Stewart Butterfield and the Slack team wanted to change the paradigm for communication. However, it was hard to explain the benefits of an always-available communication system to users used to emails. To combat this, they implemented a go-to-market strategy which strategically positioned them as an easy, integrated, team communication tool, leading them to famously become “the email killer”.
A go-to-market strategy is a comprehensive action plan to introduce or relaunch a product or service to market. It helps to position a new product or service for launch, define the ideal customer base, and coordinate brand messaging. By aligning various business units, it enables you to reach your target customers and achieve a competitive advantage. It is designed to mitigate risks and optimise success, and serves to detail how an organisation will engage with the customers. When implemented properly, a go-to-market strategy aligns all stakeholders and sets a timeline to ensure every participant meets the defined objectives.
A go-to-market strategy typically includes:
Most organisations combine a variety of business strategies to devise a go-to-market strategy that will serve them best.
In terms of go-to-market strategy approaches, there are two broad types:
Further, specific go-to-market strategy types can include:
A go-to-market strategy is required in these following situations:
The first step is to identify all the things you are targeting, including specific customers and markets. Beginning with market research to identify the market one would like to focus on, one can move on to identifying target customers. Here, you define your customer personas or ideal customer profile, which is a comprehensive description of the perfect customer for you.
It is essential to determine who your competitors are and what makes your product different before entering a market. Understanding where your service or product fits in the existing landscape is vital. This can also give insight into how your competitors are lacking, and thus what the customers are looking for.
A value proposition articulates why your product should be purchased, i.e., its benefits and the problem it solves. One should have clarity on their value matrix, as this is what will define and direct your marketing efforts. It also explains the purpose of the product or service to all its stakeholders.
Price and product positioning decides how your product or service will be perceived by the market, and thus how it will be adopted. Product positioning makes the product stand out by ensuring consumers identify a product or service with its benefits and selling points. Additionally, depending on your sale and product perception objectives, determining the price is of great importance in a GTM strategy.
The next step is to create a strategy to promote the product and reach customers. The marketing techniques that are used depend on the particular product or service.
Building a robust go-to-market strategy requires selecting a sales strategy. There should be an understanding as to how a sales team will guide potential consumers through the sales funnel. Since there are many sales strategies to move potential customers through the sales process, the choice of one or more sales strategy should be done according to the market, business model and product.
Launching a product requires time, money and resources. These parameters should be defined and anticipated as a part of the GTM strategy.
Lastly, the success of the go-to-market strategy depends on its goals or objectives, and thus its corresponding metrics. This step decides how the product’s success will be measured, which is usually through key performance indicators. The decided metrics should be clearly measurable, meaningful and trackable. It is an ongoing process that assess how the go-to-market strategy can improve.
As an essential component of launching a product or service, a go-to-market strategy can be beneficial in many ways:
While a go-to-market strategy has many advantages, it comes with its own set of challenges that one may potentially face. These include:
With the world rapidly going digital, designing and implementing a digital go-to-market strategy gives your organisation a unique competitive edge. This particular type of strategy takes your service or product to the customers using digital and online channels, including social media and search engine optimisation (SEO). It includes:
Considering the large number of internet users, going digital can help your product or service reach a massive audience, and enable your organisation to attain business success. It has the potential to boost lead generation, increase your brand’s digital reach, tap into new geographies and audience, grow brand loyalty, develop a competitive advantage and capture market share. Such benefits emphasise the importance of having a digital GTM strategy for your service or product.
If you are considering including a digital go-to-market strategy into your marketing plan, think no further than DG Brew. As a leading digital marketing agency, our highly experienced team creates comprehensive and customised go-to-market strategies to cater to all your product or service marketing needs. Click here to learn more about our services, click here to get in touch. Let’s get talking!