21 Mar 2023

How to Build a Successful Go-To-Market Strategy

If you're looking to get your products or services market penetration, a go-to-market strategy is a must in 2023. A successful go-to-market strategy will help to ensure your message is heard, that consumer trends are taken into account and that customers know what to expect from your brand. In this article, we'll break down how to develop and execute your own go-to-market strategy for seamless market penetration. 

What Is a Go-To-Market (GTM) Strategy?  

A go-to-market (GTM) strategy is an organized approach to introducing a product or service to target customers and markets. It outlines how you plan to effectively communicate and launch your offering, while also providing insights into customers’ motivations and needs. GTM strategies also allow companies to gain competitive advantages by taking advantage of opportunities presented in the marketplace. 

GTM strategies identify target markets, pricing and profitability goals, competitive positioning, messaging/content and channels to be used. They also help companies understand how to effectively reach their customers through channel partnerships and other marketing tactics such as paid and earned media. Additionally, GTM strategies are often used to evaluate whether current resources (time, staff or budget) are sufficient for achieving those goals.  

With a well-developed plan, companies can ensure their product or service resonates with the right market segment — driving revenue and success. 

Define the Go-to-Market Structure & ROI Model Before Launching in the Market  

Before you start executing your go-to-market strategy, you must define the structure of the approach and its accompanying return on investment (ROI) model. The structure should outline clear roles and responsibilities for each team member and stakeholder, while the ROI model will help measure success. Additionally, you’ll also need to decide upon appropriate metrics that can be used to monitor progress along the way. 

Having these basic elements figured out before launching in the market is essential, as they provide a roadmap for all team members and stakeholders to follow. In addition, this will help you with decisions and allocating resources efficiently. When defining ROI, make sure the objectives are attainable, measurable and realistic. An example could include receiving a certain amount of leads within a month or quarter for sales purposes. With larger engagements, set up longer-term goals that allow you to maximize customer lifetime value and determine how long it will take for you to break even on your efforts. 

5 Steps to Creating an Effective Go-To-Market Strategy 

Step 1. Research Your Target Market & Their Needs 

Before you create a go-to-market strategy, it’s important that you have a clear understanding of your target market. Research the markets in which your product or services can be successful and analyze potential customers to understand their needs and preferences. This data will help inform how you shape the messaging and introduce your offering to the market. 

Step 2. Establish Clear Goals & Objectives 

Establishing clear goals and objectives beforehand helps you stay focused on the key tasks you want to accomplish. Your go-to-market plan should be closely aligned with your company’s overall business objectives such as revenue growth or expanding market share. Additionally, set specific targets such as customer acquisition, lead generation and retention rates that will help measure progress and keep everyone in sync with one another. 

Step 3. Identify Key Channels & Platforms 

To reach your desired target audience, you must identify the proper channels and platforms they use. Consider researching competitor strategies to get a better understanding of who they’re targeting, which platforms they’re utilizing, and how their campaigns have been successful in the past. Identifying the key channels you should use is critical for implementing an effective go-to-market strategy.. 

Step 4. Develop a Winning Pricing Strategy 

Set prices to make the biggest profit on sales, but also consider other factors such as competitor pricing. If your product or service is too expensive, it could limit how much you sell and consequently grow your business. Developing a sliding-scale pricing system can incentivize customers to purchase more frequently, while an unlimited-tier membership program could help increase customer value. Deciding on the proper pricing strategy takes time, but it’s worth investigating in order to maximize success.. 

Step 5. Craft a Compelling Value Proposition 

Crafting a compelling value proposition is key for your go-to-market strategy.. An effective value proposition should not just be about your product or service, but also about how it helps to solve a customer’s problem or meet their needs. This can be done by focusing on what makes your product/service stand out from competitors and highlighting the tangible benefits customers will get from using your product or service. Additionally, studies have found that emphasizing customer satisfaction has a powerful call-to-action effect and motivates people to purchase more frequently than if they were simply promised an immediate reward. 

How Can Vodus Research Help You to Develop an Effective Go-To-Market Strategy? 

Vodus can help you survey your target consumers from our Vodus Media Network which has a combined sampling reach of 17 million Malaysians. Through our Target Market Research solutions, we can help you to maximize your marketing campaign success rate, helping you construct an ideal marketing strategy by identifying your target market, finding out what they are looking for and how to reach them. 

Contact us through the form below to learn more about how we can help you develop an ideal marketing strategy by identifying your low-hanging fruits, and most effective marketing message. 

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