy helps you streamline your operations to achieve your goals. It can reduce both money spent on marketing and the time your team needs for their marketing efforts, improve the experience of potential customers, and help you adhere to compliance.
Creating a go-to-market strategy
There is several different elements that your go-to-market strategy should entail:
Value: Ask yourself what problem your strategy is solving. If you can answer the question of why your product or service exists, you have a solid foundation for the rest of your strategy.
Customers: Being aware of the needs of your potential and existing customers is a crucial part of developing your strategy. Undertake research, use demographic information, and create buyer personas based on wants, needs, and buying habits.
Markets: It is advisable to include research into market conditions and competitors. Getting an idea of past and current market trends and competitor behaviour can help you achieve competitive advantage.
Unique selling point: Think about what makes your offer unique. Your value proposition could be improved by research and customer testing. When it comes to advertising your product or service, your company's marketing team should focus on one or two pain points when talking about your offer.
Price: Having a good pricing strategy in place is crucial in establishing a successful sales strategy. The amount you charge for your product sets a tone and sends a message to potential customers. This is why it is crucial to think about what pricing means as part of your marketing strategy.
Channels: How can you best distribute your products? Does it make the most sense to have a sales team working in a physical retail space, is the sales process best done via an e-commerce site. Channels for distributing your product should help streamline the customer experience and be cost-efficient.
Marketing: Another key part of your go-to-market strategy will be a marketing plan. Your sales cycle will not be effective without effective marketing channels This part of your strategy should cover branding, lead generation, content creation, advertising, event planning, and PR.