Go-to-Market Strategy - Why does it matter?

Positioning your product and bringing it to a competitive market is a team effort. Similar to an orchestra, every member of your team must be aligned to execute a go-to-market strategy. 

A strategy can be reusable if it is planned and executed correctly. Like an orchestra rehearsing timeless pieces throughout decades of performances, an effective go-to-market (GTM) strategy can be a staple of your organization's product launches and brand positioning. 

So what is a go-to-market strategy exactly, and how can you be ready to raise maximum brand awareness? Let's dive into the most important aspects of GTM and what you should consider when developing a GTM strategy.

 

What is Go-to-Market Strategy?

A go-to-market strategy is defined as a plan that aims to bring a product to market. GTM strategy will always have a target audience and will require a focused approach to reach it. Most importantly, your GTM strategy should center around a pain point and offer your product as the solution.

Here are some of the most important aspects of developing your GTM strategy:

• Product testing
• Competitive research
• Strategic planning
• Innovation

Throwing everything at the wall and seeing what sticks is an outdated and ineffective approach, and a GTM strategy that executes these four factors successfully will bring sustainable growth to any business.

 

How to Develop a Go-to-Market Strategy

While the four factors determine the efficacy of a GTM strategy, every business should identify the following:

• Distribution
• Competitive demand
• Target Audience
• Product fit

Although there is overlap between these aspects, understanding these four aspects of a strategy will ensure that your GTM strategy stays in your repertoire. 

Now that we've hit on the general aspects of GTM strategy, let's dive into the specific programs your business can include to bring a product to market as seamlessly and successfully as possible. 

 

Inbound

An inbound strategy involves many areas of marketing, including blogging, content, SEO optimization, social media, and many more. Utilizing these channels is the most cost-efficient way to raise brand awareness and bring more eyeballs to your product. 

Although social media and content have the ability to reach everyone, the main goal is to attract the target audience at the right time with the right content. A focused inbound strategy is a must-have for every business, and most inbound programs will generate a great ROI if they are executed correctly. 

 

ABM

Account-based marketing (ABM) is an important aspect of B2B marketing, and it involves the integration of the sales and marketing teams to locate and target leads through collaboration. Marketing teams should provide sales teams with targeted collateral to help close accounts by addressing their main pain points and concerns.

 

Demand/Lead Generation

Demand generation is key to finding members of your target audience that could benefit from your product. Demand generation can include:

• Cold calling
• Email campaigns
• List buying
• Advertising
• Webinars

Each business will engage in a blend of these programs, depending on their budgetary restrictions and needs. 

 

Why Does GTM Strategy Matter for Your Business?

A go-to-market strategy is the core of every business's success. Your target audience likely has tens or even hundreds of competing offerings to choose from, and your product positioning will either attract those customers or lead them to choose a competitor.

By planning your GTM strategy and tracking each relevant program through an analytics dashboard, you can keep a constant pulse on your strategy's effectiveness and pivot towards more effective programs.