What Is A Go To Market Strategy?
A go to market strategy is a way in which a company strategizes to bring a product, service, offering or brand into a market for maximum penetration and profitability is called a go to market strategy; often simplified through the GTM acronym.
Normally, what this means is that you already have a business plan with a well-defined target audience, and your marketing and sales plans and strategies have already been produced. At all costs, please remember this is a relevant tactical matter - and tool! - for you, but don’t confuse tactics for strategy as a list of the former will not comprise the latter.
What’s relevant is that, for each product (and let’s just understand service, offer and brand every time we speak of a product here - it will make everyone’s lives easier) and for every market, your go to market (GTMs) will need to be drafted in its unique essence of what that diverse product and market can provide and require.
In this sense, a new go to market strategy can even refer to an existing product that you are just looking to move to a new market altogether.
Beyond the basics, the go-to-market strategy should give you something on which to fall back and signal whether you’re acting in the right direction, or have long deviated from the smartest most suitable approach overall.
Related read: Pitch Deck Mistakes: the Go-to-Market slide
Why Create a Go to Market Strategy?
So far, the above might sound like a LOT of homework for one action. But, trust us, if you ever needed to spend time with something to prevent a waste of it and considerable resources, it’s knowing what you’ll bring and where you’ll do so. More importantly, this should NOT take long to do.
Otherwise, and without proper planning, you might just come up with something that is unnecessary or that is being brought to the wrong audience; maybe you’ll come in early or late or find a saturated market with tons of similar efforts as your own.
What You Can Expect to Read Here
We will cover how to make the best of go-to-market presentations in this article. But, just as heads-up, the most important tip for GTM presentations is to craft them and present them when the time is right for it. Not before.
The Go to Market Strategy you’ll produce needs to be valuable, of course, yet that depends not only on how comprehensive it is but also on how agile you can make it in order to vary and edit it as you receive more and more feedback (especially that from your customers.) In that sense, we clearly offer the least time-consuming presentation software that prides itself on allowing daily business and entrepreneurial updates to material that just goes a much longer way in terms of all existing design out there. Take a look at our AI to check this out.
What’s relevant here is that, once you have produced this material, you will most certainly want to share your GTM with your entire company. Doing so will help clarify why you’re going through with the product launch (or re-positioning) as you are, who you’ll be aiming as audiences for this product, how you’ll manage to keep them engaged and, ultimately, how you will get buyers to purchase.
Make sure all of that is in there and our best piece of advice would be to use our go-to-market strategy presentation template, which outlines (slide by slide, succinctly and clearly) what the ideal content for your overall GTM strategy presentation should be.
Our CEO details the slides on a go-to-market strategy template one-by-one on the mentioned template link, and here’s a summarized version of what those should include, for reference.
On the Competition
Now, let us focus on the Market and Competitive Intelligence slide for a bit, which means looking into your competition.
For this, you need to be able to predict. For Caya in the mentioned article, for example, “it's vital to predict how competitors will react to the product being launched.”
Let us stress that piece of advice right there. Strategizing is about prediction; of being able to calculate your expected competitor reaction to your upcoming strategic move. Not only are we talking here about what strategies you will use as go-to-market strategies, but how you plan to take action once your competitors are impacted by your market insertion.
Why Does Competition Matter?
We want to use a slide on our competition in order to detail what we can anticipate our competitor reactions to be and we do that based on what the market trends are.
This factor is important as any of these trends and reactions can affect a product launch, for instance, which means putting your business viability at risk. Of course Caya mentions this concept briefly in the mentioned article, as well.
Ultimately, this is related to the consideration of the business positioning you will choose in relation to - your competition.
Positioning Is Fundamental
Showing your understanding of your business positioning in regards to your competition is pivotal. It is evidently essential that your slides show the comprehension of that of which we now speak, but the actual grasp - and the story-telling behind it - are a crucial concept to your go-to-market strategy. Of course the slides only serve to professionally show the know-how that you carry behind it, but those should be part of a new series of tips on public speaking and your presentations that we have started on the side, also.
Stick around for More
We can’t be as comprehensive with a wide topic as the one being dealt with here without splitting our content into sections. This should help truly narrow down what you’re doing and how that is being implemented for your upcoming go-to-market strategy presentation. Stick around and check our follow-up article on GTM strategies here.