A go-to market strategy is the road map by which you introduce your new product or service to the market. An effective go-to market strategy has always been a point of debate among marketers, but there are a number of factors, which are common and constitute the base of a go-to market strategy.
The ultimate objective of a go-to market strategy is to place your product or service in the market as uniquely as possible. This uniqueness can be based on your messaging, pricing, sales methodology, or targeted audience.
The basic components of a go-to market strategy are discussed below:
Product Positioning:
The product positioning component entails various preliminary questions like, what is the target market for your product or service? What differentiates your product from other such products offered in the market? Moving forward, basing on the above questions, how are you going to launch your product in terms of pricing, advertising, packaging, etc.
Understanding the Customer:
A go-to market strategy needs to be developed after a thorough understanding of consumer behavior. You need to know that what kind of customers you are going to target. Once the targeted market is identified then you need to understand the purchasing behavior of the consumer, like what triggers his purchase, what stops him from purchasing a product, how they utilize your product, and most important, how much will they be willing to spend on your product.
Event Based Segmentation:
Previously, the marketing strategies were not designed as of being event specific. However, most of the go-to market strategies, designed now a days are event specific; they target a specific event in which buyers tend to buy more. The seasons or event that boost the buyers need to buy, are given more importance in the go-to market strategies these days.
Sales Strategy:
Sales are what bring the revenue, so your sales strategy needs to be apt and agile to facilitate all types of modes by which consumers buy products. You have to decide about how much are you going to focus on web marketing, what kind of manpower will be needed for face-to-face marketing, how the telemarketers will sell the product. All these are the decisions you need to decide about in a sales strategy.
Test Phase:
Once the strategy is finalized, the next step should be to test your strategy on a small scale, rather than implementing the strategy in the broader market. By doing so, you know about the shortcomings of your strategy, without facing any great loss.
Refine the Strategy:
Once a strategy has gone through the test phase, the next step is to amend the places, which require improvement. Marketing is an ongoing process, so see for errors and try to omit them from time to time.
Evaluation:
Once the strategy is successfully implemented, the next phase is of critical analysis. You need to analyze the outcomes of the strategy compared to the initial expectations. The advice is to document all the outcomes of the strategy; this documentation can help you in development and implementation of any future strategies.
Bottom line:
However, the go-to market strategy varies in factors like, time, scope, and size, but the key constituents remain the same as discussed above. In order to develop and implement a successful go-to market strategy, you need to consider the aforementioned factors.
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