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Concept
Go to market
Summary
Go-to-market, go-to-market strategy, or GTM strategy is the plan of an organization, utilizing their outside resources (e.g., sales force and distributors), to deliver their unique value proposition to customers and achieve competitive advantage.
The end goal is to enhance the overall customer experience by offering a superior product and/or more competitive pricing.
In the earliest stages of developing a go-to-market strategy for a new product or service, the company has to initially conduct an accurate definition of the target market. The company has to decide whether they already have prospective customers within their customer base but using different services.
After defining the market, the product or service is researched until a final decision is made on what the value proposition will be. Then the company determines its pricing strategy. It is very challenging to decide what pricing strategy to follow as it differs from one product or service to another, or even when the product or service remains the same but the strategy changes, such as switching to subscription-based pricing (an example of this is Adobe's major shift from selling its Creative Suite software, which included all Adobe's products such as Photoshop and Illustrator, to a $50-per-month Creative Cloud and various other subscription plans).
Moreover, choosing the right distribution and marketing channels, followed by promotion, are very vital steps in a go-to-market strategy. A company has to decide which distribution model to choose, what kind of support and services are required, and address the possibility of creating a competitive advantage. Afterwards, the company decides how it is going to promote its product or services and what kind of marketing campaigns are most influential to follow.
When considering to develop a go-to-market strategy, there are 3 essential factors to focus on:
Delivering exceptional customer experiences leads to loyalty and advocacy of the customer. Consequently, that triggers increase in product purchase, customer retention and low cost of service.
Official source
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