Go To Market Channel Strategy – Great products start with great ideas and even greater production. The most successful products lead to customer acquisition with an action plan, like the one you can create with a go-to-market strategy template.
This guide will explain what marketing strategy is, what marketing strategy should be included for any business case, common mistakes to avoid, and how you can use the Work OS you want to supercharge your product roadmaps to help create a cohesive buyer journey. We will also provide you with a sales strategy template to use to arm you with success.
Go To Market Channel Strategy
First things first: before we get started on how to create a go-to-market strategy model, we probably need to do some backpedaling and cover exactly what a go-to-market strategy means.
The Plexus Channel Strategy Framework
In its simplest form, a go-to-market (GTM) strategy is just a fancy way of describing the step-by-step plan that a business can develop to ensure that it successfully launches a product on the market.
Every market, audience, and product has its unique quirks, variables, and challenges that must be considered beforehand, or there can be results that range from disappointing to terrible. Figures from the US Bureau of Labor Statistics show that over 20% of small businesses fail in the first year. Fast forward five years, and the initial survival rate drops to almost 50% failure.
So if you want to avoid becoming one of these statistics, you need to make sure that you plan for every scenario and every possible challenge you face in the market. Every go-to-market strategy is different – but they all have some things in common; they seek to identify the target audience, outline a marketing plan, and create a cohesive sales strategy.
A marketing strategy is a more general long-term plan that focuses on how an organization will be able to reach an identified market over a period of time.
Steps To Craft A Go To Market (gtm) Strategy [2023] • Asana
While the marketing strategy shows the stakeholders how the company will spread its message to the customers, a solid GTM strategy is essential to help the business explain to the stakeholders why they are launching a specific product or service, for whom the product is, and how it will engage with customers. to build and modify sales leads.
Using a sales strategy template for your GTM strategy is essential to organize all of this information. It can also be used as a means of aligning stakeholders and building an effective timeline that can be used to ensure you are on target and achieve your targets.
If you want to develop a GTM strategy for your team, you need to realize that no two plans are 100% alike. Each strategy will vary from business to business – and even from product to product. But in general, if you’re creating such a plan template for your organization, you’ll want to follow five main steps. To help you get started, we quickly break down these steps.
The first step you need to take is to define your target market, or the specific group of individuals you want to sell your new product to. Start by determining whether this rollout targets business-to-consumer (B2C) or business-to-business (B2B) customers. You can inform this decision by looking at your direct competitors to see who they are marketing products at the same level.
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Your market definition should be broad enough to meet the profit or revenue goals for the new product. But on the other hand, your market definition must also be specific enough to be able to effectively approach and appeal to that audience.
Tip: some companies even share previous cases for their products in an easy-to-read format like a PDF example of a go-to-market strategy.
At first glance, defining your market and identifying your customers seems like the same step. But identifying potential customers is a bit different. This part of your GTM strategy is all about being the head of an individual in your marketing audience. This is the part where you see potential customers:
One of the best ways to do this is to conduct market research and then build a customer profile – or buyer persona – which will later help you shape your brand and product messaging. You should also use this phase to consider if you have enough customers to support the launch or if you need to target a new group.
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Developing your business model for distribution is about determining how and where you plan to reach the customers you have identified as your core audience. Depending on what you’re trying to do, you’ll probably choose between one of two distribution models: an indirect distribution model or a direct distribution model.
Indirect distribution models rely on third-party sellers, distributors, small and medium enterprises (SMEs), and large retailers to get your products to your end users. This model is ideal for teams that like to build or manufacture products, but don’t have a brick-and-mortar store or the online infrastructure needed to sell their own items at scale.
In contrast, direct distribution channels allow teams to sell directly to people who will use their products or services. This model is suitable for companies that already have their own distribution network, stores or digital stores that can carry out sales. Managing stakeholders, data, and communications for both of these models can be something you build right into your go-to-market strategy model – but more on that later.
The product messaging step focuses on how you plan to communicate to your customers exactly what the product is and what it does. More importantly, you need to make sure you can communicate to customers where they will find your products and how they can buy them.
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Your product messaging should tell stakeholders how and why your product addresses a specific customer need or a specific gap in the market. This usually involves building a value proposition that breaks down your message to customers and shows them how they will experience benefits from your product that are more valuable to them than the amount of money they will have to spend. Before launching your product and messaging, you may want to conduct a series of AB tests or user tests, and track the results in your product market strategy model.
Finally, your go-to-market strategy should include specific details about the price you plan to pay for your new product or service. You can choose a tiered pricing strategy or a simpler approach – but either way, your GTM plan should explain what you’re going to charge and show how you’ll support operations related to its development and sales. For example, dynamic pricing is an effective e-commerce strategy that allows companies to optimize their product prices for maximum results – using real-time data, organizations can adjust and adjust product prices in various markets, and ensure competitive advantage. over other sellers.
It is important to remember that the price you choose should not be based on the cost of making or supplying your own product. Instead, do your research and come up with a price point that marries the value proposition you have developed and the market position of our product.
Now, you need to keep track of all this information in a centralized place: any of your team members can have easy access to it. Work OS is the perfect place to track your data and collaborate with relevant stakeholders and teams. Additionally, use a customizable sales strategy template as your starting point to ensure a consistent, collaborative and easy-to-understand go-to-market strategy for each of your products.
Complete Go To Market (gtm) Strategy Framework With Examples
There are all kinds of mistakes your team can make when developing your GTM plan. Want to be armed and ready? We will go through some of the most common mistakes made by GTM teams.
The ratio of price to value seems like some high economic concept. But it’s actually quite simple: the price-to-value ratio is just a way to calculate how much the customer places on your product. If the price of your product is lower than the benefits it will bring to the customer’s life, you have a positive price-to-value ratio. If your product is priced too high, you’ll drift into negative territory and struggle to launch.
Companies looking to sell land first often enter new markets with low price points. But if you miscalculate the price-to-value ratio and underprice your new product, you could end up losing money. After all, low prices create razor thin margins that will put pressure on your team.
One of the biggest mistakes a GTM plan can make is to ignore the pain points that new products can create. That’s why you need to have a solid grasp of your target audience, existing pain points, the customer journey, and the new friction your product or service may generate. Ideally, your go-to-market strategy should be able to respond and address such friction.
Typical Marketing Channels
For most products and services, sustainable market growth depends on a balanced approach to omnichannel marketing. Brands that rely exclusively on online distribution methods