What is Included in a Go to Market Strategy / Go to Market Strategy
What is Included in a Go to Market Strategy
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.
Go-to-Market Strategy – How Should Development Hand-off to Marketing?
Most Go-to-Market Strategy allows for how hand-offs will be made between sales and marketing. However, the go to market strategy that will be most effective includes a marketing blueprint that formalizes the hand-off from development to marketing. The marketing blueprint often includes:
- Documents the plan by working with GM’s, Product Management, SMEs and Sales and guides marketing resources to build and execute campaigns
- Builds the value proposition and messaging
- Communicate the key use cases
- Identify the compelling events that break the ice for the solution
- Describes the target audience in a target Account profile
- Documents the persona of the people in the purchase decision
- Outlines where and how value is perceived
- Describes who buys and why
- Develops the SWOT for the industry
- Provides the competitive landscape and positioning of vendors
- Outlines the market penetration strategy
- Summarizes the market trends, challenges and opportunities
- Herds the crowd to formalize packaging and pricing
You can read a relevant blog post on the topic at GTM: Organizing Marketing to Generate Revenue
There is also a good template that walks through the process of market landscape, competition and differentiation at Go-to-Market Strategy Planning Template