Go To Market Strategy: Key to Success

Published on 16 Jun, 2017

Every organization keen on introducing new products/services must have a clear go to market strategy or roadmap for a successful and smooth launch. The strategy clearly defines the role of each function and the need for collaboration among them for a seamless market entry. There are various aspects that need to be evaluated and analyzed to create a comprehensive and effective blueprint.

What is Go-to-Market Strategy?
A go to market (GTM) strategy is an action plan that states how a company delivers a product or service to its end customers and gains competitive advantage. The strategy provides a direction for entering the market.

A well-developed go to market strategy answers critical questions such as:

  • How do you connect with potential customers?
  • How do you offer a great value proposition?
  • How do you differentiate yourself from competitors?
  • How do you meet the market needs?

Why is Go-to-Market Important?
It offers numerous benefits to an organization, such as:

  • Ensuring successful launch;
  • Helping in reaching out to customers effectively and thereby enhancing their experience;
  • Reducing time to market;
  • Reducing costs associated with failed product launches; and
  • Laying down the path for growth.

Steps to Develop Go-to-Market Strategy
The strategy is based on bringing together all key elements that could drive the business: sales and marketing, brand development, pricing, distribution strategy, competitive scenario, and consumer insights.

To build an exhaustive GTM strategy for launching a new product/service, the following 10-step approach is recommended:

  • Step – 1
    Defining the Target Market
    • Who is the target customer?
    • Where is the target market?
    • What is the size of the target market (addressable size, reach and buying power of customers)?
    • What is the competitive landscape?
  • Step – 2
    Defining the Business Case
    • What is the purpose behind launching the product? How does the business stand to gain from it?
  • Step – 3
    Defining the Value Proposition
    • What is the product/service on offer? What is its value preposition?
  • Step – 4
    Identifying Buying Center and Personas
    • What is the buying process of customers? Who is the decision maker, influencer, final approver, recommender, etc.?
      What is the buyer profile – demographic and psychographic?
  • Step – 5
    Understanding Business Issues for Decision Makers
    • What are the issues customers/decision makers face? How can the product/service being offered plug the gap?
  • Step – 6
    Mapping a value matrix and messaging strategy for each persona
    • What is the value proposition to address the business needs of customers?
    • What are the top three pain points addressed or gains delivered?
  • Step – 7
    Establishing a differentiated position from rival product offering
    • What is the value of the offering vis-à-vis those of competitors?
  • Step – 8
    Documenting distribution and support strategy and corresponding sales process
    • What are the selling and distribution options?
    • How will support services be provided?
    • How will sales lead get generated?
  • Step – 9
    Addressing marketing and promotional strategy
    • What is the best strategy to promote/market the product?
  • Step – 10
    Defining success matrix
    • What are the key performance indicators and milestones? What are the parameters to measure these?

Solution Provider – Aranca
Aranca has developed go to market strategies for multiple clients across industry sectors and geographies, helping them to successfully launch their products and services. Aranca’s team leverages its expertise in multiple sectors such as consumer, healthcare, BFSI, engineering and electric products, construction, metal and mining, oil and gas, IT, automobile, and chemical to develop effective go to market strategies in a short turnaround time.