Through G0-to-Market Strategies at SIS Global Marketing, we understand that people buy products, not markets, so brands must position products or services at the right time and price through the most effective channels. Our team of industry-recognized experts helps brands of all sizes and disciplines to create practical and proven go-to-market strategies that are deeply rooted in the robust understanding of target audiences.
What is a Go-To-Market strategy?
A go-to-market strategy is a carefully designed action plan that maps the necessary steps to succeed in a new market or target audience.
A go-to-market strategy can apply to just about anything, from launching new products or services to re-launching a brand and even moving existing products to new markets.
A great go-to-market strategy is well-defined and functions as a tool used and shared across an entire organization, which means that a go-to-market plan should be robust enough to be valuable yet flexible to refine as a brand captures customer insight. An easy way to conceptualize what precisely a go-to-market project represents is by imagining it as a narrowly focused marketing plan – one with a centralized strategy focused on just one product or service.
How does a Go-To-Market Strategy benefit organizations?
A go-to-market strategy serves several purposes. First, it defines why a brand is launching a product or service, who their target consumer is, and how they will successfully promote and sell the product or service. It forces organizations to contemplate all things that could go wrong with their product or service to ensure that customers receive the best possible experience. In today’s fast-paced environment, consumers are quick to destroy something that has taken years to build. Establishing an effective go-to-market strategy enables brands to minimize risk and build trust with new and existing customers. Ultimately, creating a comprehensive go-to plan leads to better products, higher conversion rates, and more significant profit margins.
How is a Go-To-Market Strategy performed?
As with any plan, a go-to-market strategy requires a significant amount of research before being put together. These plans cover a lot of information quickly and concisely, and brands must clearly understand what they want to accomplish before they dive in and consolidate the information they find.
A good starting place for any organization is to assess its product-market fit. Validating the need for a product or service and how well it meets the needs of those who would be buying it seems like a logical place to start, but history has shown that many companies miss this step – ultimately leading to their demise. As a brand builds its market strategy, its best interest is to re-evaluate the “why” that led them to create its product in the first place. Companies must validate that audiences want and need their product and strengthen that understanding through testing and validation with real people. It’s often difficult for brands to admit that a product is unnecessary after they have worked so hard to develop it, so testing that product or service with individuals can save many headaches in the long run.
Target Consumers and Segmentation
In any market, the brand which best understands its consumers will ultimately succeed. Before building a go-to-market strategy, brands should consider all information about their target audience. Answering who will buy the product in question, what a brand knows about them, and how a brand’s strategy supports them is critical in forming an effective market plan.
Discovering high-level knowledge like demographic information, in addition to specific consumer knowledge like their hobbies, needs, pain points, and preferences will enable brands to know who exactly their customer is and how to approach them. A brand can navigate this by answering questions from a top-down approach – narrowing the scope on their target consumer as they answer each essential item. First, who comprises their target markets? How large are these markets, what does their buying power look like, and how accessible are they in communication? Next, companies must focus on their ideal customers within their identified markets. Which segments or groups are most likely to purchase their products or services? Finally, what about the market and consumers identify supports the long-term vision for the brand?
No organization should be entering a market without a clear understanding of who their competitors are and what makes them different. A go-to-market strategy requires plans for adaptation to secure long-term growth. Landscapes change, and competitive profiles do as well. Brands must recognize this early on in their strategic development process to enable sustainable growth and preparedness when a market inevitably shifts. Identifying current and future trends in the targeted market will ultimately provide brands with a leg-up on their competition and enable them to make well-informed decisions as they compete for market share.
Distribution & Delivery
The final portion of a successful go-to-market strategy involves the creation of a distribution plan. Companies must identify where and how they will distribute their products, and they must determine how they will deliver their product or service once customers show interest. A brand should never leave distribution as an afterthought. Whether it be distributed in a physical location, an e-commerce space, or within a software package, having a plan before launch is the only way to execute a successful go-to-market strategy.
What determines effective Go-To-Market strategies?
An effective go-to-market strategy enables a brand to identify its target consumer, deliver on their needs, and distribute its product or service in a way that is not only profitable but provides a benefit to its audience. To be considered an effective plan, a go-to-market strategy should tie in all stakeholders from a product launch and provide a comprehensive understanding of everyone’s expected contributions. The process should be well thought out and absent of any uncertainties – especially those focused on the targeted consumer market.
Organizations can ensure a successful marketing operation by starting with a business case and understanding what they intend to gain from their product launch. Once identifying how their new product ties to existing offerings, brands should define their market strategy – How does their product fit in the market, and how will that message be shared with customers? With a great business plan in place and a market strategy developed, brands can establish a pricing strategy, develop external marketing plans, specify sales strategies and support items, and decide on success metrics. As the product launch commences and as a brand works through its approach, it can refer to its initial plan as a reference – making minor adjustments as needed to navigate its new market. The materials generated through the go-to-market strategy development process will serve as a valuable tool to track metrics and remain aligned with the brand’s initial vision.
How can SIS Global Marketing Assist with a Go-To-Market Strategies?
At SIS Global Marketing, we help our customers produce actionable go-to-market strategies that provide comprehensive guidance towards their brand objectives. We have built a team of professionals dedicated to our client’s success and leverage industry-leading research and tools to align brands with their customers, drive value, and execute strategic goals. Our services in the world of go-to-market consulting include:
- Business Case and Strategy Development
- Target Market Identification
- Competitive Landscape Analyses
- Brand Messaging and Marketing Expertise
- Sales Support and Materials
- Customer Journey Mapping and Insights Research
- Market Segmentation and Persona Identification
- Use Case Development
- Pricing Strategy
- Content Generation and Advertisement
We provide end-to-end solutions for brands worldwide to get them from concept to distribution. Wherever you or your organization lie in that process, we are here to help. Contact us today and see how SIS Global Marketing is revolutionizing the way that brands do business.