With limited resources, tough competition and bottle neck deadlines, something is needed to fall back and tell you that you’re on the right path.
A go to market plan is a strategic plan for startup that needs necessary steps to succeed in the market with a new or old customer base, from launching a new product or services to re-launching an existing product or services, to launching the company brand, or moving an existing product into a newer market. A go to move towards the market is more of a tool than a document that can be shared across the entire company. This means your contrary move to market strategy needs to be more comprehensive enough to be valuable, and yet agile enough to be updated as you get more customer feedback. This strategy serves a couple of purposes such as, why the product is being launched, who It’s for and how challenging it is to make consumers engaged with the services or products provided.
Many SaaS based companies these days succeed with a most often used method called product-led go to market strategy. A product-Led GTM strategy is a process of acquiring customers by providing access to your product early in the buying cycle by giving free trials or freemium policy, then acquiring data based on the product usage and retain customers.
To create a best go to market plan we need to first understand:
What we are selling? (Market Condition)
Who we are selling? (Target Customer)
How to reach the target market? (product offering and pricing)
Where should you promote the product? (customer acquisition process and medium or channel)
Combining these, we get an outline for customer acquisition. Which will explain how the company will attract and convert buyers. Customer experience will help an organization to go beyond demographics and firmographic data to understand customer needs, values and expectations. These insights will not only help an organization personalize its product offering and pricing to improve customer experience, but will also help in understanding the journey, channels and process that best match customer expectations. Every other organization is serious about focusing on customer experience which not only needs evaluation but also optimization. Marketing plan must be scalable and repeatable to be successful.
Usually a customer acquisition and channel are the 4th element of a go to market strategy, since digital transformation became a huge boom, organizations started preferring better and new channels based on the customer needs or perspective of customers. Channels themselves are somewhat less important, since customer perspective keeps changing or varying every second. Overall customer acquisition process is intertwined with almost every aspect of the go to market strategy. In simple terms we can tell, since customer expectations keep changing, the customer acquisition process also changes with the increase in the number of channels through which customers prospective.
Small startup businesses try to evaluate their product and push to prospective customers in an easy and frictionless method. A new approach to customer acquisition has emerged, where the product itself becomes a channel for acquiring, retaining and growing customers. Running a business doesn’t have to be a battle. Yet when a new product is launched into the market, it often feels like do-or-die. If the company comes up with a strong go to market strategy, it would be a lot easier for the company to grow in a calm and more meaningful way.
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Go to market strategy is mostly focused on how the organization will put its products or services in the market to reach market penetration, revenue, profitability expectations. Since go to market planning is a superset of marketing strategy, it impacts all functions within an organization with a goal of preparing the entire company for market success. Marketing plan is not an event but is a product itself and moreover it is focused on the entire product lifecycle – From concept to Death. Go to market strategy can be devastating if not managed well.