What is a Go To Market Strategy, and what are best practices, tools and templates for teams and organizations?
Definition of Go To Market Strategy
A Go-To-Market Strategy is a strategic plan that organizations use to outline how they will bring a new product, service, or business model to market. This strategy is created with the intention of attaining competitive advantage in the industry by improving the overall product experience of the customer (e.g., reasonable price, high quality materials, etc.). While creating an enticing value proposition is a commonly used strategic plan of organizations, the Go-To-Market Strategy is unique in that it specifically highlights how the company will use internal and external resources to differentiate and establish itself to succeed in a new market segment or geography.
Description of Go To Market Strategy
The best Go To Market Strategies are focused on three elements:
- Customers: Special attention must be given to how the product meets the needs and desires of the customer. The Go To Market Strategy should also plan how to enhance customer service. The better the overall experience of the customer, the higher their dedication to the organization, which will ultimately improve the organization’s bottom line.
- Company: The Go-To-Market Strategy should be created with the organization’s vision and mission statements in mind. In particular, in order to create a strategy that employees are invested in and motivated to execute, the strategy needs to align with the factors and culture that drew the employee to the organization to begin with.
- Competition: The organization needs to have a strong understanding of the products and services of related companies in order to determine their position in the market and how to improve upon it with a Go-To-Market Strategy. More specifically, when creating the Go-To-Market Strategy, gauge customer attitudes about current products, what features they would like to see in their products, and how well other competing organizations are doing in the market.
The three elements of the Go To Market Strategy are usually used to develop the strategy in the following way:
- Determine what segment of the market the organization’s product is targeting
- Conduct research about the product or service being offered in order to determine in what ways it is valuable and novel. This information will be used to create the value proposition of the product or service.
- Establish the pricing strategy of the product or service (e.g., subscription). This step is heavily dependent on the type of good being offered and the desired business model for the company.
- Select an appropriate advertisement/marketing and distribution medium. This step involves deciding what advertisements will be most appealing to the customer as well as what marketing strategies will be most fruitful. Following which, consider how the product or service will be distributed.
A Go-To-Market Strategy also involves market segmentation, which requires your team to partition the market into different groups that differ based on their reaction to a marketing strategy and the features they need to have in a product or service. Engaging in this activity will help your team create the most ideal value proposition for each segment of the market you are advertising the product or service to. When executing market segmentation, consider the following:
- What industry does the customer participate in?
- How large is the customer base in that segment?
- How did the customer react to a particular strategy?
- What geographic region is the customer in?
- How will the customer use the produce or service?
- What benefits will the customer accrue from purchasing the produce or service being offered?
- What information does the organization need to provide to the customer?
- Where will the product be used?
- How financially rewarding will selling to this customer be?
Tools & Templates
Developing and understanding the external environment when creating a Go To Market Strategy requires the use of SWOT and PEST analyses. Overall, a Go-To-Market Strategy can be created using documents or presentations, but it should be kept as simple as possible.
upBOARD's Online Go To Market Strategy Tools & Templates
Unlike most traditional Go To Market Strategy techniques, upBOARD’s online Go To Market Strategy collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other business strategy best practice tools and templates, including:
2 X 2 Matrix, ADL Matrix, Affinity Diagrams, Baker’s 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Blue Ocean Strategy, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, Business Model Canvas, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, Economic Value Added, First Mover Advantage, Five Forces Model, Force Field Analysis, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson’s Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay’s Distinctive Capabilities Framework, Key Outcome Indicators, Kotler’s Five Product Levels Model, Kotler’s Pricing Strategies, Lafley & Martin’s Five Step Strategy Model, McKinsey 7S Model, McKinsey’s Seven Degrees of Freedom for Growth, Mergers & Acquisitions, Mission Statements, Mullin’s Seven Domains Model, OGSM Framework, Ohmae’s 3-C’s Model, Partner Relationship Management, PEST Analysis, PESTLE Analysis, Porter’s Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen’s Influence Mix, SMART Performance Metrics, SMARTER Goals, SOAR, Strategic Goals, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, USP Analysis, Value Chain Analysis, Value Disciplines Model, Value Net Model, Values Statement, Vision Statements, VRIO Analysis, and Weisbord’s Six-Box Model.