The current market is increasingly dynamic and competitive, but even in this changing and evolving environment, there’s something that doesn’t change: we must have a clear objective for our products or services, hand in hand with the target audience’s needs. Getting it is feasible if you apply a go to market strategy.
Also known as G2M, a go to market strategy bases its efforts and planning on introducing a product or service to the market, analyzing its effectiveness in short periods, and applying analysis of different levels that favor the company and the consumers. Also, reducing operating costs and offering solutions to existing problems.
From a technical point of view, it establishes a clear route that begins with the manufacture of the product, goes through its mobilization routes, establishes and selects the points of distribution and sale, and ends at the time of purchase or acquisition by the target clients.
Amid this process, the team in charge of setting the route mentioned above must conduct research, analysis, and development so that each economic factor or use of resources is effective, in addition to carefully selecting the public to which the product or service is aimed.
What do you need to create a go to market strategy?
In a G2M, the brand must have a team of specialists in specific areas, united in a single objective and focused on a single product.
Let’s explore each of the areas individually:
- Research: The research area’s function is to analyze the market and the ideal audience. According to the existing market reality, a problem and its immediate solution are visualized, in addition to the resources and options that the public involved in this dilemma has.
- Development: It is responsible for giving functionality to the product concerning previous research. This group works closely with every other company area to balance the proposal with the final objective and the company’s capabilities.
- Resource management: According to the reports obtained from the investigation, the team in charge of managing resources in the company sets the necessary limits to advance or take a turn in planning. It segments the available resources according to the need and stability of the product, thus establishing its viability.
- Finance: This group is in charge of balancing the brand’s budget according to the metrics established as successful, giving the green light to each necessary expense.
How to create your go to market strategy?
Knowing the areas to be covered by the brand and the clear objective of introducing a product to the market, these are the three steps crucial to this process: market analysis, market segmentation, and product positioning. Each has detailed tasks to accomplish in a go-to market strategy.
First step: Market analysis
To begin a go to market strategy, you need to know every detail of the market in which you will compete. No matter your brand’s size, the focus goes on the product and the problems it can solve. To carry out this step, you will need to base de procedure on the following:
- Product analysis
In an increasingly broad and competitive market, verifying the opportunities you have as a company to solve existing problems is crucial to success. Depending on the size of your resources or brand, you will be able to approach the development of a product that meets the final goal: selling it.
- Target analysis
Once the existing problem has been identified, you must identify the product’s target audience and get to know it in depth, from its economic scope to its geographical purchasing possibilities. For a go to market strategy, the selected audience must be as specific as possible, and you should avoid generalizing or opting for the masses.
- Product message
Like any sale, the way you execute your strategy is vital, and bringing a clear message to the consumer is key in the process. This step requires a lot of detail and attention, establishing simplicity as the basis of everything so that it can be understood quickly to provide the customers with the solution they are looking for immediately.
Second step: Market segmentation
The geographical distribution, product’s cost, and execution times for each step are established at this point, with the most immediate commercial routes, the most massive points of sale within the specific public, and the income that allows for promoting some point of the strategy if necessary. To achieve this, you must apply the following:
- Competitor analysis
Knowing every step of your competitor will allow you to overtake them. While attracting new customers and gaining the attention of external audiences is part of any sales process, changing a buyer’s mind in your favor is an important achievement in the marketplace. The keys at this point are to avoid the most successful routes in similar products and offer a different message or benefit within the service you are selling.
- Budgets and risks
As it is a specific product, the invested budget will be prioritized and used more carefully. The risks should be evaluated in great detail and minimized as much as possible to give the project financial freedom, according to what your company can afford.
- Set achievable goals
Once the risks, investment, and market have been analyzed, it’s time to set goals. In a G2M, the periods must be shorter and more precise than in other situations. This is due to the fact that it is a single product, and the objectives must be set realistically with established metrics.
Third step: Product positioning
The final process or step involves launching the product in a simulated way, generating actions that make it possible to theoretically test the outlined objectives and process the data according to the analyzes carried out previously. Purchasing ads within a social network or creating an intrigue campaign are usually good additions that reinforce the strategy applied in the G2M.
In the same way, the sales strategy and any other strategy oriented to the product’s marketing tend to be dynamic in the face of the variables that can occur with the product already on sale. You should pay special attention to the audience’s reaction to which it was directed and use these results to make the necessary adjustments for the final push that the project needs.
The most important thing in a go-to market strategy is to specify that the whole path of the product is the true focus, and only its guarantee or feasibility will give way to more strategies, actions, or changes within the investment or venture carried out. With this, excessive efforts and expenses are filtered into B2B or traditional marketing campaigns to position or strengthen a brand.