The Proven Process To Formulate a Winning Go-to-Market Strategy
Companies want to grow, and they are always looking for new strategies that will lead them to success. Whether you are launching a new product or trying to spice up the sales of existing ones, a company needs a proper go-to-market strategy to capture the attention of the right audience.
To ensure that your time and resources are spent optimally, you will need an actionable and effective marketing plan. However, the process of crafting that perfect strategy might not be easy to navigate. This article will help you develop a well-thought-out marketing strategy to launch your new products and connect with the audience effectively.
What Is A Go-to-market Strategy? And Why Do You Need One?
First things first, to formulate an effective plan, you first need to understand this marketing strategy. A GTM strategy is an action plan that outlines the essential steps to understand the new markets and customers. This strategy can be used for launching new products or re-launching your brand.
This strategy is somewhat like a marketing plan, but it is specified only on one product or service instead of marketing your entire brand. This strategy must have the components of a marketing plan, and it should be developed to create value. It should be used as a tool that can be shared across your company and updated as necessary
A GTM plan is not a one-dimensional plan; it serves a purpose when launching a new product. It offers clarity on several critical questions like the reason behind the product launch, which this product is for, and how the company will promote it.
A go-to-market plan also allows the companies to identify issues customers can face with the new product. This helps them provide the best experience to the customers and build trust. Companies can anticipate the issues and potential problems with this strategy, allowing them to solve them before the product is launched.
Four Components Of GTM
Every good strategy is based on certain pillars and principles; these principles ensure the effectiveness of the plan. Thus, before you begin formulating a plan for your new product, you should consider these four essential components of a good market strategy:
- Product-market Fit: What issues can you solve with your new product?
- Target Audience: Who is the product for? Does your product solve the problems experienced by these customers? How much are they willing to pay for this solution?
- Demand and Competition: Which companies already offer a similar product? Is there a demand in the market? If yes, then how much?
- Distribution: What mediums will your company use to sell or distribute this product? Is your company considering digital mediums? If yes, then what? An app, website, or distribution through a third-party channel?
How To Build A Go To Market Strategy
Formulating a marketing strategy for a new product requires researching tactics and identifying customers. However, the process doesn’t stop there. Below we have outlined a 9-step process that will help you build a kickass marketing strategy.
1. Identify Your Target Market
Identification of the market serves as the pillar of a marketing strategy. The better you know your market, the better plan you’ll be able to build. Developing a product is the first step of the process, but the real income starts by getting that product to market. If you have manufactured a product, the next step is to identify who it is for?
Identifying your target audience will allow you to consider demographics, geography, economy, competition, etc. The market strategy begins by brainstorming a list of possible markets. You should compare these markets based on size, competition, barriers, growth, etc., and select the ideal market to launch your new product.
2. Know Your Target Customers
When marketing new products, the next step is to understand your ideal customer. Identifying the market brings you one step closer to understanding your target customers. After choosing a market, you should gather as much information as you can about your target audience.
You can use focus interviews, interactions with customers in-store, online surveys, etc., to gather intel. This information will enable you to create a buyer persona and market your products accordingly. This information can also be used to map customer’s journeys, evaluate their experience, and streamline the entire process for your customers.
3. Research Your Competitors
Understanding your competitors is also a significant element of a new product marketing plan. Learning about your existing competitors allows you to recognize and understand the position of an existing product. You can evaluate their marketing plans and identify loops to eliminate the gap.
4. Understand Your Brand Position
After researching your competitors, you should evaluate your brand or products in comparison to them. Assess your strengths and weaknesses and identify the means to establish a competitive advantage over their products. This way, you will be able to market your products uniquely and establish yourself as a trusted alternative to the end customers.
5. Define Your Unique Value Proposition
The next step in your product’s marketing strategy is to understand the significant features and benefits of your product. Analyze your product from the perspective of your target audience. This will give you insights into your products and customers as well, allowing you to market your products more efficiently. Use this information to create a unique value for your product and highlight this proposition during marketing.
6. Select Your Marketing Channels
Marketing channels are the ultimate mediums to reach your customers. These channels can include the internet, retail stores, call centers, direct partners, etc. The next step to your go-to-market process is to ensure every marketing channel is integrated with the others. A seamless marketing channel will allow a consistent brand experience for customers and make it easy for you to sell complex services.
7. Set A Budget
In the next step, you should focus on your pricing strategy. Estimate the costs of your marketing strategy and work on the price model of the product as well. Start by evaluating the price of similar products and how your competitors are pricing their products. This will give you an advantage in the market and allow you to price your products optimally.
8. Start By Building Brand Equity
Building the equity of your brand is the most crucial step in marketing new products. Brand equity is how your audience perceives your brand, and stronger brand equity encourages customer loyalty. Your marketing efforts should be directed toward building brand equity. This will not only help you market and sell a current product, but it will make it easier for you to market new products in the future.
9. Develop Marketing Strategy
Once you have followed all the nine steps of your marketing process, it is time to bring your product to market. All these factors will ensure your brand is in place and you have an edge in the market, making it easier to launch your product.
These steps serve as perfect starting points to formulate a winning go-to-marketing plan. However, the assistance of an expert can make the process simpler and more streamlined. Trusted Marketing Company in Indore can keep up with the changing marketing trends and help you adapt accordingly. They can market your products in the correct market, and ensure it gets in front of the ideal customers.