Launching a new product or service requires a significant investment of time, money, and resource – and it is imperative to achieve a successful outcome to make that investment worthwhile and profitable. In Part 1 of this series, we defined go-to-market (GTM) strategies. We recommended a series of questions that organizations should consider to develop a solid GTM foundation for their new offerings. This article will continue to examine these strategies, focusing on the key benefits of making an effort to build GTM guides and documents for your organization.
8 Benefits of Implementing GTM Strategies
- Launch Your Product Product, Service, or Solution Successfully: The go-to-market strategy provides a roadmap for how a business operationalizes and aligns the organization with achieving the plan; therefore, it simplifies and streamlines the launch implementation process. Relevant challenges during a product launch or implementation of a new strategic initiative include: creating brand awareness, defining the budget and the market opportunity, strategizing how to position, sell, compete and sell resources, and obtain customers’ loyalty. A GTM strategy will help with all of them.
- Identify New Product Opportunities: Changing business models, and technological advances can affect sustainable growth and profitability, but GTM analysis may help – such as in situation analysis, competition analysis, customer feedback, and environmental analysis.
Develop Positioning and Messaging: Companies must define where their new product, solution, or service fits in the marketplace. Positioning will determine how an audience becomes aware of the need and product fit, including identifying the target market and ideal client profile 9iCP) and formulating the right message to appeal to those demographics. - Generate Increased Demand: The GTM strategy focuses on creating demand for a new product or service, ensuring clients see the information and get the message. This ensures we have clear rules defined for marketing qualified leads (MQL) and sales generated & qualified leads (SQL).
- Facilitate Product Sales: The GTM strategy guides and aligns selling and marketing processes, engagement value, business value, and competitive strategy. Being knowledgeable about your target audience is necessary for strong sales.
- Create a Value Proposition: The value proposition represents the value a brand will deliver to become a client’s first choice. Value proposition also refers to the business promise to the market and why the company and its products or solutions deserve attention, especially over competitive products. The value proposition enables you to quantify improvement and a customer’s return on investment.
- Guarantee Client Satisfaction: Customer satisfaction is essential for a successful business model; it defines a company’s success by quantifying how happy clients are. Improving customer satisfaction will increase revenue and build the trust needed to acquire new customers. Companies that do not prioritize customer satisfaction are vulnerable to their competition. Improving client satisfaction requires understanding client wants and needs, recognizing industry trends, and the ability to adapt and adjust.
- Execute the Recommendations: Market entry recommendations, web design recommendations, product recommendations, and digital strategy recommendations can all be established by analyzing available data from the GTM plan. These recommendations are vital when deciding on appropriate market entry and pricing strategies.
- Guarantee Ongoing Competitiveness: Every company needs to establish, earn and maintain its market position and stay ahead of the competition. Brand rivalry occurs in every market sector, and every successful business must learn to combat these challenges. The GTM strategy reveals customer issues, suggests required innovations, and shows how your company can improve customer service.
Establishing and implementing a go-to-market strategy creates a treasure trove of information, data, and recommendations that can be utilized throughout the organization. A critical outcome is aligning your workforce and partners to the new strategy and their quick access to the GTM information.
Documenting, digitalizing, and sharing this information helps your business make strategic, uniform, and targeted decisions in all areas of the organization.
Learn More
The KLONE Organizer aggregates all of your strategic documentation and shares it with your employees via an intuitive, easy-to-navigate knowledge portal. Call today for more information on how we can help your organization to streamline your informational processes and elevate your productivity.