The term go to market strategy is synonymous with the term product launch, at least in the technology world.
But is there more to a go to market strategy than just a product launch?
A go to market strategy is the result of the planning needed to leverage all available resources to drive a business objective. It balances the resources and advantages you can leverage with the obstacles you need to remove.
A successful product launch can’t occur without the thoughtful process of developing a go to market strategy (aka product launch strategy). The BrainKraft Product Launch Framework outlines the collection of processes, methods, and tools to help make that happen. So in this case, yes, a product launch is synonymous with a go-to-market strategy.
"What is your GTM strategy for Brazil?"
"What is your GTM strategy for your new pricing. model?"
"What is your GTM strategy for the acquisition of company ‘X’?"
These are just three examples of where go-to-market strategy is applied.
6 Go to Market Strategy Elements
Developing a GTM strategy isn’t as complicated as it sounds when you break it down into manageable, bite-size elements.
There are 6 major elements to consider when developing a go to market strategy. Weakness or failure in any one area negatively impacts the outcome. They are OKRs, Attract, Sell, Deliver, Adopt, and Help. And each element requires a strategy.
OKRs
A solid go-to-market strategy starts with what you’re trying to accomplish. OKRs define the outcome. For a product launch it’s the launch objectives and key results (OKRs).
Strategy to Attract Customers
Develop the strategy to attract potential customers.
This includes:
Defining your ideal customer profile
Identifying the market segments where you can find them
Developing a position and message that causes potential customers to take action
Selling Strategy
Build the sales channels to reach your ideal customers. Empower sales channels with the expertise to identify and close the best sales opportunities.
This includes:
Defining the ways your customers prefer to buy
Identifying sales channels that are efficient
Documenting buying centers in each market segment
Documenting the buyer journey in each market segment
The systems to track sales opportunities, book a sale, and receive payment
Delivery Strategy
Deliver the products your customers buy in a timely manner.
This includes:
The infrastructure to make delivery as simple as possible
The systems to track purchases, manage license compliance, and confirm delivery
Strategy to Accelerate Adoption
Ensure your new customers incorporate your products into their life or workstream.
This includes:
Customer success expertise to accelerate customer adoption
Systems and processes to identify areas to increase customer adoption
Strategy to Support Customers (Help)
Provide the help your customers want when they need it. This ranges from how to use a product to fixing it when it doesn’t work.
This includes:
A team with the expertise capable of delivering effective help
The systems and processes to log customer issues and track them to resolution
A Go to Market Strategy is a Strategy of Strategies
What all this means is that a solid GTM strategy results from a holistic view of what you’re trying to accomplish. It’s defining what success looks like from the beginning.
It isn’t just a marketing thing. It requires bigger thinking.
