Topics In Demand
Notification
New

No notification found.

Blog
Before Launching a New Product know your Competitors to fine-tune your GTM Strategy

June 2, 2019

550

0

Go-to-Market strategy is a plan to employ the resources (internal & external) of an organization to deliver great customer value and gain a competitive edge.

A Go-to-Market strategy is a business plan that defines how to enter a new market to reach target customers or launch a new product/ service.While building a GTM plan, businesses face many challenges due to rapid innovation and daily changing market dynamics. Therefore, you must create it with caution and rich knowledge to either avoid the challenges or overcome them. Before discussing the major challenges when developing a GTM strategy, let’s take a look at its objective and the best technique to build one.

The Objective Of Strategizing A Go-To-Market Plan

Rapid innovation is causing products and services to evolve over time. This brings along raised market risks at early stages of product entry, launch and growth. Therefore, a GTM strategy is essential at all stages of product life cycle to achieve the following objectives:

  • Create awareness around your new offering
  • Convert prospects
  • Maximize your market share and exploit the gaps
  • Reinforce your brand position in the targeted market
  • Create a unique value proposition
  • Integrate best practices with strategic elements

The Best Way To Strategize A Go-To-Market Process

  • Define your market
  • Set value proposition for customers
  • Create a timeline to chase a business goal
  • Chase one goal at a time
  • Refine your sales process
  • Carry out effective marketing
  • Gather, analyze & employ competitors’ data (Competitive Analysis)

Challenges You Face While Creating a GTM Strategy

  • Customers: They are a crucial factor to consider while building a GTM strategy. Determining your initial customers, create effective tactics to deliver excellent customer experience. This will help you work out the best approach for engaging different customer types, gain loyal customers and accelerate product purchase.
  • Channels: Measure up to the ideas and vision of your team to work collectively to launch a new offering with an impactful message. Your workforce collaborating with each other across various channels is a key factor to consider when overcoming the challenges in the primitive stages of your GTM strategy.
  • Competitors: Conduct specific analysis like PESTLE and SWOT to understand your competitors and their performance in your targeted market. This will help you find any market gap and exploit your competitors’ weaknesses in the right segment.

Originally Published Here: https://www.fatbit.com/fab/gtm-strategy-challenges-solutions/


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


images
Pawan Kumar
Digital Marketing Specialist

Pawan Kumar is a seasoned Digital Marketing Specialist with a decade of experience. Passionate about travel, technology, and writing, he combines his expertise to craft compelling narratives that engage audiences. Pawan thrives on exploring new destinations and trends, always seeking innovative ways to connect brands with their customers.

© Copyright nasscom. All Rights Reserved.