A go-to-market strategy is an action plan that defines how a company will approach its customers and achieve competitive advantage.
Through this plan, it utilizes the inside and outside resources to deliver its unique value proposition to customers. Competition is from all quarters and market disruptions have made remaining competitive extremely difficult.
In this scenario, what helps the company maintain competitive advantage is its distinctive go-to-market strategy.
Since it brings clarity to the marketing process and enhances customer experience, it becomes an essential step for any successful business.
The value proposition of the product or service like the quality of the product the pricing, all remain intact.
Before you develop a go-to-market strategy, you should find answers to the following points:
- Product Identification and Target Market: What are your products or services and the target market which you are targeting?
- Value Proposition: What is the value proposition it adds to the target customers?
- Reach: How will you reach your target customers and where can you find them?
- Marketing and Promotion: How will you promote your product or service in the face of stiff competition?
Once these points are clear, you will have a good background upon which you can base your go-to-market market strategy.
The strategy is a very important part of the overall marketing strategy. It is not to be confused with a marketing plan.
The marketing plan of an organization is a much wider concept that entails the marketing budget also whereas the go-to-market strategy focuses largely on the products and services and how to take them to the market.
The concept is not only limited to new products and services. It includes the strategy for existing ones also.
How to build a go-to-market strategy?
To answer this question, we need to understand the simple steps of taking the product/service to the market.
[Suggested Read: 8 Winning Market Strategies for Small Businesses]
Essential components of go-to-market strategies
- Business Summary – Create a business plan which reflects your vision statement. The business plan should be high level and it’s always about the customer.
- Product Strategy – Identify the products or services that you will take to the market, any special promotions, advertisement strategies, how does your product offering stand out from the competitors and the value proposition that you bring to the table. Make sure to brand your product well.
- Channel Strategy or Distribution Strategy – Where will the customers get the product? Will you go to the market with other companies or through system integrators? What is the after sales service?
- Marketing Strategy – This includes creating brand awareness and executing a marketing calendar which includes the event campaigns, social activities that you want to pursue etc. Then is the sales kit which helps how to engage your customers at events. Marketing plays a critical role in bringing about the awareness of the product or service.
- Customer Experience – All your marketing efforts should revolve around the customer and the experience should be superior.
- Evaluation – Build a review or evaluation mechanism of your go-to-market strategy. It is a long-term approach to building profitability, decreasing customer acquisition cost, and enhancing the customer experience.
With a clearly chalked out go-to-market strategy, it will be a matter of time before your business becomes a well-known and respected brand.