Basically everyone wants company grow. And while growth can be achieved in multiple ways, there is always one thing that should underpin it: a solid strategy.
In particular, a go-to-market strategy. What kind of strategy is this exactly? And what is it made up of?
Definition of go to market
A go to market (strategy) is actually a tactical plan, focused on a specific product or service. It can be wider; you can also use it, for example, to breathe new life into your brand or company. The big difference with a marketing strategy is that a go-to-market strategy is intended for the shorter term.
The goal of a go-to-market strategy
The goal of a go-to-market strategy is not necessarily limited to how you are going to market a new product. Also work out Why you do it and, just as importantly, Who you are trying to reach. A go-to-market strategy therefore gives direction to your plan of action.
This is how you develop a go-to-market strategy
Determine the target group. Who is your product intended for? Are you looking for new customers or are existing customers also interested in this product or service?
Determine the buyer. Irrespective of the target group for whom the product is intended or who will use it, it is good to be clear about who is going to buy it. In other words, who pays? Is it the IT manager or the marketing manager? Know who to convince!
Determine the value proposition. Speaking of persuasion, what does the product do for your target group? What advantage does it give them? If you have mapped this out properly, selling will become a lot easier.
Determine the pricing strategy. How much are you asking for the product? You want to ask a good price to be profitable, but also take into account that your price sends a signal. Do you want to come across as premium or rather dive below the competition? Both are okay, if you really think about it.
Describe the marketing and promotion. How will you distribute the product? And through which channels will you promote it? Take a closer look at your target group and find out what drives them and where they are located. Based on this, you not only know how to address them, but also through which channels you should do so.
