Go-to-market is a strategy for companies seeking to communicate their value proposition to their target audience, gain an edge over competitors, and sell a product or service. Most often, this technique is used when launching a new product that no one has heard of before. But consumer goods and established services can also be sold using GTM.
More about GTM
GTM, Go-to-market and go-to-market strategy are different names for this technique. In fact, it personifies the business model and helps determine whether such a project will be in demand among the target audience or not.
It may come as a surprise, but many big brands have failed when they introduced a new product to the market. A striking example is the Apple Lisa. This is a personal computer created by Steve Jobs long before the iconic iPhone. For its time, it was extremely advanced and multifunctional, but still the project became a commercial failure. But it gave impetus to the development of new ideas and technologies.
Unlike Apple, which easily and quickly recovered financial performance after the failure of the Apple Lisa, many other companies fell victim to a downturn. Their product was not accepted by the market despite its high quality, cool advertising and friendly service. As a result, some brands significantly lost their development, while others ended their history.
Therefore, when developing something new, it is worth looking at the current market completely differently and preparing your product for the target audience to accept it. A Go-to-Market strategy is exactly what helps new product developers achieve the desired result.
How to use Go-to-market
There are 2 main ways to use the Go to Market strategy: the sales funnel and the flywheel. The first is traditional, which focuses on generating leads and converting them into buyers. The latter will use inbound marketing and is aimed at building long-term relationships with the client (that is, nurturing sales with the subsequent transformation of the customer from regular to regular).
Regardless of the chosen strategy – sales funnel or flywheel – the stages of preparation and implementation of GTM are identical. First you need to learn more about your target audience, and then use the information obtained to develop an advertising campaign and maintain customer satisfaction.
Step 1. Define your buyer persona
Before you start planning your strategy, it is worth conducting a detailed study of the portrait of the potential customer. What interests him and what repels him, how to communicate with him and how not – only a deep analysis of the target audience will provide answers to these questions. As a result, you will be able to develop a factual picture of the potential consumer: from his age to the priority time of purchase. At the same time, there can be several such portraits, which will show the diversity of the target audience and the need to conduct advertising campaigns in “more” style.
So start researching your potential customers. Namely, pay attention to their interests, values, pains, fears and desires. You can conduct surveys on the website, collect analytics from special applications, ask to fill out a short or other questionnaire. The main thing is to get the data.
An example of a matrix of what the collected information for developing a buyer persona might look like (using software as an example):
|Name of Buyer Person (BP)
|BP’s main challenges
|Group 1. “Managers”
|Using current software is time consuming + expensive
|The new software product is cheaper and much easier to manage
|This service does what will save companies time and budget
|Group 2. “Domestic users”
Step #2. Choose the right content types and lead generation strategy
Your selection is based on a profile of a potential customer and characteristics of their consumer journey. Some texts and ways of spreading them may be the most effective in the world, e.g. email marketing as the channel with the highest ROI. Others are probably in the TOP, but not at the top of the list due to lower performance. But such division is not important in the “Go to Market” strategy.
Your job is to choose not the most popular type of content, but the most appropriate for your buyer persona. And if your brief contains 2 or more target audience matrices, then you need to choose relevant copywriting for each group. Also consider the sales funnel: at each stage, it’s worth meeting potential customers with relevant content, taking into account changes in their buying mood.
An example of choosing content types based on the overall project development strategy (on the previously mentioned software topic):
Step #3. Satisfying and retaining customers while simultaneously correcting possible errors
It is now important for the company to focus on direct communication with the interested target audience. Even after the deal is closed, you need to keep in touch, thereby closing contacts at the level of loyal customers. This will allow you to combine the sales funnel and flywheel approaches.
The “Go to Market” strategy allows you to simultaneously work on the weak points of your sales funnel. Save error reports, so that before starting the next advertising campaign, you can take into account all the shortcomings of the previous one.
Thus, the Go-to-market idea helps established businesses continue to produce products that are demanded by the audience and the market, and helps startups find a free direction to work. Using a simple plan when analyzing and planning projects, you can choose the most relevant development methods, types of copywriting, ways to communicate with your target audience and decide on other key business decisions.