If one tries to look for the definition of Go-To-Market (GTM) strategy to determine what’s best for the organization or the solution/product, it will become very apparent that the variations are endless. Many tried and tested processes and recommendations exist that help a product marketer to put together a GTM strategy for their products/solutions. However, per my experience, the simplest way to define your GTM strategy is to answer the following questions:
- What problem are you trying to solve?
- What solution are you selling?
- Who are you selling it to?
- Why should they care about it?
- How do you reach your target market?
- Where will you promote your product?
Some of the best product marketers, that have consistently delivered millions of dollars in revenue to the organization, have figured out that defining a GTM strategy is not the hardest part. The hardest part, and in fact the most interesting piece of taking a product to market, is the execution of that strategy.
Because GTM defines the strategy of introducing or re-introducing your product or service to a market, it should be more about actionable activities than marketing strategies. And since it is more about actionable activities, it becomes that much more important to understand how the different organizational teams can support the launch.
So, how do you execute on the GTM strategy to ensure that it is repeatable, consistent, minimizes disruptions, and yet create value for the customer? In addition to the normal questions that tie the value of the product to it’s customers needs or desires, there are some additional factors one needs to consider that can make or break the success of a GTM strategy.
- What is the business unit strategy or overall business strategy?
- What role does the solution/product play in the business unit strategy?
- Have you determined a true pricing strategy for your solution?
- What criteria do customers look at before deciding to buy your solution/product?
- What is the target audience profile and what role do they play in the organization? Are they an influencer or the decision maker?
- Do you have alignment with your sales organization to ensure success of your GTM execution?
- What marketing assets and sales enablement assets do you have to ensure your solution sticks in the market?
- Once launched, how do you track the success of your product against the business performance?
- Can your product development organization support the success realized by the GTM plan?
- Have you identified the risks and do you have appropriate mitigations?
While this may seem like a lot to answer, a smart product or marketing professional will take the time to assess possible variations and be prepared to act on it. There may be focus on the customer and on the perceived value derived from the solution, but, as a well-prepared professional, one should carefully consider all the stakeholders associated with your GTM strategy and its execution. A detailed and well thought out GTM strategy can launch your product in the right direction and set it up for success.