A go-to-market (GTM) strategy is the way in which a company brings a product or service to market.
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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.
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However, without a clearly defined buyer persona, coordinated messaging, and product positioning, it would likely fail.
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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.
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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
