Go-to-market strategy is the approach and plan you use to succeed in the market and ensure your product is as successful as possible both short-term and long-term. Think of the go-to-market strategy as the marketing perspective you need to support your product throughout the seven-phase Product Lifecycle. A go-to-market strategy template makes sure you have all the components in place to, well, get your product to market.
Taking a product to market has a lot of moving parts. Go kart frame table. The go-to-market process has four key parts:
Go-to-market strategy components
To answer the questions on the right, we use Product Management skills such as:
If you have no background in marketing, you’ll want to start by researching the topics in Product Manager Skills: Marketing Speak.
Grasping the Importance of a Go-To-Market Strategy
In our practice, 280 Group consults with many organizations. Most of them wait too long to develop their market strategy. The go-to-market strategy is an afterthought either as the product is heading off to be developed or, worse, just as it’s being completed. Developing your market strategy early in the Product Lifecycle at the plan stage can dramatically increase your product’s chances of success.
Go-To-Market Strategy – Product Manager or Product Marketing Manager?
If your organization splits the role of Product Management and Product Marketing, the go-to-market strategy often is the responsibility of the Product Marketing Manager. If you don’t have direct responsibility for developing the go-to-market strategy, you’ll still be a key contributor to the contents. No matter who completes the go-to-market strategy template, make sure that sales is involved. They have key insights that will definitely make market acceptance of your product more likely.
Voila – The Go-To-Market Template
When you’ve collected the information, the next step is to document your go-to-market strategy so that you can get agreement from all parts of the organization. This table lists the key elements of the go-to-market strategy document. In addition to these sections, you also fill in the risks, assumptions, and open issues.
Congratulations on making a go-to-market strategy part of bringing your product to market. Your chances of success just increased.
Go-to-market or go-to-market strategy is the plan of an organization, utilizing their inside and outside resources (e.g. sales force and distributors), to deliver their unique value proposition to customers and achieve competitive advantage.[1][2]
The end goal of a go-to-market strategy is to enhance the overall customer experience taking into account various aspects of the value proposition such as the quality of the product and pricing.[3]
Developing a go-to-market strategy[edit]Go To Market Strategy Framework
Processes of a go-to-market strategy
In the earliest stages of developing a go-to-market strategy for a new product or a service, the company has to initially conduct an accurate definition of the target market. The company has to decide whether they already have prospective customers within their customer base but using different services.[3]
After defining the market, the product or service is researched until a final decision has been made on what the value proposition will be. Then the company determines its pricing strategy. It is very challenging to decide what pricing strategy to follow as it differs from one product or service to another, or even when the product or service remains the same but the strategy changes, such as switching to subscription-based pricing (an example for this is Adobe's major shift from selling its Creative Suite software which included all Adobe's products such as Photoshop and Illustrator, to a $50-per-month Creative Cloud and various other subscription plans).[4]
Moreover, choosing the right distribution and marketing channels followed by promotion are very vital steps in a go-to-market strategy. A company has to decide which distribution model to choose, what kind of support and services are required and addressing the possibility of creating a competitive advantage.[5] Afterwards, the company decides how it is going to promote its product or services and what kind of marketing campaigns are the most influential to follow.[3]
Driving factors in a go-to-market strategy[edit]
Windows 7 64 bit android edition torrent. When considering to develop a go-to-market strategy, there are 3 essential factors to focus on:[5] The forest mods nexus.
Customers[edit]
Delivering exceptional customer experiences leads to loyalty and advocacy of the customer. Consequently, that triggers increase in product purchase, customer retention and low cost of service.[6]
Company[edit]
Taking company's mission and vision into account is a key determining factor when performing a go-to-market strategy. Motivating employees to perform well is a decisive factor to include. Thus, defining company's vision and what kind of impact it is trying to create is essential in the earliest stages of a go-to-market strategy.[7]
Competition[edit]
Understanding the competition is crucial in deciding what product or service to offer. Gathering information about how competitors are performing in the market, what customers think of the different products available and what is missing in the market through conducting research using different methods such as SWOT and PEST analyses.[8]
Market Segmentation in a go-to-market strategy[edit]
Market segmentation is the process by which one divides prospective customers into different groups (segments) that have common needs and the same expected reaction to a marketing action. This approach enables companies to offer customers full value proposition of their products or services.[9]
7 Marketing P's. Used in targeting and defining a market in a go-to-market strategy.
There are common factors considered when performing a market segmentation in a go-to-market strategy:[10]
Go-to-market strategy and marketing strategy[edit]
Marketing strategy includes every marketing activity which helps an organization to target the market after conducting market research.[11]
Go-to-market strategy usually develops during the introduction of new products or services.[citation needed] Marketing strategy covers:[12]
Example of a go-to-market strategy[edit]![]()
An example of using a go-to-market strategy could be observed in the automobile insurance industry. Initially, the company has to choose the right segment of the market (market segmentation). If the customers are considered individual households, then the company works on creating interest to their prospective customers using different forms of media such as TV advertisements, social media and billboards. Once the customers are persuaded to proceed, they are offered to purchase for the service through different channels such as the internet (company's website) or agents, both of which act as entities responsible for customer service.
In case of customers being corporate accounts during the market segmentation process, interest creation and purchase are done through direct sales, agents or the internet. Tele-service and direct service representatives serve as contacts after the purchase is done.[10]
See also[edit]References[edit]
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