A Go to Market framework serves as a guide for companies when introducing their products to the market. The approach may vary from one organization to another, but it usually comprises of a comprehensive business plan that outlines the intended audience, marketing tactics, and sales strategy.
Since each product and market has its own set of unique challenges and prospects, it is essential to create a detailed plan for your Go to Market strategy that caters specifically to them. This will enable you to navigate the market more effectively and maximize your chances of success.
When do you need a Go to Market Strategy?
When introducing a new product or service into the market, it is essential to have a well-defined Go to Market Strategy in place. This applies whether you are launching your offering in an existing market or entering a completely new one. An effective GTM Strategy ensures that you target the right audience with appropriate positioning for your product or service. Its primary objective is to provide an actionable plan that communicates the value proposition of your offering to potential customers.
Conducting thorough research and planning is vital for the successful implementation of your launch, particularly for startups with limited resources and established companies operating in competitive environments. A GTM framework can help you gain a competitive edge by developing strategies that align with your business objectives while catering to the needs of your target audience.
What should you include in your Go to Market Strategy template?
When creating a Go to Market Strategy template, it should include essential information about your target audience, marketing plan, and sales strategy. This may comprise of various elements such as guides to the buying center and user personas, values, the buyer’s journey, sales funnel, and demand generation approach.
Although each Go to Market Plan template differs from one another, they generally aim to address the following questions:
1. Who are your ideal customers or buyer personas?
2. What is your value matrix, and how does it influence your messaging?
3. What steps do customers take on their journey towards buying from you?
4. How will you sell effectively to potential customers?
5. How can you create a demand for your product or service in the market?
6. What type of content can support demand generation efforts?
7. How can you measure growth using key performance indicators and other metrics?
8. What unique value proposition does your new product or service offer?
9. Are you targeting a market that already exists, or is it a completely new market for you?
10. What is the roadmap for executing your Go to Market plan, and how will you achieve it efficiently and effectively?
By answering these questions within the framework of a comprehensive GTM strategy, businesses can develop effective plans that help them launch successful products or services while minimizing risks and maximizing opportunities for growth in any given market context.
Why is it so important to have a Go to Market Strategy in place?
For startups, a well-designed Go to Market strategy is essential. As startups grow rapidly, every decision made can have long-lasting impacts. Tight resources mean that teams cannot afford to be out of sync with each other. If different teams are working from different playbooks, it risks wasting precious time and resources.
A Go to Market template can help align your teams so that everyone across sales, marketing, product development, and engineering is working towards the same goals.
By implementing a GTM framework in your startup operations, you can ensure that all teams are on the same page and working together efficiently towards achieving common objectives. With everyone pulling in the same direction and following a unified plan of action, you can overcome challenges more effectively while maximizing opportunities for growth in any given market context.
How do you use the Go to Market Strategy template?
To initiate the development of your Go to Market Strategy framework in FigJam, you can begin by utilizing our pre-made GTM strategy template and modify it as required to meet your specific needs. After that, follow the steps outlined below:
A helpful starting point is to provide answers to the questions presented in each section of the template:
- Preparation: What are the primary objectives of your strategy?
- Discovery: Which potential markets should you focus on?
- etermination: In which markets should you compete?
- Design: What is the most effective approach for taking your product or service to market?
- Recommendation: How will you assess success and determine if your strategy has been successful?
By thoughtfully answering these questions within a comprehensive GTM framework, you can develop an effective plan that aligns with your business objectives while catering to the needs of your target audience. This will enable you to navigate any given market context more effectively while maximizing opportunities for growth and success.
Once you have answered the questions above follow these steps:
1. Invite relevant team members to join the board and collaborate together.
2. Use the @mention or video chat feature to get input from other team members and ensure that all stakeholders are on the same page.
3. Upload various file types such as documents, photos, videos, and PDFs onto the board for easy access and storage of all relevant information in one place.
4. To ensure comprehensive planning purposes, consider linking or embedding other boards such as Personas and Marketing Strategy into this GTM framework.
