Product Launch and Product Planning | Successful product launches are either a great deal of luck or are driven by a thoughtful, customer-centric GTM strategy. Lenati connects key customer insights with a compelling launch strategy and execution plan across product, marketing and sales.
Shifting to the Cloud | Often the success or failure of a cloud-based alternative has less to do with compelling product features and more to do with how successfully companies can adapt their business, marketing and sales models. Lenati helps companies make the shift to the cloud across their entire business, with a particular emphasis on the impact to sales and marketing.
U.S. Market Entry | The U.S. market is highly sought after, given the size of the opportunity. Success or failure is largely dependent on capacity and saturation of the market and a compelling value proposition. Lenati helps companies develop an entry strategy based on revenue and/or growth opportunities given customer buying habits.
Customer Growth Strategy | Sometimes companies find that sales are lagging or customer engagement is lower than anticipated. Lenati helps identify why products or services are stagnating and works with companies to develop new growth strategies.
Adapting to Changing Buyers | In today’s dynamic marketplace, buyers and buyer behavior are constantly changing. Whether targeting millennials for the first time or trying to influence business decision makers instead of a technical audience, sales and marketing needs to hold hands and adapt. Lenati helps companies shift to a buyer-centric organization while aligning marketing and sales functions to the new customer.
Meet our Go-to-Market Expert:
Lisa Schlichting
Lisa Schlichting’s expertise spans Go-To-Market strategy, Customer Insights, Marketing Strategy and Execution with a focus on the high-tech industry. Her passion is found in helping growing to Fortune 500 clients leverage customer behavior and market insights to develop the most effective routes to market. Given she started her career at global advertising agencies, her strategic experience is grounded in a foundation of marketing execution. Lisa has worked across a variety of well-known brands such as Windows, Office 365, Logitech, Salesforce.com and Philips.
A go to market plan or a go to market strategy is an organizational plan that is meant to utilize resources to deliver a unique value proposition to customers. Such a plan is meant to help the organization achieve a competitive advantage over its rivals. Let’s take a look at a few basics of a go to market strategy, followed by PowerPoint templates that you can use for presenting your go to market .
What is a Go To Market Strategy?
Market Segmentation
When making a go-to market plan for a new product, the company should first define the target market. It is possible a company might already have customers from existing products or services to tap into.
The Value Proposition
This should be followed by researching on the product or service to identify what value proposition can be offered to customers. A value proposition is the unique selling point of a product or service which can deliver some exclusivity to customers to give the product or service a competitive advantage over competitors.
The Pricing Strategy
The pricing strategy is another essential aspect of a go to market plan. Your customer need analysis might help you decide what strategy is best for your product or service. What might be the price the customers might be willing to pay and what model might suit your brand. For example, software application suits use a subscription based model, whereas others prefer to sell a bundle with fee regular updates.
Defining Your Distribution Model
Making your product accessible to customers is as important a step as any other. You must ensure that you have a distribution model that is practical, cost-effective and easy enough for customers to make use of. Your distribution model must answer some pressing questions in great detail. These include; who to sell, what to sell and how to sell.
Chalking Out a Promotion Strategy
You might have a great product or a killer service. However, no one is going to buy it unless they know about it. This is why a promotion strategy is essential to define how might you be able to reach out to your customers.
7 Essential Elements of a Go To Market Strategy
This video by LatAm Startups discusses the 7 essential elements of a go to market strategy by highlighting the pitfalls many startups face when trying to sell their product or service.
Steve Jobs Talks About Apple’s Go To Market Strategy
It’s always nostalgic to see the pioneer of home computing talk about strategies and plans for reshaping the computing market. In this video from 1991, Steve Jobs explains a go to market plan for his company for tapping into the workstation market. This video is a good example of how a go to market Plan is developed and what goes into making a great go to market strategy.
To showcase your go to market plan, you can download the Go To Market PowerPoint Template by SlideModel via the blue box below. This template comes with a plethora of slides to help you define and reveal each aspect of your go to market strategy in great detail. You can preview all slides from this template below.
2 pages, 505 words
A go-to-market strategy defines the activities and the participants that connect a firm to its customers and prospects (Zoltners 2001).
Within this framework the process of deciding on a go to market strategy usually involves answering four major questions. The first of these questions involve determining how best way to segment the existing market. Since customers are heterogeneous with differing needs which entails identifying different groups of customers with similar characteristics is mandatory. The existence of diversity among customers is minimized as the broader market is divided into smaller homogenous segments. Segmentation can be structured along the lines of geography, customer size or business potential, industry or application, market and channel accessibility and purchase behavior. Products, services, positioning and selling efforts can then be customized into individual segments. According to Zoltners the best approach to segmentation for developing go to market strategy is one that generates segments whose members require attraction and retention activities and hence similar essential work.
The second question entails determining what is required for each segment. Essential work comprise of activities required to serve the customer efficiently and effectively. Essential work is subdivided into four activities: interest creation which involves making prospects aware of the benefits of your product or service, pre-purchase which include qualifying and assessing customers and prospects, purchase which encompasses negotiating, bidding, proposal writing and writing orders and post-purchase activity which represent activities geared toward building commitment leading to business relationships and future sales. In determining the essential work requires for each needs, size and opportunity can play a pivotal role together with input from sales people, channel partners and consultants. After determining the required essential work the next question involves deciding which go to markets participants should perform these tasks.
4 pages, 1713 words
Activities, opinions. Q 7. For a company of your choice: define its target audience in terms of how it has segmented the market ... a product. By using segmentation a company can identify target customer groups. Examples of segmentation: - 1. Demographics - age, sex, ... Large global organisation; high quality products; good company to work for; attempts to produce social, economic and environmental ...
Cost is usually an overriding factor in determining how to go to market. The four major go to market participants are advertising and promotion, call centers, the internet and sales forces. Each go to market participant will have a varying amount of efficiency and effectiveness depending on the customer characteristics and type of essential work. The sales force is known to provide that critical link for companies transitioning from transactional selling toward one of relationship building. Sales people can also be very decisive in protecting and retaining valued accounts.
This is not to underestimate the contributions made to the sales process by other go to market participants and very often there are hybrid go to market participant portfolios where the salesperson does some of the essential work and other participants perform complementary tasks for the same customer segments and most of or all the work for other segments. The final question involves deciding whether to use a direct or indirect sales force. Several factors favor direct sales for over indirect sales force and vice versa. The level of company specific capabilities required for success in the selling process determines whether to sell directly or indirectly (Zoltners, 2001).
17 pages, 8341 words
Suggest that it is becoming increasingly difficult for labour market participants to predict with certainty their position within a segmented ... (2008) Organisations and the transformation of the internal labour market, Work, Employment and Society, 15(1): 25–54. The ... in the labour force. For example, the proportion of couples with dependent children where both partners worked increased by ...
These capabilities according to Zoltners reside in the areas for marketing, information and Finance.
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In past posts, we’ve shared our perspective on the best strategies to drive and . In this post, we’re going to turn our attention to your firm’s go-to-market strategy.
Go-To-Market Strategy Defined
Some people confuse a go-to-market (GTM) strategy with a business plan. While they are related, they are different. A business plan is broader in scope and considers every aspect of a business, while a go-to-market strategy is focused specifically on delivering a product or service to an end customer.
A properly developed, carefully considered GTM strategy delivers actionable answers to some tough questions, including:
- How do you connect with potential clients?
- How do you offer a compelling value proposition?
- How do you distinguish yourself from competitive firms?
- How do you deliver on what you’ve promised?
You often hear go-to-market strategies associated with manufacturers and companies targeting specific markets with a particular product or products. To be sure, GTM strategies are crucial for new product launches, but they can be linked to professional service firms, as well.
Professional Services Are Different
Just as there is a major difference between computer chips and corn chips, there can be significant differences between various disciplines within professional services. For example, corporate and divorce lawyers.
To make things even more challenging, professional services can have special considerations, such as complicated purchasing processes that can be made even messier because you’re dealing with an intangible-expertise-rather than a tangible product that can be defined and compared. This, of course, makes developing a go-to-market strategy for professional services that much more challenging.
With that in mind, let’s take a closer look at what it takes to develop an effective go-to-market strategy for a professional services firm.
5 Steps for Developing a Professional Services Go-To-Market Strategy
Ready to Go to Market?
The five steps we’ve outlined here are a great place to start on the road to developing an efficient, effective go-to-market strategy for professional services. For any plan to be successful, though, it must be flexible and current.
As your market and industry conditions change, be ready and willing to revise your go-to-market strategy to keep pace. Nothing should be carved in stone.