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The Go-To-Market Plan
It is more focused and developed for a specific product or market. A comprehensive Go-To-Market plan will compose of four components:
- Product strategy: to differentiate the new offering from those of competitors.
- Promotion strategy: pricing promotions and cross-promotions at launch
- Channel strategy: channels utilized not only to sell products but also to educate and support partners and customers
- Marketing and communications strategy: entailing efforts to generate awareness with customers and employees who interact with customers for instruction, purchase, and or support.
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Set strategic objectives
Some goals of a Go-To-Market plan may include:
- Product brand awareness — high awareness or being easily recognized, helps drive potential prospects and sales.
- Marketing to leads — leads, are qualified people who will be interested in the produc...
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Pinpoint your competitive advantage
- Recorded data — obtained externally in the form of published sources such as competitors’ brochures, promotions, news articles, and annual reports
- Witness or observed data — such as what you see when you go to a trade show and visit a competitor’s bo...
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Product-problem fit
Defining the customers’ problems and validating the offering that addresses them:
- Define the pain: customers do not think in terms of solutions, they only know what their pains are.
- The urgency of the pain: Are they looking for an immedia...
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Situations in which a Go-To-Market plan is needed
- New market entry — when extending an existing offering to a new market
- New product development (NPD) — when launching a new offering in an existing market
- Offering diversification — when introducing a new product into new mar...
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Understand the customer
A Go-To-Market plan should include certain elements of research and action:
- Customer research: that probes buyer’s interest in your product, or otherwise to perform customer development
- Trend research: such as whether the company is entering in...
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Segment the Market
- Demographic factors — such as age, income, education, religion, marital status, occupation.
- Geographic factors — urban, suburban or rural area
- Behavioral characteristics — how relevant, consistent and frequent their behavior ...
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The benefits of a Go-To-Market plan include
- Reduces the time it takes to get to the market
- Lowers risk and the cost that may be associated with failed launches
- Delivers the best experience for the customer
- Invests on the right path with better ...
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