WHAT IS GO TO MARKET G2M?

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Go to Market is a very powerful business strategy, is a action plan (+) which aims to show in detail the route that your product has to go through to reach your customer: production, transport, distribution points, points of sale and finally when it reaches the shopper or buyer. Broadly speaking, the Go To Market (G2M), also known as, The market exit or go-to-market strategy seeks to guarantee the success of your business and to ensure that you choose the right strategy or path in each case. 

It is not the same thing to try to sell with a strategy of Inbound Marketing (+) that by using email marketing (+) or one of Growth Hacking (+); They are all looking for the same thing, to sell, but they do not use the same tools or strategies, so it is essential to have an action plan for each one, that is the Go to Market.

Why do you need a Go To Market strategy?

An idea may seem brilliant, but its execution may result in failure. Many startups (+) do not make it through their first year. Therefore, the creation of a marketing plan (see TIP) can avoid many of the difficulties that arise in all new product launches. Product oversaturation in the market can slow down a launch, even if the product is well-designed and innovative. While a strategy does not completely avoid failure, Go To Market can help you keep expectations high and resolve any problems before investing in bringing a product to market.

How many people participate in the Go to Market (G2M)?

Go To Market is fundamentally a commercial business strategy. However, not only sales and marketing are involved, but also other areas of your business! promotion team (+)! But it is not just about the management and leadership of each department. There are a multitude of professionals involved: wholesalers, small shops and retailers, distributors and transporters; in the case of online sales: marketing companies, advertising companies or programmers to maintain servers and websites to perfection?

The components of a Go To Market strategy

There are four essential parts to a Go To Market strategy. Here are some questions to answer for each part: 

• Product-market fit (+): What problem(s) does your product solve?
• Target audience: Who is experiencing the problem your product solves? How much are they willing to pay for a solution? What are the pain points and frustrations it can alleviate?
• Competition and demand: Who is already offering what you are launching, is there a demand for the product or is the market oversaturated?
• Distribution: Through what means will you sell the product or service: a website, an application or an external distributor?  

Strategy for launching a product on the market

In turn, it is called a go-to-market strategy because it includes all the elements that must be included when bringing a product to market: sales, marketing, distribution, pricing, promotions, development and communication of the corporate brand, analysis of the competition and analysis of the customer's perception of the company. It does not only affect the launch of new products but also seeks to promote the strong points or products or services that get the most leads or to reinforce the catalogue by promoting products and services that the company considers to be of quality but that were not as successful as expected at the initial launch. To create the products that the customer wants to buy it is essential to know how the traditional sector has changed, for this and if you want to create unique products we recommend you our Postgraduate in Digital Product Management.

Essential objectives of a Go To Market strategy

The key objective, which is practically the objective of any company, is to improve business results. But how do you achieve this? By aligning the company's business and commercial strategy with the (changing and unexpected) needs of customers. One of the most frequent mistakes when carrying out a product launch strategy is to count on what customers needed and were looking for some time ago (even relatively recently), Go To Market plans must anticipate and study both the needs they had in the past and those they may have in the future by analysing market trends and forecasts.

IT ALSO SETS OUT THE FOLLOWING OBJECTIVES:

• Public awareness of the product offer.
• Attract new customers.
• Snatching customers away from the strongest competitor and trying to reach new markets. This would be the case where a major multinational company launches a product that is perhaps not so much in its sector, but with the aim of reaching a new market niche and above all of snatching customers from a major competitor. For example: Telepizza with its hamburger products or desserts.
• The aim is always to reduce costs and sell more with less.

The questions that a Go to Market strategy must address

WHAT ARE YOU SELLING?

It is necessary to analyse both what the company offers and the current business situation and market climate.

WHO BUYS YOUR PRODUCT?

Analyse in detail the target and, in the case of consolidated companies, the audience of a completely different market to the one we want to reach.

HOW WILL YOU REACH YOUR TARGET MARKET AND CLIENTELE?

Have different plans and strategies in place and courses of action in case one fails to be employed until the objectives are achieved.

WHERE, HOW AND THROUGH WHICH CHANNELS DO YOU SELL YOUR PRODUCTS?

It may seem the simplest thing to do, but there is no longer only the traditional sales channel, online sales and the number of promotions and campaigns that can be carried out mean that you have to be different, much more creative and effective than your competitors if you do not want to lose customers or not win them over.

Benefits of the Go to Market strategy

G2M strategies are not immediate strategies, but the focus that must be given to them determines them as medium-long term strategies to obtain profitability and increase the customer experience. Therefore, although it is redundant, the company must be concerned that the product reaches the customer. Logical, don't you think?

The difference is how it has to arrive. Taking care of the way in which it is sold, marketing campaigns have to be innovative, emotional, promote corporate branding, distribution and transport have to be efficient, arrive on time, points of sale have to be monitored by companies, in the end the buyer-seller interaction can be key in the purchase decision.  

THE LIST OF BENEFITS IS LONG:

• It significantly increases the chances of a successful product launch.
• By studying the right way to launch a product, you avoid spending money on the wrong routes and only spend money on what really looks like it will work according to the analysis.
• It reduces the time in which the sale is achieved. By perfectly detailing all the elements involved in the sales process, everyone knows their role and when and how the product will reach their department; you can even speed up the process by knowing exactly what everyone is doing.
• Ensure that the customer experience is impeccable, this is the most important thing to take care of, without a customer there is no company.
• Having a Go to Market plan or strategy allows each professional to know what he or she has to do, clarifies the work in the organisation and if there are doubts, knows which organisations to turn to.

By seeking to enter new markets, it encourages innovation and product renewal. If you are looking to train in these business growth strategies, please take a look at our resource on Growth Tools About Growth.