A Go to Market (GTM) Strategy answers the following 5 questions:
– Whom will we target within the proposed market?
– What will be our product/solution for prospective customers?
– How will we market our products to prospective customers?
– Where will we sell our products to prospective customers?
– How much will we charge for our products for different customer segments?
A Go to market strategy is part of the Product Strategy definition. (See prior post “10 Steps to create an effective Product Strategy”). The scope of the strategy and plan covers all topics that must be addressed to successfully bring a differentiated, compelling and unique selling proposition to the market that will resonate with your target customers. Below are some tips to create one.
- As the product is defined with requirements start a clear and actionable blueprint of a “Go To Market” strategy and plan. Define the KPIs for success of GTM initiative along with revenue projections by location if necessary.
- Segment and analyze the target market. For a new product, use data driven information to decide the customer for initial market penetration. Recognize and understand the persona of the decision makers, recommenders and influencers.
- Build the collateral: digital, and print. Prepare for marketing campaigns.
- If required ensure compliance with legal, and regulatory requirements. Take into consideration any geographical and local needs.
- A comprehensive communication plan covers the Website Launch, Roadshow, and other events depending on the product and location. Don’t forget social media to get the word out.
- Differentiate and position the product from its competition. Have a pricing and packaging strategy that includes discounts.
- Partners need to be ready with training and communication so that they can build awareness, transact purchases, implement and support customers.
- Conduct Sales Training and arm the team with collateral, pricing, competitive differentiation information to close deals. Ensure ready relevant material to support choice drivers in the various stages of the buying process. Prepare Demand Servicing and Deal Closure templates.
- Build the support strategy, requirements, and training. Train the support organization to handle implementation and end user inquiries. Address all aspects of operational readiness.
- After completing the above, measure successes against the KPIs defined and learn using a post mortem exercise to improve for the next one.