Go-to-Market Strategy. In simple words, it can be said that the strategy to go to the market. What does it mean to go to the market? Who is going to the market? Why to go? What are you going to sell? Such instinctive questions come before us. Go-to-Market strategy is a business term. Such as Sales Strategy, Business Strategy, Marketing Strategy, Growth Strategy, Product Strategy; same way Go-to-Market Strategy. At first glance, all these strategies look similar, but they all have a thin line of differentiation.
This terminology is not new. People have been using this for a long time but in today’s start-up era this term is being read and heard by us frequently. If you ask a business professional is your plan to bring your product or service to market ready? So most likely the answer would be yes. We have spent a lot of time creating our business plan and so we are ready to go to the market. Most business professionals make this mistake. They understand the business plan as a go-to-market strategy. There are many similarities between the two but basically, they are different and as mentioned above there is a thin line between the two.
A business plan is a comprehensive plan that will give you information on various aspects of how to start and manage your business. Guide them also into giving the structure to the business, growth plan, etc. It can be said that a business plan is a factor that provides information to understand and think about different aspects of business. This will help get funding, make new partners and grow. While Go-to-Market strategy is the one that focuses on how you can use all your resources to deliver your product or service to your target market & customer, and stay one step ahead of your competitors.
The Go-to-Market strategy, if developed in a systematic way, will answer many important questions that will be actionable, meaning it will not only keep you thinking but will also work to accomplish it. Important questions such as; What are you selling? How do you reach your potential customers and market? How to give value proposition to your customer? How do you stand out from your competition? And most importantly, how will you keep the promise you made to your customer? This may indicate that we are talking about marketing, but as mentioned above there is a thin line between these two. The full focus of marketing is growth, revenue and brand building, while in Go-to-Market the focus is on how to reach the market and the customer. The Go-to-Market strategy may be different for different industries, markets and organizations. Like; the manufacturing and retail industries will have their own specific products as well as related markets and demographics. Let us look at some of the points of Go-to-Market strategy which can help develop this strategy.
The most important point is to decide what your target market is. This will let you know who you are selling your goods/services to and under what conditions. There will be a thorough study of the market you are going to, its advantages, disadvantages, market size, geographical location, etc. You can make your product or service accordingly or make necessary changes which will increase the acceptance of your brand.
Second, after determining the target market, decide your target profile or audience. The market you have decided on will have many potential customers who will have their own needs. Determine the customer segment or target profile that you can serve best, knowing your strengths. Serving targeted people rather than serving everyone will set you apart from your competitors.
Third, the positioning of your brand which will give your customer information and understanding about your brand and its uniqueness. Also, will explain to your customer the reasons why they should buy your product/service. How you want to present your brand to people; as an innovator, as a low-cost brand or as a thought-leader. Brand positioning will define you to help people understand and differentiate you and your brand.
Fourth, build your product and service based on the above information that can systematically serve your intended target market and also create a relevant marketing strategy with the target market and customer in mind. Create a campaign with brand positioning in mind to inform and reassure your designated customer and market that their problem is being solved. It should feel like you have created your product or service for them. Media should be chosen with an understanding of your target audience. Your distribution channels should also be determined with your customer in mind. If your customer is digital savvy, let the product be sold online. If s/he wants to buy everything once or at the same time, keep your product in a super store or modern retail etc. Thus, the Go-to-Market strategy is an important aspect to bring any brand to the market.
You will have a business plan, a sales strategy but if the Go-to-Market strategy is not defined then you may have to go out to sell your goods to the wrong person and in the wrong market. Understanding the right market and customer requires a Go-to-Market strategy so that the brand falls into the hands of the right person and its value is preserved and enhanced.
Some parts of this article are excerpts from the book “BRAND BANSHE, BUSINESS VADHASHE”, written by Sameer Joshi, Founding Partner – Sam & Andy.