Tips to Keep in Mind When Planning a Go-To-Market Strategy

When introducing a new product, the last thing you want to do is introduce it without a thorough go-to-market (GTM) plan structure.

23:48 21 April 2023

When introducing a new product, the last thing you want to do is introduce it without a thorough go-to-market (GTM) plan structure.

Without proper planning, it's impossible to know if you're entering a market too early or too late, chasing the wrong audience, or targeting a market that's oversaturated with similar solutions. You don't want to risk wasting time and resources on an unprofitable product launch.

To avoid potentially devastating snags, you must develop a deliberate, practical, and effective go-to-market strategy. With the help of professionals, you can be sure to get quality results.

In this article, we'll walk you through everything you need to know to design a powerful GTM strategy. This guide applies to B2B firms, startups, and nearly any new company you intend to start.

1. Identify your target market.

Any marketing strategy centers on the consumer. Therefore, it is crucial that you first research and identify the target market that would be most interested in purchasing your product. 

The term target market refers to a group of people who share the demographics or psychographics. Segmentation is the process of identifying shared characteristics among groups, and it involves looking at the types of people or organizations most likely to purchase your products. 

2. Craft your promotion strategy.

Your promotion strategy is your action plan for marketing your goods to your target clients. It would be advisable to draft a marketing strategy outlining the steps to connect with your target market. 

The products or services you sell will directly impact your promotion strategies. For instance, whereas one business would employ its sales staff to advertise its goods to other businesses, another might use social media marketing to increase brand recognition and attract new clients. 

3. Choose your sales and distribution channels.

Sales channels are places where customers can buy your goods, whereas distribution channels are how your product gets to your customer.

When a someone purchases a product directly from a manufacturer, the sales and distribution channels are mostly the same. Certain distribution channels, such as those where a manufacturer sells to a wholesaler, who then sells to a retailer, who then sells to a consumer, can be much more intricate. 

The special needs of your product will determine whether you sell your goods in-person or online, directly to a consumer or via a wholesaler, or some other variation. Whatever path you choose, the buyer's journey should be as smooth as possible to eliminate friction and enhance sales. 

4. Establish your pricing plan.

The cost of a product is a significant factor. You shouldn't quote a product's price too high or too low. If you have a deeper understanding of your target market and the value of your product, you can determine the price a buyer is willing to pay for your items.

A good price meets your business objectives, corresponds to your consumer profile, and keeps you competitive.

5. Set metrics and monitor your performance.

The success of your go-to-market strategy is entirely contingent on the objectives you establish. You must choose the metrics that will be used to gauge your success before you can set these goals. 

As your GTM plan evolves from concept to reality, monitoring your metrics and making any necessary adjustments as you go is critical. For example, suppose you discover that you are paying more to acquire consumers than they are paying for your product. In that case, you must revise your approach to lower customer acquisition costs. 

Bottomline

Running a business is not necessarily supposed to be a fight; we believe the best businesses prioritize balance over constant hustle. However, launching a new product onto the market can feel like life or death. This doesn't need to be the case.

If you take the time to develop a strong go-to-market strategy using the structure we just provided, you ought to be able to build your business in a controlled, more significant manner. Though it may seem like more effort now, by planning your approach and putting in the time upfront, you'll play chess while your rivals are playing checkers.