A go-to-market (GTM) strategy is the way in which a company brings a product or service to market.
It may be used for:
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New products entering an existing market
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Existing products entering a new market
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New products testing out their market for growth
The success of products, services and even businesses depend on a solid GTM strategy.
However, without a clearly defined buyer persona, coordinated messaging, and product positioning, it would likely fail.
By contrast, a GTM strategy would give the founder structure to develop their product, while ensuring all key business units are aligned to the same plan.
The founder and their business could then refine and iterate on their plan to ensure success.
Why is a
go-to-market strategy important?
The 4 Components of a GTM Strategy.
Here are the four critical parts of a go-to-market strategy:
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Product-market fit: What problem(s) does your product solve?
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Target audience: Who is experiencing the problem that your product solves? How much are they willing to pay for a solution? What are the pain points and frustrations that you can alleviate?
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Competition and demand: Who already offers what you’re launching? Is there a demand for the product, or is the market over-saturated?
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Distribution: Through what mediums will you sell the product or service? A website, an app, or a third-party distributor?
6 steps to building a go-to-market strategy.
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Defining your buyer persona
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Researching your competitors
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Developing your messaging
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Setting targets
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Choosing your tactics
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Providing feedback
