This article is crossposted on Jackson-Evans PR
A Go-To-Market (GTM) strategy plan is an excellent resource that companies, small and large, can utilize to strengthen customer experiences and loyalty. Here's everything you should know about a GTM plan.
Infantry Steps Before Creating a GTM Strategy Plan
Define The Target Market. What is the definition of your target audience or target market? Are current customers apart of our target market? If so, how are these customers interacting with our current products and services?
Define the Value Proposition. Who is your target customer? How does your product our service add value to the target customer? How is your product or service competitively unique? How would you explain the value of your product or service in 1-3 sentences. Strive for 1 sentence.
Define The Pricing Strategy. How does (or how will) your company price it's products or services? Consider the following price strategies: Penetration Pricing, Price Skinning, Psychological Pricing, Premium Pricing, and Economy Pricing.
Define The Distribution and Promotion. How will your company distribute its products or services? What marketing channels will your company utilize? How will your company's distribution differ or align with competitors' distribution? Are you adopting a disruptive or innovative distribution channel? If so, what are the pros and cons?
"A GTM Plan may complement a business plan, a marketing plan, or a public relations plan."
- Destiny Jackson
4 Key Components of a GTM Strategy Plan
- Customers: Who is your customer? What customer service experiences will you deliver to your customer to strengthen customer loyalty and retention?
- Company: What is your company's mission and vision? How engaged are your employees? How will managers motivate your teams?
- Competition: Who are your competitors? What is their market share relative to your market share? Create a SWOT Analysis. Create a PEST or PESTEL analysis.
- Market Segmentation. What different groups (or segments) can your customers be divided into? How many groups (or segments) did you calculate? What are the industry trends? What is the size of the groups (or segments) that you will market to? What is the buying behavior of the groups (or segments)? How do the different groups use or apply the product or service? What benefits does the product or service offer the groups (or segments)? What information will the company provides to the groups (or segments)? Where will customers use the product or service? How profitable is it to market to the different groups (or segments)?
"SWOT and PEST analysis enhance the competition component of a GTM plan."
- Destiny Jackson
4 Key Questions of a GTM Strategy Plan
- WHAT are you marketing? - Value Proposition
- WHO are you marketing to? - Market Segments
- WHERE are your promoting your product? - Market Distribution and Strategy
- HOW will your reach your market? - Market Channels