Determine goals for a go-to-market strategy
Determine goals for a go-to-market strategy
1. Identify the key company goals that you want the GTM strategy to support.
For example: Create awareness of your products. Acquire your first customers. Increase your market share. Maintain your current market share. Reinforce your brand. Reduce costs. Maximize profitability.
2. Define your target audience of consumers who will be most attracted to your products.
Consider these factors: Consumers with the biggest, most urgent pain. Gaps in the market. Audiences aligned with your corporate strategy. Consumers you can most easily reach. Large markets with low competition.
3. Assess your product-market fit to understand realistic opportunities and limitations for your GTM strategy.
Who will love your brand and be the most profitable? What needs are you trying to fulfill for people? What problems can you best solve for customers? What emotions do you want to inspire with your brand? For example, if your product is lagging behind competitors in features, you may want to focus on being a low cost leader, while capabilities catch up to market expectations.
4. Specify how you want people to think about your product or service in the market.
Include these points: A concise summary of customer attitudes and demographics. Why your brand is relevant to your customers. The most compelling benefit your brand offers. Evidence that you deliver on your brand promise.
5. Clarify the unique value proposition for your business. Include how you want your customers to think, feel, believe and remember.
Use these points in your description: The product features that will best address the needs of your customers. How your customers will use your products. The most important product features. How your product is differentiated in the marketplace.
6. Identify where your customers normally buy products like yours and how they would prefer to interact with you.
Ask these questions: What is the most effective distribution method? How can you integrate your products with distribution channels? How can you create a competitive advantage?
7. Build a value-based pricing model, taking into account the value you provide to customers and how that scales, willingness to pay, likelihood to buy, and your costs.
Consider: The value you offer to your customers. Existing price expectations. Competitor pricing. Competitive advantage with your pricing model.
8. Develop a supporting marketing strategy and associated tactics that include checkpoints and flexibility to change as you go.
Take into consideration: The most direct route to reach economic buyers and influencers of your target audience. The messaging that will greatly motivate your audience to purchase.
9. Implement your GTM strategy, monitor your progress against your goals and timelines, and consider investing more or less in marketing tactics, based on how well they are helping you meet your goals.
If your awareness or adoption numbers are not pacing towards goals in the anticipated timeline, evaluate: Could the audience definition be refined? Are there challenges with product-market fit that need to be addressed with product development, services, or audience selection? Are pricing and packaging truly value-based, and is the product delivering the value anticipated?