What is a Go-to-Market Strategy, and When Do You Need One?
A go-to-market (GTM) strategy is a plan that outlines how a company will reach and sell to its target customers. Overall, a GTM strategy is a crucial part of bringing a new product or service to market and achieving business goals. Every health or wellness brand should have a GTM for each new product or service launch to ensure success.
GTM strategies are comprehensive. A GTM strategy typically includes a detailed analysis of the target market, including the needs and preferences of potential customers, as well as a competitive analysis to understand the landscape in which the product or service will be launched. It also includes a plan for pricing, distribution, and promotion, as well as a timeline for implementing the various elements of the strategy.
The GTM strategy is an important part of a company's overall business plan and is typically developed after the product or service has been designed and tested.
When do you need a GTM?
A brand may need a go-to-market (GTM) strategy for several reasons:
To effectively launch a new product or service: A GTM strategy can help a brand plan and execute a successful launch by identifying the target market, positioning the product or service, and choosing the right channels for reaching customers.
To enter a new market: A GTM strategy can help a brand understand the needs and preferences of customers in a new market and develop a plan for introducing its products or services in a way that resonates with the target audience.
To differentiate from competitors: A GTM strategy can help a brand position itself in a way that sets it apart from competitors and highlights its unique value proposition.
To achieve desired sales and revenue goals: A GTM strategy can help a brand set clear and measurable goals for its product or service launch and develop a plan for achieving those goals.
The GTM strategy is so crucial to the success of a new product, or new launch, the task of developing the right strategy is critical.
What should be included in a GTM?
Here are some key elements that should be included in a GTM strategy. This may vary based on vertical, the season of business, and the type of business (services vs. goods). However, these are relevant to most businesses:
Define Distribution channels: How will the product or service be made available to customers, such as through online retailers, physical stores, or directly through the company's website?
Define your target market: Clearly identify your ideal customers, including their demographics, needs, and preferences.
Conduct a competitive analysis: Research your competitors and understand their strengths, weaknesses, and target audience.
Determine your value proposition: Identify what makes your product or service unique and how it addresses the needs of your target market. Your proposition should come from your brand development work.
Set your goals and objectives: Determine what you want to achieve with your GTM strategy and set specific, measurable, achievable, relevant, and time-bound goals.
Develop your positioning: Determine how you want to position your product or service in the market and create a clear and compelling message that resonates with your target audience.
Create a pricing strategy: Decide how you will price your product or service and consider factors such as your target market, competition, and the value you are offering.
Choose your marketing channels: Determine the best channels for reaching your target audiences, such as social media, email marketing, events, or advertising.
Create a timeline: Develop a timeline for implementing your GTM strategy, including specific milestones and deadlines.
Overall, a GTM strategy can be an important tool for a brand that wants to effectively introduce a new product or service to the market and achieve its desired sales and revenue goals.
It can help a brand understand its target audience, differentiate from competitors, and develop a plan for reaching and resonating with customers.
By following these steps, you can create a comprehensive GTM strategy that will help you effectively bring your product or service to market and achieve your desired sales and revenue goals.
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About the HDG Go-to-Market Strategy Work
We’ve helped dozens of brands create profitable strategies to launch, grow, and accelerate their revenues. If you need help with your GTM, we offer holistic GTM services geared specifically for the health and wellness industry. Book a free discovery call to learn more.
