Go-to-market (GTM) is a strategy that describes the process of bringing a product or service to market and making it available for customers to buy. The go-to-market strategy includes all of the activities and initiatives that are needed to make a product or service successful in the market, such as market research, product development, pricing, marketing, sales, and distribution.
Here is an example of a go-to-market strategy:
A company is launching a new mobile phone. The go-to-market strategy for this product might include the following steps:
Conducting market research to identify target customers and understand their needs and preferences
Developing the product based on the insights from the market research
Setting the price of the mobile phone based on factors such as the cost of production, competitors' prices, and the value it offers to customers
Developing a marketing plan to promote the mobile phone, including advertising, social media, and events
Training the sales team on the features and benefits of the mobile phone and how to sell it effectively
Identifying and partnering with distributors who can help the company reach its target customers
Launching the mobile phone and making it available for customers to purchase
By following a well-defined go-to-market strategy, the company can maximize its chances of success and achieve its goals for the product launch.