University:
California State University, Los Angeles
Course:
BUS 5026 | Global Business Environment
Academic year:

2024
Views:

157

Pages:

3
Author:

Amel S.

BASIC CONCEPTS OF GO TO MARKET STRATEGY (GTM) A. Understanding Go To Market Strategy In order to launch a product successfully, the company needs to implement a go to market strategy (GTM). You certainly don't want to spend a lot of time and energy to make the product acceptable to consumers? Therefore, you need careful planning so you can know when the time is right, and what your target customers are like. Sourced from Hubspot, go to market strategy is a method or steps for a company to get its product into the market. This includes business planning to determine the target audience, marketing plans, and sales strategies. Of course, each product will have a different strategy. This must be accompanied by mapping the problems that will be solved by the product. B. The Urgency of GTM By having careful planning, a company can make quite a lot of savings. The concept of a product can also be more appropriate because you already know the ins and outs of the market and consumer needs. You no longer need to spend a lot of time and resources on marketing and product introduction. Therefore, make sure that you have determined the GTM first before developing and launching your product. C. Steps in Carrying out GTM To be able to carry out a go to market strategy well, there are several steps you need to take, citing Upscope: 1. Know the consumer persona The first step in a go to market strategy is to first know your consumer persona. To do this, you need to know several roles of potential consumers in the purchasing process. • Initiator: someone who starts the buying process, or who initiates interest • Users: those who will often use your product • Influencer: someone who will influence other people to buy your product • Decision maker: someone who makes the decision to make a purchase • Buyer: someone who has the budget to make a purchase • Final decision maker: someone who decides to buy on a larger scale • Gatekeeper: someone who prevents a product from gaining purchase By knowing these roles, it will be easier to determine the right strategy, content to be created, and future processes. 2. Create a value matrix After knowing these personas, the next step you need to do is create a value matrix. The value matrix itself is a way to determine what problems each persona will face, as well as what solutions your product offers. 3. Know the consumer's journey The next step in carrying out a go to market strategy is that you need to know the consumer's journey. Consumer's journey itself is the process of a consumer recognizing and deciding to buy your product. Furthermore, you can start by determining the marketing funnel for your product. Therefore, you will know what the strategy is for each funnel. 4. Determine marketing and sales strategies Then, you can determine marketing and sales strategies for your product. Of course, each product will have its own strategy that is different from other products. Generally, there are four marketing strategies that you can use. These four strategies have their own advantages and disadvantages. 5. Synchronize with the support team Every new product launched will certainly encounter obstacles. Therefore, you need to equip the support team with sufficient knowledge and tools to deal with these problems. Without preparing a support team properly, consumers may think that your product is not worthy of being launched.