How to Create A Go-to-Market Strategy For A New Product

The inherent desire of every company to expand, spread its wings and fly to new horizons. And while that can happen in various ways, your company is bound to fall flat on its face without a strategy. It rings especially true in the case of a new product launch. A Go-To-Market Strategy can be your fail-safe plan with fierce competition and limited resources.

What is a Go-To-Market Strategy?

A Go-to-market Strategy (GTM Strategy) is an action plan that lays out the steps required to succeed in a new market or with a new consumer. It can be launching a new product, service, brand, relaunching an existing company, or even moving into a new market. A better way to think of this can be that this is a more focused marketing strategy, zooming into just one product. A good GTM strategy is flexible enough to be changed even as customer feedback comes in and all-inclusive enough to be used by the entire organization.

The purpose of a GTM strategy is to ask all the right questions before a product is launched. Why is it being launched? Who is its target audience? How will you get customers to engage with it and eventually buy it? What might be potential issues your customers might face with the product? While these are just a few questions to consider, you might also want to look into doing an executive PG Program in Management specifically created to help you know how to ask the right questions to make sure nothing falls through the cracks.

Answering these questions can help you ensure that your customers have the best experience and continue to stay loyal to your brand. Having a good GTM strategy ensures that none of your effort and hard work in creating the product goes down the drain.

Here Are Some Steps For Creating A Go-To-Market Strategy

Know Your Customer

Any GTM strategy needs to consider buyer needs by meeting expectations by identifying your loyal customers. Consider creating tools such as web surveys, one-on-one interviews, focus groups to receive honest feedback from potential customers while you’re still in a place to tweak the product. Try to define the ideal customer experience that your product can create. The better you know your customers and what they need and value, the better your chances of creating and executing a successful GTM strategy for your product.

Know The Market

An important step in creating a GTM strategy is to make sure you understand the market you are entering. Not every product is going to fit into every market magically. Consider the geography, demographics, and buyer personas. Look into which markets best align with your company’s strategy and core competencies. Find out all the possible entry points in different markets. Make sure you do your reading and research on the issue and seek out experts with whom you can speak. The more you know the market you are entering, the better you can strategize and prepare for it.

Your Pricing Strategy

Pricing needs to be purposeful. It affects every part of the GTM strategy, from sales to PR. You are also sending a message about your product through the pricing. If you want your product to be affordable, your price tag should communicate that. Consider what your competition is charging and how you can create a competitive advantage by how you price your product.

Your Marketing Strategy

Essentially, a marketing strategy is how you will inform your customers about the new product. It would be better if you had a plan on how to engage customers for each target market you’ve narrowed in on. Also, it would be best to ask yourself why a customer would choose to buy your product instead of someone else’s that is already on the shelf. Your message should be influential enough to move customers to consider your product, and your marketing strategy should convey the value your product creates.

You also need to track your marketing performance and be ready to make changes to your strategies if required. An effective GTM strategy knows when it’s the right time to enter the market and has ways to surprise its customers.

Your Sales Strategy

Sales are no easy task, but having a sales plan outlined beforehand can help set the stage for success. While creating a sales plan, think about what resources your salespeople might need. Where might they find customers, and how do they approach them? It calls for adequate training so that your sales team feels confident to sell your product.

Supporting New Users

Most new users or customers come with many questions, and it’s important to prepare for the added traffic that comes to your support team with the launch of a new product. I’m sure we’ve all experienced poor customer support, and this can be a real downer for new users. As you plan for the product launch, think about what support you can provide and with what tools. Ensure your product has good training materials for new users and create a way to receive feedback.

What Makes It A Success

While you want to make sure that certain success metrics evaluate your product, you also want to make sure that those metrics are clearly defined and in tune with the company’s objectives. Looking at your product’s conversion rate, i.e., how many customers have bought your product, is one way of doing it. While many metrics could help you grade your product’s success, you must choose them wisely.

While there are so many things to consider while getting your product into a market, having a good GTM strategy will help you keep your head above the water. However, getting your product into the market is not the end but only the beginning. It would be best if you had a long-term plan on how to keep it there by thinking through the resources, budget, your company’s commitment, and the product’s long-term value. Many product management online course are available to help you create a solid and well-thought-through GTM strategy. By laying the groundwork and strategizing beforehand, you will soar through the clouds while your competition will be left trudging through the dirt.