Key Factors Every Business Leader must Consider while Formulating Go-To-Market Strategies
By: Sujata Garud, Senior Director – Marketing, Orion Innovation
Sujata is a seasoned marketing professional with over 16 years of experience in Creative Conceptual Design, Digital Marketing, Sales Enablement, Go-to-Market Strategies, Market Intelligence, Public Relations, and Marketing Technology areas. Before joining Orion in 2020, she was associated with companies such as Rave Technologies (now NEC Software Solutions, Advanced Enzyme Technologies, and Cheers Interactive.
In a recent conversation with Women Entrepreneur India Magazine, Sujata shared her insights on ways in which business leaders can go about creating effective go-to-market strategies and various other related aspects.
What are some of the key factors to consider while designing a go-to-market strategy for a new product/service?
Creating a Go-To-Market (GTM) strategy is contingent on the nature of your product or service and the specific region you intend to target. Given that each geographical area possesses its unique characteristics and dynamics, it is crucial to identify the market when crafting a GTM strategy. This entails conducting comprehensive market research to gain a deep understanding of critical elements within that market, such as customer challenges, competition, and other pertinent factors. This information provides clarity on whether launching a new product or service in that market is advisable. Subsequently, the next step involves formulating a compelling Unique Selling Proposition (USP) for your product or service, one that effectively addresses the pain points of your target customers and positions you ahead of your competitors.
Several additional factors demand close attention when developing a GTM strategy, including pricing that aligns with the market, the appropriate channels to reach your customers, distribution strategies, and more. Furthermore, companies need to collaborate closely with their sales and marketing teams to develop a robust action plan that facilitates effective outreach to the target audience. Last but not least, it is of utmost importance for companies to establish well-defined metrics and key performance indicators (KPIs) before commencing the execution of their GTM strategy
Suggest a few key aspects to consider while selecting a suitable distribution channel for a GTM strategy.
The choice of an appropriate distribution partner is contingent on the nature of the product or service you provide. In the case of physical products, the distribution channel may encompass in-store outlets, various online platforms, or a combination thereof—whichever proves most effective in reaching your target customers. Conversely, when offering a digital or IT service, it becomes imperative to pinpoint the locations and preferences of your target audience and select the distribution channels accordingly.
Moreover, conducting a thorough analysis of your competitors' distribution strategies can offer valuable insights, potentially revealing opportunities that you can leverage to your advantage. Above all, it is essential to either hire personnel with the requisite expertise or implement training programs to equip your existing staff with the skills needed to collaborate effectively with your chosen distribution channels.
How are technology and digital platforms impacting modern go-to-market strategies?
Presently, the market is brimming with a plethora of available technologies. With the rise of ChatGPT and AI, technology offers boundless possibilities for enhancing our GTM (Go-To-Market) strategies. When crafting a GTM strategy and devising an action plan, there are several crucial facets to consider. These include the imperative of keeping your website current, implementing digital marketing techniques, and various other essential elements.
Most contemporary tools in the market seamlessly integrate AI, significantly reducing process times and thereby expediting the GTM strategy. Furthermore, the adoption of marketing automation tools has become indispensable in today's dynamic business landscape. These tools serve to streamline marketing campaigns, nurture leads, facilitate timely customer engagement, assess campaign performance, and allow for necessary adjustments.
In addition, a well-implemented Customer Relationship Management (CRM) system is vital. It ensures that all leads captured through marketing activities are meticulously tracked within the system. This enables companies to assess the efficiency of their sales teams in nurturing these leads effectively.
How do business leaders determine their target market and customer segments when creating a GTM plan?
When endeavoring to pinpoint a specific target market or customer segment, our initial step involves conducting comprehensive market research to gauge the potential of our product or service within that segment. This research encompasses an exploration of demographics and psychographics to grasp the behavioral patterns of prospective customers. Additionally, we may collaborate with industry analyst firms to gain a comprehensive understanding of our product’s or service's genuine potential in a given market.
Drawing insights from these multiple sources, we can weigh our available options and make a decision that aligns with our future objectives and goals. In making such critical determinations, it is crucial for business leaders to personally engage with the field, converse with their target customers, and interact with other stakeholders. This firsthand experience is invaluable in gaining a true understanding of the market's reality.
How do professionals stay updated on industry trends and evolving customer behaviors to continuously optimize go-to-market strategies?
Cultivating a learning mindset is essential for every working professional to foster continuous growth and ensure they remain current with the industry's latest advancements. There are several straightforward yet highly effective methods to achieve this, including attending industry conferences, seminars, and webinars, engaging in workshops, actively participating in social media networks with industry peers, subscribing to publications and online portals, and more.