{"id":10093,"date":"2023-01-05T16:26:00","date_gmt":"2023-01-05T16:26:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=10093"},"modified":"2023-02-05T16:06:01","modified_gmt":"2023-02-05T16:06:01","slug":"go-to-market-strategy","status":"publish","type":"post","link":"https:\/\/businessyield.com\/business-planning\/go-to-market-strategy\/","title":{"rendered":"Go-to-market strategy: Definition and Best ways to build from scratch (+ detailed guide)","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>A go-to market strategy will help you avoid taking a product to a market that will have no interest in what you have to offer. <\/p>\n\n\n\n<p>A go-to market strategy helps you plan, so you can know better ways to present your products to your ideal audience.<\/p>\n\n\n\n<p>In this post, we&#8217;ll discuss in details how to create a go-to market strategy from scratch and all you need.<\/p>\n\n\n\n<p>Before we dive in, let&#8217;s look at what it is<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-go-to-market-strategy\"><span id=\"go-to-market-strategy\">Go to market strategy<\/span><\/h2>\n\n\n\n<p>A go to market strategy is the key ingredient in writing a business plan, it outlines who your target audience are, alongside your marketing and sales strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-do-you-need-a-go-to-market-strategy\"><span id=\"why-do-you-need-a-go-to-market-strategy\">Why do you need a go-to market strategy?<\/span><\/h2>\n\n\n\n<p>If you really want to get the most of of your marketing, it&#8217;s best you invest time into crafting this.<\/p>\n\n\n\n<p>The main purpose of a go-to market strategy is to make sure that a product reaches the right audience.<\/p>\n\n\n\n<p>It helps businesses clarify why it is launching a particular product, and understand who the product is for in order to convince these people to buy their product or service.<\/p>\n\n\n\n<p>Some other reasons include:<\/p>\n\n\n\n<ul><li>It reduces time it takes to market a product<\/li><li>Increases ability to adapt to changensures a successful product launch<\/li><li>It reduces costs and maximises profitability<\/li><li>It creates awareness of what you&#8217;re offering.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-elements-of-a-go-to-market-strategy\"><span id=\"elements-of-a-go-to-market-strategy\">Elements of a go-to market strategy<\/span><\/h2>\n\n\n\n<p>It includes five core elements and they are.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-market-definition\"><span id=\"market-definition\">Market definition: <\/span><\/h3>\n\n\n\n<p>This entails defining the market that will be targeted to sell the products or services<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-customers\"><span id=\"customers\">Customers:<\/span><\/h3>\n\n\n\n<p>Which audience are you targeting within these markets?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-distribution\"><span id=\"distribution\">Distribution: <\/span><\/h3>\n\n\n\n<p>Which channels will be used to deliver to the customers?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-product-messaging\"><span id=\"product-messaging\">Product messaging: <\/span><\/h3>\n\n\n\n<p>What is the products&#8217; unique value compared to other products<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-price\"><span id=\"price\">Price: <\/span><\/h3>\n\n\n\n<p>How much should the product cost for each customer group.<\/p>\n\n\n\n<p>Read Also: <a href=\"https:\/\/businessyield.com\/business-strategies\/types-of-marketing-strategies\/\" data-type=\"post\" data-id=\"7599\">20+ Types of Marketing Strategies that Works for any Business<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-write-a-go-to-market-strategy\"><span id=\"how-to-write-a-go-to-market-strategy\">How to write a go-to market strategy<\/span><\/h2>\n\n\n\n<p>Apart from answering vital questions to define your go-to market strategy, there are certain steps to formulate a perfect draft.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-know-your-target-market\"><span id=\"1-know-your-target-market\">1. Know your target market<\/span><\/h3>\n\n\n\n<p>This is always the first step in any marketing plan. No product can be marketable to everyone.<\/p>\n\n\n\n<p>You can get data about your <a rel=\"noreferrer noopener\" href=\"http:\/\/www.businessdictionary.com\/definition\/market-research.html\" target=\"_blank\">target market<\/a> from demographics, psychographics and so on. It&#8217;s important you determine where you can most effectively attract the most ideal customers to what you&#8217;re offering.<\/p>\n\n\n\n<ul><li>Brainstorm a list of possible markets you could pursue<\/li><li>Determine how to assess each market opportunity<\/li><li>Access the market for accessibility, review feedback from current and prospective customers<\/li><li>Prioritize your market opportunities and refine them<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-define-your-target-audience\"><span id=\"2-define-your-target-audience\">2. Define your target audience<\/span><\/h3>\n\n\n\n<p>Get to know who your customers are, and how they behave.<\/p>\n\n\n\n<p>Better customer insights enhances an effective GTM strategy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-position-your-brand\"><span id=\"3-position-your-brand\">3. Position your brand<\/span><\/h3>\n\n\n\n<p>It is the process of positioning your brand in the mind of your customers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-define-your-offering\"><span id=\"4-define-your-offering\">4. Define your offering<\/span><\/h3>\n\n\n\n<p>This is where you tell your customers about your value proposition.<\/p>\n\n\n\n<p>Start by understanding your products&#8217; key features and benefits.<\/p>\n\n\n\n<p>Then, proceed to understand how your products solve the problems of your customers.<\/p>\n\n\n\n<p>This means you have to know and study your customers, so you can do better at delivering what you offer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-define-your-channels\"><span id=\"5-define-your-channels\">5. Define your channels<\/span><\/h3>\n\n\n\n<p>What channels are you going to leverage on?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-build-your-budget-model\"><span id=\"6-build-your-budget-model\">6. Build your budget model<\/span><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-define-your-marketing-strategy\"><span id=\"7-define-your-marketing-strategy\">7. Define your marketing strategy<\/span><\/h3>\n\n\n\n<p>Above all, defining your marketing strategy involves you putting all the pieces together.<\/p>\n\n\n\n<p>Making sure you track key performance metrics regularly, and make sure amendments are made when necessary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-b2b-go-to-market-strategy\"><span id=\"b2b-go-to-market-strategy\">B2B go-to market strategy<\/span><\/h2>\n\n\n\n<p>A B2B go-to market strategy is an action plan that clearly states how to reach your target market and compete better in the marketplace.<\/p>\n\n\n\n<h2 id=\"what-are-the-three-key-components-of-gtm\" class=\"wp-block-heading\">What are the three key components of GTM?<\/h2>\n\n\n\n<p>A go-to-market strategy consists of three fundamental elements: market information, market segmentation, and product messaging.<\/p>\n\n\n\n<h2 id=\"what-are-the-five-market-entry-strategies\" class=\"wp-block-heading\">What are the five market entry strategies?<\/h2>\n\n\n\n<p>Product analysis, product messaging, the sales proposition, marketing strategy, and sales strategy are the five pillars. As you will see, there are valid reasons for addressing each in this particular order.<\/p>\n\n\n\n<h2 id=\"what-are-some-examples-of-go-to-market-strategies\" class=\"wp-block-heading\">What are some examples of go-to-market strategies?<\/h2>\n\n\n\n<p>A demand generation go-to-market plan comprises all sales-centric and marketing methods and activities, such as cold calling, sponsored webinars, buying lists, email blasts, and television advertisements. It aims on driving audience demand by generating brand awareness and a buzz around the product introduction immediately.<\/p>\n\n\n\n<h2 id=\"which-four-components-comprise-a-go-to-market-strategy\" class=\"wp-block-heading\">Which four components comprise a go-to-market strategy?<\/h2>\n\n\n\n<ul><li>A effective go-to-market strategy involves four crucial elements.<\/li><li>Your Target Audience. Your strategy&#8217;s basis, upon which everything else rests, is your target audience.<\/li><li>Demand and competition in the market.<\/li><li>Customized Content and Messages<\/li><li>Promotion and Distribution.<\/li><\/ul>\n\n\n\n<h2 id=\"what-are-gtms-four-ps\" class=\"wp-block-heading\">What are GTM&#8217;s four Ps?<\/h2>\n\n\n\n<p><br>Price, product, place, and promotion are the 4Ps of the marketing mix.<\/p>\n\n\n\n<h2 id=\"what-exactly-are-gtm-tools\" class=\"wp-block-heading\">What exactly are GTM tools?<\/h2>\n\n\n\n<p>GTM Tools is the Google Sheets extension of www.gtmtools.com, created by Simo Ahava. This Google Sheets extension is free to use, and the initial version contains documentation building tools that generate documentation automatically for your Google Tag Manager container, tags, triggers, and variables.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"A go-to market strategy will help you avoid taking a product to a market that will have no&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":95,"featured_media":10095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[51],"tags":[4152,4151],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best ways to write a go-to market strategy from scratch<\/title>\n<meta name=\"description\" content=\"In this post, we&#039;ll discuss in details how to create a go-to market strategy from scratch and all you need to know about writing one\" \/>\n<meta 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