The Ultimate Go-To-Market Guide: Unlocking Your Product’s Success
A go-to-market strategy (GTM) is a comprehensive approach that guides businesses in launching new products or services successfully. It encompasses all aspects of the product launch, from research and development to customer acquisition and beyond. An effective GTM strategy considers market segmentation, target audience, pricing, distribution channels, and marketing tactics. It helps businesses drive sales, increase brand awareness, and achieve their growth objectives in a highly competitive marketplace. Lets look at how to formulate the Go-To-Market strategy in simplified manner.
Step 1: Identify your main point of contact for the launch
This person is your primary point of contact for the product launch. They will assume responsibility for developing the GTM action plan and ensuring that it is shared with the full team.
Step 2: Identify your target audience
You can do this by making user personas. This also includes knowing your competition. You should be able to answer questions like how many of your potential customers are already using your competition’s product?
Step 3: Determine your pricing & sales strategies
This step requires working in close collaboration with the sales and marketing teams to figure out the optimal pricing and sales strategies for the product.
Step 4: Build your marketing strategy
This step includes coming up with a marketing strategy for your product. For previously-available goods and services, this is simpler because you ideally already have a platform and/or community.
Step 5: Determine your success metrics
To understand if your product is meeting your expectations or not, it is crucial to come up with top 1-3 success KPIs. Few of the widely used metrics are Customer Acquisition Cost (CAC), Daily Active User (DAU), Monthly Active User (MAU) etc.
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Step 6: Plan for your customer support
Great customer support can make or break your product. While you hope that users would quickly become accustomed to your new feature or purchase your new product, you also need to be ready for the minority of clients who will have trouble.
Step 7: Streamline your post launch resources
Questions like what you’ll do once the product is launched?, will you require same level of customer support? In other words, a GTM strategy functions as both a pre-launch blueprint and a long-term plan.
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