TMCnet Feature
June 01, 2020

How To Reinvent Your Go-To-Market Strategy In COVID-19

Go-To-Market Strategy

We all know that a good marketing strategy is important to the development and success of the brand.  Additional planning is essential for companies looking to survive the current competition in the market.  In order to enter new markets, brands often use the Go-To-Market strategy to set goals, plan their future actions, and gain a competitive advantage.

A Go-To-Market Strategy is a plan that outlines the steps necessary to enter a new market and be successful.  The GTM plan specifies the actions necessary to reach a target audience, build a good market base, and gain an advantage over competing brands.  In addition, Go To Market plans describe what a company must do to design a better customer experience for existing products.  Additionally, GTM can be adopted for both Business-To-Business (B2B) and Business-To-Consumer (B2C) marketing.

The GTM plan addresses pricing and ad distribution. This may sound like a good old-fashioned business plan. However, the Go-To-Market scheme considers marketing at the micro-level, while the latter provides a macro-level strategy of the business plan.

Here are 4 key points about the data-driven GTM strategy:

Components of an efficient marketing strategy

Like many other marketing solutions, when done correctly, a marketing strategy is very useful and improves the sales and revenue of a brand.  There are some components to an efficient and effective GTM strategy.  An important thing to consider when creating a marketing strategy is your market definition.  A good GTM strategy is to define the consumer market for a product or service, which helps optimize short and long-term marketing efforts.

Another important aspect is the focus.  The marketing strategy should focus on the product or service and its benefits for customers in the current market.  You must highlight what a brand can offer customers that cannot be competitive.

Furthermore, an efficient marketing strategy must be flexible.  In a constantly changing market, innovation is important.  A successful GTM strategy is plausible and can be modified to match brand innovation.

Dealing With Customer Pain Points Using GTM Strategy

A critical point is a problem that current or potential customers are experiencing with a brand.

 Weaknesses can present different parts of the customer experience:

  • Financial: Customers are spending a lot on an existing product or service and want to cut costs.
  • Productivity - Customers are wasting too much time using the current product or service and want a more efficient solution.
  • Support - Customers don't get the support they need in the customer journey stages.

In addition, many critical customer points combine multiple categories of problems.  To successfully address customer weaknesses and present the brand as a solution, you must first identify the issues.  The quality strategy for going to market is based on the data collected and analyzed to do just that.

Collect Competitive Intelligence

As we said earlier, innovation is important in today's highly competitive market.  Companies innovate using two main channels. The first is product innovation, which means a new solution to a problem faced by many consumers. A brand may offer a product that addresses a problem that has not been previously touched upon or that addresses the problem differently. Second, the brand is innovation or a new brand. You can launch a new product or make changes to an existing one.

A market launch strategy is a great foundation for successful innovation. Innovation based on an organized, data-driven strategy is critical to effective change and improvement. As stated in the Harvard Business Review, having a strategy helps focus innovation efforts around set goals. In addition, it maintains priorities and accelerates innovation ideas. This creates a better process of innovation, one that is more likely to aid brand development and survival.

Understand And React To Consumer Trends

Product marketing means promoting and selling a product or service.  It emphasizes decision making about product positioning and messaging, product launch, Web Scraping, and more.  Successful data-driven product marketing is based on quality information.

Consequently, it is important to do market research.  Quality research provides insight into potential customer markets and customer prospects that aid in marketing design.  Furthermore, listening to your customers is also an important part of product marketing success.  Social media has become a platform for customer feedback, customer service, and product promotion.  Social listening is a great way to assess what type of message will work best and learn what social spirit a brand is creating.

The start-up marketing strategy provides a solid foundation for more focused market research and analysis of the customer's voice.  Using a well-formed strategy ensures that the message is in line with the buyer's vision and focus and helps sales teams optimize marketing and achieve better sales and revenue.

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