What is Go To Market?
Go to market, or a go to market plan or strategy is the strategy for a company or other similar organization to deliver their product to potential customers. Nearly all go to market plans have an overall goal of winning over market share via a better product, pricing, or support structure.
The difference between a go to market plan and a traditional marketing strategy is that the go to market is considered a more short-term step-by-step instructional plan. A standard marketing strategy will often be geared toward the long-term and will serve as the framework to help guide your business’ vision, principles, and goals, and to guide the overall messaging.
A go to market strategy will also generally focus on one particular and specific product, service, new expansion, or novel business feature or pivot. This can often involve new market research and boosting customer engagement. Other times it can be testing a new product or service with the company’s existing customers.
Every go to market strategy will have 4 distinct and crucial qualifiers:
- Market-Product Fit: This asks the most basic questions of what problems does your product or service solve, what needs does it serve, or what conveniences does it offer?
- Target Audience: Who are the people that experience the problem, need, or inconvenience that your product or service addresses? Are they able to pay for it? How much are they willing and able to pay? What are the details of the customer experience that you hope hold appeal for your demographic?
- Competition & Demand: Is there truly a marketable demand for your product or service? If it is something that already exists, is the market under or oversaturated? What is the projected difficulty of competing in an established market?
- Distribution: Where and how will the product or service be sold or distributed? What channels and mediums will be used, apps, websites, or even physical stores?
Nearly any company or organization that anticipates creating a go to market plan will need to answer these questions and more before they are ever able to build a viable go to market plan. These questions are adaptable to just about any industry or niche that exists. Once these questions have been addressed then the go to market strategy can be built.
What Is a Typical Go To Market Strategy?
The typical go to market strategy will allow a company to use its existing brand to effectively pivot and serve new customers while retaining existing customers. Go to market strategies are effective for companies of all sizes, from startups, moderate-sized established companies, and even well-established household names.
A relatively lesser-known ride-sharing startup called Via came onto the scene in 2021. Even though Uber was still extremely new at the time, Via was able to capture a significant and valuable niche in the ride-share market. The go to market plan for Via was that they took a different approach to the ride-share model. Whereas Uber utilized a model that picked up a rider and dropped them off at private locations, Via’s driver would take people traveling in the same direction and drop them off at convenient locations along a predetermined route.
This solved a big problem for many people, which is the crowded or sometimes unavailable public transportation with routes that were often too rigid for many people. The price point they leveraged allowed them to tap into a user base that could not afford to use Uber for daily commutes.
They currently offer ride-share partnerships with schools, private transporters, and even transit agencies to help provide affordable transportation for their users. They used their go to market to become so unique that they no longer consider Uber as a direct competitor.
Microsoft is another case where a successful go to market was able to help solve a common problem for many of their users: tablets are more convenient than laptops but less functionally versatile. Many people also are hesitant or even unable to buy both a laptop and a tablet. This is the basis for their go to market for the Surface line of products.
Microsoft provided a touchscreen experience in a tablet and soon after, a desktop format, and by doing so, they eliminated the task of hardware selection on the consumer. With so many manufacturers, different hardware specifications, and compatibility issues, Microsoft capitalized on a chance to simplify things for their target audience.
Now the surface is a direct competitor for the iPad as well as macOS. But in competing, they are able to offer a much more versatile experience. In addition to the familiarity for Windows users, the Surface line integrates fully with the existing Windows framework. This is a typical example of a very well-planned and well-executed go to market plan.
Companies That Excel In More Than Go To Market Strategies
As complex as it may seem now, a go to market strategy is only part of your company’s overall marketing and branding strategies. A flawless go to market is essential, if it is what your company needs right now to achieve ideal growth. This is why it is crucial to ensure that any digital content firms you work with are familiar with more than just run-of-the-mill go to markets. They should be a well-rounded and able company. Not only should they be familiar with other popular marketing methods, like buzz marketing, guerilla marketing, lifestyle marketing, product placement, and even experiential marketing, but they should be able to help your company achieve any digital or advertising benchmarks that you set together.
In addition to their skills, they should show a demonstrated track record of satisfied clients, both large and small, as well as successfully completed projects. This means they will be able to give your project the attention and precision that it deserves. There are not many companies in the Austin area that are able to provide the sort of top-tier service you need for success, however, there is one that can meet and exceed all of your marketing needs. Reach out today if you are ready to see the benefits that marketing can have on the growth and profit gains of your company.