Why you should have a ‘Go-to-market Strategy’ in place?

23 Jan 2013

marketing-strategyIn today’s competitive market place it’s rather essential for a business to have a well thought formal process to launch its product or service to the prospective market segments. A go-to-market strategy answers some of the important questions like who, what, where and when of a new product or service launch. The strategy includes variables like product specification, marketing, communications, distribution, sales, post-sales support and customer experience management. It is a holistic approach of reaching to the targeted customers. The strategy should be unique and effective so that it differentiates you from your competitors in the market.  The primary activities that are involved are pricing strategies, customer penetration plans, PR, sales training, beta site testing etc. Go-to-market should be definite set of activities which is associated to a specific part of the overall marketing campaign.

The strategy adopted during the ‘go-to-market’ phase has a huge impact on the company’s ability to deliver its value proposition to the targeted consumer in a cost effective manner. Key components like market research, identifying business requirements, aligning to the requirements of the customers, defining the value proposition that is generated to the customers, differentiating products or services from competitors and substantiating them with proof are the pillars of a successful ‘go-to-market strategy’. Creating media attentions for your product or service and cultivating relationships also form a key notion of ‘go-to-market strategy’. Using technology to develop a Unique go- to -Market Strategy can enhance your competitive position in the market

Essential elements of a go-to-market strategy:

  1. Product Positioning: Identify the target market and the unique selling points of your product or service. Highlight the differentiating qualities of your product or service and make the decision on price, packaging and promotion.
  2. Know Your Customer’s well:
  3. Timing of Entry: Capitalizing on the significant buying times for your customers is of prime importance from the perspective of a go-to-market strategy. Target the event focused on specific buying occasions to promote your product or service.
  4. Focus on the sales strategy: The sales strategy should be clear and focused on the target market.
  5. Do a Pilot Run: Testing the program on a small scale is advisable as it enforces confidence and allows a better control of the whole process. It also minimizes the risks and effectively tests all the aspects of marketing plan.
  6. Integrated, complete and consistent launch strategy: Successful completions of the tactical and strategic activities are the vital constituents for a successful go-to-market strategy.
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