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Go to Market Strategy Template: An Overview Of The Process


go to market strategy

Failing to plan is planning to fail. This includes your business too. One of the worst mistakes you can ever make with your business plan is not preparing a robust go-to-market plan.


A successful marketing campaign is not just about delivering the right values to the audience using the right strategies. Having the ability to forecast the right time to reach out to your audience is way more important. With the help of a go-to-market strategy template, you can simplify this process and create a much more effective result-driven campaign.


Table of contents

What is a go-to-market strategy?

Why on earth do businesses need a GTM strategy?

Building a robust go-to-market strategy framework

5 Things need to be considered to build a go-to-market plan.

The sales can also be in different modes.

Conclusion


What is a go-to-market strategy?


Addressing the elephant in the room: A go-to-market strategy is a step-by-step actionable plan that needs to be created for a successful product launch. A good go-to-market (GTM) strategy helps you find the right target audience and helps you build a smooth customer acquisition strategy. It does by helping you position your product as the best solution to your customer's problems.


Why on earth do businesses need a GTM strategy?


go to market strategy

A recent survey made by the US Bureau of Labor Statistics shows that 20% of small businesses shut down within the first year. the startup survival rate has sunk to more than 50% in the present times. You don't want to be there on that list.


No matter how revolutionary your solution is, a hare-brained go-to-market strategy may cause your solution to flop. If your teams are not aligned to follow a single playbook, the result may be dreadful many times. Hence a framework specifically designed to achieve the result is always important.


And a go-to-market plan is like a holy grail for the problem mentioned above.


Building a robust go-to-market strategy framework:


A go-to-market template may not be the same for all enterprises across the industry. It is a framework that needs to be developed according to your business needs and the goals you want to achieve.


5 Things need to be considered to build a go-to-market plan.


1. Understanding your buyer's persona:



The first step is to know and understand the audience with whom you are trying to connect. If you have an understanding of their age, gender, location, etc. The more data you have about them the easier it will be to know the target market.


This helps you understand the product market fit also in a great way.

To make this process simpler it's better to know the footprint of your competitors. They have already gone ahead and done the hard for you to define your audience.


2. Research competition and demand:


A lot of startups try to solve a problem that they think is the problem. This might not be even an issue for current users. Hence don't forget to research the demand the product has in the market.


Research helps you craft a product that is high in demand and adequately low in competition. And the competitor analysis will help you find those critical parts that they might have been failing to provide to the audience.


This will also help you in positioning your product in terms of pricing and specifications as a perfect alternative to your competitors.


3. Communicating to your audience:



It's not the best product that sells. It's the product that can connect the customers in a better way that wins.


The best approach to message your audience is to create a customized value matrix according to the buyer persona.


Here is an example of what a value matrix looks like for a product sold on an e-commerce website.


Pain point:

- The product may differ in color and quality in actuality.

- What's the guarantee that the return or replacement will be hassle-free?

Product value:

- Applications that are integrated with ratings and reviews to increase the trust of the customers.

- Return and replacement policy is mentioned clearly on the front page to avoid any confusion

Key message:

- Highlight the key features which make your product unique from others in the industry


4. Select the right marketing channels:


You just can't find your ideal audience on every platform. It's important to analyze and figure out the right platform to find the target audience. And sometimes you may have to work on multiple channels based on different phases of your buyer's journey.


The channels may be either social media, blog content, paid media, etc.

Sometimes users may cross-check the authenticity by checking the brand handles across multiple channels. Hence it would be better to have a presence in the major marketplaces.


5. Creating the best sales strategy:


You have understood your buyer persona, know how to craft an irresistible offer, and got the right marketing channel to work on.

But how are you planning to close the deals and onboard your customers? Here is the last mile of the journey the sales team comes in.


The sales can also be in different modes.


Self-service model: -

Where customers will make the purchase online with or without any human intervention

Inside sales model: -

Where the customers are driven into the stores or offices for a physical demonstration or to gain trust before the purchase decision

Field sales: -

This is most suitable for large and complex products where the audience is a high-net-worth individual. and the price of the product is also on the high side.


Conclusion


Developing a GTM strategy may sound difficult for your product launch and marketing campaign, but a campaign without the proper framework is even more devastating. A proper framework will help you in minimizing your budget, time, and effort.

If you are a business owner who wants to adopt a go-to-market framework this article may help you in a great way.


And if you need hand-held guidance for it feel free to reach out to us.

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