Launching a new product or service is an exciting time for any business, but it’s also a time of uncertainty and risk. A well-planned go-to-market (GTM) strategy is essential to ensure the success of a new product or service.
In this blog post, we’ll explore the key elements of a GTM strategy and provide tips on how to create an effective plan that will help your business achieve its marketing goals and objectives.
Whether you’re a startup or an established company, this post will provide valuable insights into how to launch your product or service with confidence.
What is a Go-to-Market Strategy?
A go-to-market strategy is a comprehensive plan that outlines how a company will introduce and promote a new product or service to its target audience. This strategy encompasses all of the activities, resources, and tactics that are necessary to successfully bring a product or service to market and make it available to customers.
A go-to-market strategy typically includes elements such as market research, target customer identification, product positioning, pricing strategy, distribution channels, advertising and promotional activities, and sales and customer support processes. It’s designed to help companies achieve their marketing goals and objectives, such as increasing brand awareness, generating leads, increasing sales revenue, and achieving a competitive advantage in the marketplace.
A successful go-to-market strategy is essential for any business looking to launch a new product or service, as it helps ensure that the company is able to effectively reach and engage its target customers and generate demand for its offering.
Tips to Improve Your Go-to-Market Strategy
1. Gather Feedback From Prospects
Socializing your go-to-market with potential customers gives you a chance to get valuable insights that you might have missed otherwise. Though you don’t need to implement every piece of feedback they share, their fresh perspective may help tighten up your plan.
2. Include the Entire Sales Funnel in Your Strategy
It is important to recognize that marketing should consider every aspect of the sales funnel, from first engagement to customer service to conversion, and even follow-up, to ensure that what is being marketed is what is being delivered.
By including the entire sales funnel in your marketing strategy, you will create a plan that will not only boost initial conversions but also support your brand messaging and long-term success.
3. Differentiate What Sets You Apart
To achieve differentiation, start by conducting a competitive analysis to understand the key players in your market and how they position themselves. Look for areas where your product or service can stand out, such as features, pricing, or customer service. Once you have identified your unique selling points, focus on communicating them clearly and consistently across all of your marketing channels.
Another way to differentiate your product or service is to focus on a specific niche or customer segment. By tailoring your messaging and marketing efforts to a specific audience, you can position your product or service as the go-to solution for their needs.
4. Produce High-Quality Content
If you’re preparing to engage with your target market and put your product in front of prospective buyers, the quality of your content is essential. You may have a wide variety of content prepared as part of your strategy, from bottom to top of the funnel, and across many channels, but always keep in mind the value each piece provides for both you and your customers.
5. Build Anticipation
Build anticipation through social media. Not only does this give you the opportunity to connect with potential customers in advance and create excitement about your product or service, but it also allows you to keep tabs on what your customers are saying and gain valuable feedback before launch.
Doing so will help you adjust your marketing strategies accordingly and ensure that when you do finally bring your product or service to the market, it has had some of the buzz created around it already.
Posting timely updates that reveal more and more information about what’s coming or sharing upcoming promotions or discounts can help us achieve our goals.
Let’s take a brief break to learn more about building a go-to-market strategy.
6. Know Your Competitor’s Weaknesses
Unless you plan to occupy a niche alone, you will need to manage the conversation around competitors. Naturally, prospects considering your product are likely doing so elsewhere, and you need to be ahead of the curve.
For example, do your major competitors lack certain integration partners that you offer? Can customers access your product in multiple languages? Can you customize your product more extensively? Whatever your advantage, make sure that you are shouting about it.
For lower-ticket products, this means providing helpful content outlining your unique selling points. For high-ticket sales, this means having a sales script ready to answer objections regarding competitors.
Because of being new, your competitors won’t be able to reciprocate as easily, as you are more familiar with their products than they are with yours. Use this informational asymmetry to your advantage and position your product accordingly.
7. Create Your Strategy Around Your Ideal Client
Focus your strategy on your ideal client. Take your time to create in-depth research to understand your client’s needs, emotions, and lifestyles, so the rest of your strategy will resonate with the audience that will see and appreciate your company’s value.
8. Shorten the Sales Cycle
Shorten the sales cycle as much as possible. In my experience, this is the fastest way to test and refine your strategy while getting it in front of potential customers quicker.
Do this by breaking down silos across teams so that everyone has insights into what the customer journey looks like and how their individual actions impact sales conversions.
Using customer data to inform your decisions will help shorten the path from initial contact to purchase and make sure you’re reaching the right segment with timely offers or messages that feel relevant to them.
9. Compose a Messaging Strategy
Show your intended audience why they should choose you. Defining the brand voice is the first step in developing an efficient messaging strategy.
Communicating in the “voice” of your brand means speaking in a way that is consistent with the brand’s character and principles. The next step is to compose a set of core messages that communicate your proposed values to your intended audience. These communications need to be clear, succinct, and interesting.
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