Go to Market Strategy centers around how a company will go to market. Specifically, there are key questions that need to be addressed:
Who Will We Sell To?
This question is rather complex, but in a nutshell, the go to market strategy needs to document the target markets and who (roles and titles) in those markets will we target. It is important to size the market opportunity and to develop a Target Account Profile (detailed description that sales and marketing craft, together, that serves to identify that target audience.
What Will We Sell?
This question is raised in any go to market strategy planning process and is best addressed from a product management and product marketing perspective. A product, at least a minimum viable product should exist. Ideally, a market backgrounder (MB), market requirements document (MRD), product requirements document (PRD), feature requirements document (FRD) and product introduction plan (PIP) should exist. This content needs to be incorporated into the product roadmap and the time horizon typically spans 4 – 8 quarters.
What Will We Charge For the Product?
Again, there should be existing information from the market backgrounder and product introduction plan as to the value, competitive environment and internal financial requirements. The go-to-market strategy is dependent upon real, accurate and compelling use cases that have be updated throughout the product development process and serve as a framework for establishing a pricing framework.
How Will We Promote Our Products?
A lynchpin in any go to market strategy will be the demand generation and lead management plan. The market penetration strategy will be dependent upon understanding the buyer behavior model, building an accurate target account profile, creating meaningful content to support the journey board, employing the correct demand creation strategy and a comprehensive, methodical and timely lead management process will be critical for successful promotion.
Leverage a proven go to market strategy template to build your go to market plan.