If you are a needle, how will you ensure that people find you in a haystack?
This is exactly how a marketer feels when faced with the dilemma of making a business shine brightest in today’s market. With descend of the modern times, the competition has not just intensified, but also multiplied in quantum. In such a scenario, where so many teams are toughing it out for the same title, it becomes eminent that the crowd cheers for you.
How else would you survive the walk to the throne?
Even though it is an arduous job to get the crowd to wear the jersey you have on you, it seems to be the way to go.
A diverse crowd demands more than innovative marketing strategy, they demand a thought out strategy. A business does not succeed by introducing the desires of the customers at the finish line but rather carry it on the shoulders throughout.
“A correct go-to strategy is like a chicken which can lay golden eggs, if taken care of well”
What is a Go-to Market Strategy?
Consider the process of building a house to running a business, the first thing you need is the blueprint or the map; without which all your plans come to a standstill. Now, it might be that the map is rejected by the authorities at first, so you make changes accordingly and try again. Whatever you do, before you start the construction of the foundation, you know exactly how you will make it ready for possession.
This blueprint, when made for delivering a product to a customer is called a “Go-To Market Strategy”. It can also be referred as an action plan devised for the business to assist it achieve its objectives and growth potential. A portable manual of how-to, when-to and even what-to.
Some marketers might undermine the process by relating it to advertising but the true strength of any strategy lies in wholesome planning. A good marketer knows what the consumers wants and tells you exactly how to give it to them.
If you may, you can refer to it as a document that lists all resources, whether internal or external; available to the business and a subsequent column demonstrating the ideal ways to utilize them.
Imagine, a computer voice asking you what you want to do or wish your business to be and as soon as you have spoken your heart out, it presents you with analysis of the logic and reality that surrounds that dream. A right strategy does something similar for the business, therefore it is important to understand every aspect of the strategy and not confusing it with any branch alone.
An efficient GTM strategy paves a complete path for the business; to understand the scope better, let us lay out the blueprint on the round table.
Still not sold on the idea? Let us list out the benefits of the right GTM strategy
Optimal utilisation of resources
What business rarely has in abundance? – Resources, which makes their optimal utilisation that much more important; which is made possible by a GTM strategy. When you know what you have and where it would reap you more benefits, your resources are applied towards achievement of the organisational goals.
Clear understanding of the market
It is very important to understand the fine details of the market you are looking to enter, what product is needed, what won’t work and even what product will be a hit with which kind of audience. Questions that are answered in a GTM strategy.
Appropriate pricing policy
Instead of changing yourself to reaction of the end users, it is always better to know what they would accept without it feeling a burden; a concept GTM strategy fully supports.
Supply chain management
Businesses have toppled in absence of a sound distribution plan because obviously their product is useless if not in the hands of the intended users. A GTM strategy maps the chain out and makes the journey smoother.
Knowing your end goals and the muddy path that leads towards them always has a positive impact on the management; which helps businesses grow out of their comfort zones and throw themselves on the road to success.