Key Components of Go-to-Market Strategy

1. Understanding your product and market - A product is not just what your company comes up with; it is a solution to the customer’s needs. But conveying this solution to customers is not as easy as it may seem. A product can have various features/specifications. But conveying all these to the customers can confuse them. So, you need to be very clear on which feature to highlight the most. A few key factors are Wow Factor, Pivot of the GTM strategy, Brand Promise 

2. Pricing strategy- Setting up prices for your product can be a tricky task. There is no scope for guesswork here, because if you price your product high, then you miss out on valuable sales, and if you price it too low, then you miss out on valuable revenue. Therefore, it is crucial to approach product pricing strategically. Your aim should be to move towards creating a product with high volumes and high margins, and not a product with low volumes and low margins.

3. Sales and marketing strategy - Building a product and ensuring it reaches the customer end is not an easy task. It requires a great idea, a well-planned business strategy, and the perfect price that will be valuable to both the business and the customers. But until customers are not aware of your product, all the hard work that you have put in to build your product is of no use. This is where the marketing and sales strategy comes into the picture. Commonly Used Marketing Channels  = Pay-per-click marketing, Social media promotions, Email Marketing, Word of mouth marketing. Commonly Used Sales Channels =  Website and shopping cart, an E-commerce marketplace, Direct selling, where the company sells through physical stores, Indirect selling, where the company sells through partners, affiliates, resellers, etc. 

4. Product launch plan - So far, you have built a great product, priced it well, and set up several marketing and sales channels for it. So, do you think you are ready to launch your product? Well, certainly not. There is a saying by Larry Elder, “A goal without a plan is just a wish.” These words say it all! Launching a product is not a one-day goal; it is quite similar to organizing a special event at a prime location in a city. A product launch includes a well-defined plan, which you create and execute before, after, and on the launch day in order to ensure a great customer experience.  Advantages of a Product Launch Plan = Helps to avoid common pitfalls, Enables you to explore potential opportunities for the launch, Aides in setting clear goals and timelines for the launch, Helps in prioritization of resources in a logical and effective order.