Go To Market strategy (GTM) Defenition
This blog post has been updated due to the changes that was brought by the novel COVID-19.
We all know that having a good marketing strategy is vital for brand growth and success. Planning ahead is essential for businesses looking to survive in today’s cutthroat market competition. Aiming to penetrate new markets, Brands often use Go To Market strategy to set goals, plan their future actions, and gain competitive advantage.
In this article I will explain what is a Go To Market Strategy, and review key points in the creation and use of an effective GTM strategy.
A Go-To-Market strategy is a plan outlining the steps necessary to enter and succeed in a new market. A GTM plan specifies the actions needed to reach target audiences, create a good market base, and achieve an advantage over competing brands. Additionally, Go To Market plans describe what a business has to do to design improved customer experience for existing products. Also, the GTM can be adopted for both Business-to-Business (B2B) and Business-to-Consumer (B2C) marketing.
GTM plan addresses advertising pricing, and distribution. It might seem very similar to a good old fashioned business plan. However, Go To Market planning considers micro level marketing, whereas a business plan latter provides a macro level strategy.
Why is GTM strategy important?
According to Forbes, strategy is key for success in today’s volatile markets. Creating a quality, data-driven, clear marketing strategy helps businesses to understand their aims and goals. It clarifies the reasoning behind launching a product or service, identifying the target market, setting a pricing strategy, and outlines the ways to draw and engage customers to a brand.
Second, a GTM strategy provides some quality control. The design of a GTM strategy forces a business to evaluate and consider all the issues customers might have with their product or service. Identifying and mapping potential pitfalls helps brands to improve their customer experience – from product development to informing sales and support teams – creating positive sentiment and maintaining customer loyalty.
So, let’s talk about what makes a good Go-To-Market strategy and what difference it can make for a brand’s success.
Here are 4 key points about data driven GTM strategy:
The components of efficient Go-To-Market strategy
Like many other marketing solutions, when done right, Go-To-Market strategy is very useful and improves a brand’s sales and earnings. There are a few components for an efficient and effective GTM strategy. One main thing to consider when creating a marketing strategy is its market definition. A good GTM strategy has to define the consumer market for a product or service, helping to optimize both short and long term marketing efforts.
Another important aspect is focus. The marketing strategy needs to focus on the product or service and its benefits to customers in the current market. It should highlight what a brand can offer customers that competitors can’t.
Additionally, Efficient Go-To-Market strategy should be flexible. In an ever changing market, innovation is key. A successful GTM strategy is pliable and can be modified to match brand innovation.
The ways GTM strategy deals with customer pain points
A Pain Point is a problem current or potential customers are experiencing with a brand.
Pain Points can present in different parts of customer experience:
- Financial: Customers are spending a lot on the current product or service and want to reduce costs.
- Productivity: Customers are wasting too much time using the current product or service and want a more efficient solution.
- Support: Customers aren’t getting the support they need along the stages of the customer journey.
Moreover, Many customer pain points combine issues from several categories. To successfully deal with customers’ pain points and present the brand as a solution, you first need to identify the problems. A quality Go To Market strategy relies on collected and analyzed data to do just that.
How GTM strategy improves product marketing
Product Marketing means promoting and selling a product or service. It entails deciding on product positioning and messaging, launching the product, and more. Successful data-driven product marketing relies on quality information.
Accordingly, performing Market Research is vital. Quality research provides information about potential customer markets and customers insights that help marketing design. Furthermore, Listening to your customers is also a major part of product marketing success. Social media has become a platform for customer reviews, customer service and product promotion. Social listening is a great way to assess what kind of messaging will work best, and learn what social sentiment a brand is creating.
Go-To-Marketing strategy provides a sturdy base for a more focused market research and voice of customer analysis. Using a well constructed strategy ensures the messaging is consistent and intune to buyer personas and attitudes, helping sales teams to optimize marketing and get better sales and revenue.
GTM as base for innovation
As we said earlier, innovation is key in today’s highly competitive market. Businesses innovate using two main channels. First is Product innovation, meaning a new solution to a problem many consumers encounter. A brand can offer a product that addresses a formerly untouched issue, or one that addresses the problem in a different way. Secondly, there is Brand Innovation, or anything new a brand does. This can be launching a new product or making changes to an existing one.
Go-To-Market strategy is a great foundation for successful innovation. Basing innovation on an organized, data-driven strategy is key for effective changes and improvements. As explained in Harvard Business Review, having a strategy helps focus innovation efforts around set goals. Moreover, It maintains priorities and sharpens innovation ideas. This creates an improved innovation process, one that is more likely to aid brand growth and survival.
Data driven GTM strategy
Now that we reviewed the aspects and advantages of Go-To-Market strategy, let’s talk about how you can get the data needed to create data-driven GTM strategy. Performing customer centric market research provides the necessary insight into customer desires, needs and attitudes.
Revuze offers you AI-powered Customer Experience (CX) analysis that will help you better design marketing strategies. Revuze developed the first self-training, low touch AI technology that collects and analyzes data automatically, and delivers consumer insights valuable for data-driven GTM strategy design.
Cross border strategy to succeed in the “new” normal
Forrester estimates that cross-border shopping will make up 20% of eCommerce in 2022, with sales reaching $627 billion. With the “new” normal upon us, many countries are starting to see more and more restrictions that are being lifted up.
Businesses must prepare themself and expand their eCommerce abilities to territories that make sense to their business.
Before considering expanding, businesses must prepare a strategy to penetrate new markets. A few essential steps to make before the expansion include Product Research, Cross Border Tax, Logistic Costs, Language Barrier and more.
Revuze is working now on the complete guide for GTM strategy for cross-border sales, stay tuned for updates.