A Go-To-Market (GTM) strategy outlines how a company will launch a new product or service. It is a comprehensive plan for achieving business goals like increased market share, brand awareness, and lead generation.
A GTM strategy aims to not only introduce a new product or service to the market, it is also designed to develop plans to increase market share, get leads, and build brand awareness for the new offering. Some of the key objectives include:
Demand generation services may include strategy or consulting, but that can also be limited to implementation. That's great if you already have a plan you believe in, but there are a lot of benefits to having a team of experts provide their insight into the viability of your strategy or working with you to develop of plan that has a high likelihood of success. (At FullFunnel, we do consulting as well as implementation, completely dependent on the client's preference.)
A GTM strategy typically includes the following four elements, as well as a framework to measure the effectiveness of each. The key components include:
A GTM strategy should clearly define the organization's target market. A target market is a specific group of customers that an organization wants to sell to. For business-to-consumer organizations, this group is usually individuals with similar demographics and interests. For business-to-business organizations, it is often businesses in the same industry or with similar needs.
Defining a target market helps organizations focus their marketing and sales. It allows them to use resources more strategically. And it helps them make products that best meet the needs of their ideal customers. In the end, a well-defined target market helps organizations sell more effectively.
While target markets define market segments, an ideal customer profile reflects a singular persona that is especially aligned with the product. Together they guide strategic sales, marketing, and product decisions to appeal to the most valuable customers.
Here is an example of how an organization might use a target market and an ICP:
By having a clear understanding of its target market and ICP, an organization can make more informed decisions about its marketing, sales, and product development efforts. This can help the organization to achieve its business goals and become more profitable.
The GTM strategy must convey how the new product or service delivers unique value. The messaging should focus on exclusive product attributes, customer benefits, pricing tiers, and quality of service. This value proposition convinces target markets to purchase.
Examples of value proposition elements:
By considering these factors, organizations can develop a GTM strategy that will help them achieve their business goals. FullFunnel consultants have helped organizations of all sizes, in a wide range of industries create custom Go-To-Market strategies that resonate and deliver. Why not schedule a free consultation today?