Before launching a new product or service, businesses must consider various elements, including brainstorming and research. With a go to market strategy template, you can capture significant data from your study, including insights about the target audience, sales strategy, and marketing plan.
Without proper plans, it will be impossible to know if companies are going for the right customers, are too early or late to a given market, or target markets which are too saturated with the same solutions.
Continue reading this article to learn more about how a go to strategy template works and where you must use it within the business processes.
What is a go-to-market (GTM) strategy?
A go to market strategy or GTM is a framework businesses follow as they introduce a product. While the structure may vary for every company, it usually has a business plan that details the marketing plan and target audience. Each product or service presents different opportunities and challenges, so it’s essential to map your GTM strategy thoroughly.
An effective go to market strategy template is for all types of businesses. It will align all team members to everyone from marketing, sales, engineering, and product works toward a similar goal.
Benefits of a GTM strategy
Your go to market strategy template must be tailored to fit your buyer persona and allotted budget. A well-structured GMT strategy template will significantly be essential to any business project.
- Create alignment.When your company prepares to introduce a new product, ensuring alignment of all processes and stakeholders is essential. This means everyone must be on the same page. The go to market strategy template helps keep the alignment throughout the project process since the framework involves planning documents and roadmaps which keep all members informed.
- Work out possible issues.The strategy does not generally guarantee to prevent failure. Still, it can help your team manage expectations and work out some possible kinks before investing in a product in the market.
- Develop a product-market analysis. As you structure the go to market strategy template, you also prevent oversights and mistakes which can jeopardize product launches. Even if you have an innovative and well-designed project but the product-market fit is poor, it will do no good for your product.
Who needs a go-to-market strategy, and when?
Any service or product which aims to attract new customers must create a go to market strategy template. The evident scenarios include the following:
- Startups launching their pioneer products
- Established companies launching a new offer
- Product relaunches that have been innovated to entice new customers
- Building on the early product success with stronger growth directions
As you know, whenever your company wants to launch new products, it must be appropriate to create a go to market strategy template. It ensures that your team targets the right market with the correct positioning.
How to Build a GTM Strategy?
The guide below will be beneficial as you map out your go to market strategy. Check the following steps.
- Choose a template.A digital go to market strategy template will be the ideal platform for structuring the framework. Boardmix gives you the freedom to use a ready-made GTM template from the library and customize them.
- Define the ICP.The company’s ideal customer profile comprehensively describes the product’s perfect customer. They can benefit the most from your offers while giving the company enough value.
- Research your competitors.Understanding where your product or service stands in the existing landscape is vital to any go to market strategy. Learning what your competition offers and recognizing its value helps position your product.
- Create your messaging.Ensure effective communication with your ideal customers must resonate with the customers’ pain points. It’s also beneficial to consider how your competitors present their messaging so you’d also know how to position your product effectively.
- Establish the price strategy.Determine how much a person is willing to pay for your service or product and the payment method to convince them to buy and keep buying.
- Adoption plan and distribution.Identify the channels and platforms where you can reach your audience effectively. You can also include the factors that might help and how long it will take for them to commit to purchasing the product.
FAQ about the GTM strategy
What are the different types of GTM?
You must consider two types of GTMs when working on your go to market strategy. This includes the sales-led GTM strategies, which generally use marketing to create interest in a product through a demo or content forms. Meanwhile, a product-led GTM strategy utilizes the product to secure and retain customers. Each type will have different processes on your go to market strategy template, so it pays to brainstorm this with your team before developing the framework.