Go To Market Strategy
Avoid costly mistakes. Reduce time to market. Deliver exceptional customer experiences
What is a Go-To-Market strategy ?
Gartner describes Go-To-Market or Go-To-Market Strategy as - “a plan that details how an organization can engage with customers to convince them to buy their product or service and to gain a competitive advantage. A GTM strategy includes tactics related to pricing, sales and channels, the buying journey, new product or service launches, product rebranding or product introduction to a new market”.
A sound Go-to-market plan will help launch your business, products and services well while enabling you to succeed in your organization and revenue goals.
What will a Go-To-Market strategy for your Ecommerce technology business contain?
You're ready to launch your e-commerce offering, a headless commerce platform that allows leading brands to digitally transform, scale globally and increase sales. It's 100% cloud native and API first. It allows them to create personalized, highly immersive, local, cross-channel experiences for their customers. It gives them the flexibility, speed, reliability and security they want. You can't wait to share your technology solution with them. So how do you go about it?
A Go-To-Market plan will have the following components to it -
Understanding the demand
Is there a demand for your product offering? There would be no point in launching a product if there is none or the market is oversaturated.
Understanding your target buyers
Unlike B2C where you have an individual customer making a decision, B2B buying is typically a complex and long process that involves several stakeholders on the buying team in an organization. Who are they, how many people are there on the buying team, what are their business goals, objectives and challenges - understanding your customers is critical to see if and how your product will be right for them. Also critical is to research the price point - what they will be willing to pay.
Understanding your competition
Unless you are a trailblazer in the space, knowing your competition and understanding their offerings that are similar to yours is important. A competitive analysis will help you position yourself in the space and assist with your sales process later on.
Developing your messaging
Once you have established how your product will add value to your customers job or alleviate their pain points, messaging can be created to directly address them. Developing a content plan along with lead generation strategy is important.
Reaching your customers through various channels
Where do your ideal customers reside? Linked In, Facebook or twitter? How will you get the word out and begin reaching out to your prospects? Digital marketing tactics will be useful.
Utilizing your content plan
Once you have identified the appropriate channels, use your various content pieces at different marketing funnel stages to bring their attention towards your product and sell.
Measuring and adjusting
Is your Go To Market working? Which areas is it being successful in ? Which areas are not working ? Those would be the areas to make changes.
Proper planning will help you avoid a product flop that could happen for various reasons - wrong pricing, messaging, not knowing your competitor’s offering, not understanding what your target customer really wants and needs etc.
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