It's a universal truth that every company wants to grow. Although this growth may come from a broad spectrum of sources, all these share one common thing - a solid strategy. Launching a new product and marketing it maintaining an upper hand is not easy. How to assure that you will catch the right KPIs to achieve all business goals through proper marketing? This article is a quick guide about the Go-To-Market (GTM) strategy and its five different tactics.
What is a Go-To-Market (GTM) Strategy?
Without a proper market plan, it is not possible to chase the right audience. While unveiling a new product, launching your product without a decent go-to-market (GTM) strategy is a poor decision. A go-to-market (GTM) is a tactical strategy or a business tool that product specialists, business managers, and decision-makers leverage to deliver a smooth product launch or gain entry into a new competitive market.
This comprehensive market plan drives intending to reach the end customers. Product launch or brand re-launch becomes successful without hiccups if a wise and efficient go-to-market strategy gets planned. Some of the popular products and organizations that are leveraging Go-To-Market Strategy are:
- Microsoft Surface
- Violin Memory
- Bread Beauty Supply
- The Sip
5 Tactics of Go To Market Strategy :
For making a concrete plan or strategy, you need to dig some facts and perform some research to put all the pieces together. Although the GTM framework boils down to two main areas: pricing strategy and distribution plan, there are a few core components that it focuses on as effective business tactics. The tactics to make effective GTM strategies are:
- Recognize buyer personas
Streamlining your sales towards an accurate customer base requires a thorough understanding of the buyer's persona. You need to identify the target market and understand how to reach those target clients to help an organization achieve long-term goals. The Go-To-Market strategies address gathering information on the customer base and understanding whom to pitch the product or where to deliver the target sale.
- Design a Value matrix
Once the organization maps the buying persona, it can focus on creating a value matrix. Creating a value matrix and mapping the product or service across business needs helps define the criteria for evaluating the success rate of a product launch. A value matrix is a breakdown of each buyer's persona, issues, and information valuable for marketing the product. This matrix will reflect a marketing message binding the problems and their respective solutions altogether.
To create a value matrix, the team has to build a table mentioning the personas in columns. Below each persona (columns), list the pain points the customer faces regularly. If your target product can solve or minimize these problems, insert them in the row. This tactic is very fruitful in understanding the target customers and their requirements.
- Defining the Marketing Strategy
For gaining a competitive advantage among other competitors, find effective advertising solutions. Place your product or service within the market and raise product awareness to your target customers. Here you will have three variables to keep in mind while defining the product to the market. These are:
- The audience you target
- The channel you advertise on, and
- The message you share for your product
Also, if you are planning where to test this strategy, ask yourself where your audiences are? Overall, this marketing strategy should comprise:
- Brand awareness
- Lead generation
- More marketing insights
- Additional content
- Understand the buyer's journey and where your product fits in the roadmap
With the persona and value matrix, it is time to dig into understanding the customer's journey. Also, try to analyze the potential customer's perspective towards your company. Next, try to figure out whether your product will cater to the customers adequately or needs continued attention once released to the market. Identifying whether the product fits in the overall roadmap, the team needs to check the buyers' demand and satisfaction.
- Determine any ongoing budget or resource
Once the team analyses all the requirements and tactics from the previous step, the team must recognize if the product requires any budget or resource once the product or service enters the market. Once the company identifies the post-product release budgets and resources, the team can pick a strategy to push the product into the market.
Building a go-to-market strategy before bringing the new product to the market is a tough nut to crack. The comprehension covers the top 5 tactics one should know to render the most effective go-to-marketing strategy. If you plan to launch your application or software product via the cloud, a hyper-scale cloud provider like E2E Cloud can auto-scale as per the requirement plus support on-demand high-quality cloud infrastructure.
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