MARKETING
GTM Unpacked : How to chart your path to the market
By Geoffrey Sirumba
The Greek philosopher , Heraclitus , once said , “ change is the only constant in life .” Well , I guess the adage still rings true for all of us today . I recently changed employers . It was a big shift because I moved from financial services to the retail industry . They are worlds apart as you can imagine and are underpinned by different marketing approaches .
I was immediately thrown into the deep end . My first order of business was to craft a Go-To-Market Plan
Confusing Plans
From experience , I feel there ’ s general confusion among practitioners and entrepreneurs alike between a business plan , marketing strategy and a go-to-market plan . While they are related , they are markedly different . A business plan is broader in scope and considers every aspect of a business . A go-to-market strategy , on the other hand , is focused specifically on delivering a product or service to an end customer . In simpler terms , a GTM strategy is how a company brings a product to market . It ’ s like a blueprint that measures the viability of a solution ’ s success and predicts its performance based on market research , prior examples , and competitive data .
Onto the other bit of the confusion , a GTM plan and marketing strategy . What differentiates a GTM strategy from a typical marketing strategy is its place in the product ’ s lifecycle . Whereas the marketing strategy focuses on the continuing campaigns and programs the company runs to
increase demand for the product or service after it ’ s been introduced to the market , the go-to-market strategy is about creating the plan to introduce that offer to the market .
GTM Unpacked
The goal of a GTM strategy is to improve key business outcomes . This is mainly accomplished by aligning with the evolving needs of your customers . Developing a comprehensive GTM strategy is an investment in time and resources , but it can help illuminate and ensure a viable path to market success .
To create an effective GTM strategy for your business , you want to create a detailed plan which answers the questions about markets , customers , distribution channels , your product offerings , price , and how to position yourself . If you can concisely and effectively answer these six questions , you ’ ll be in the position to formulate a winning GTM strategy .
Without sounding like a motivational speaker , GTM strategy , like any corporate strategy , is a matter of asking the right questions ( and in the right order ). The main difference between an overall corporate strategy and a GTM strategy is that the latter places greater emphasis on customer touch-points .
Below is a step-by-step breakdown of what you can consider when developing a GTM plan for a consumer goods business or any other consumer-oriented business .
Step 1 : Define The Target Market
The first thing to do when preparing your product for the market is to understand your industry . Every industry has different dynamics . The best tool for analyzing an industry is Porter ’ s Five Forces , although others are equally good . It is a powerful model that will open your third eye to the levels of competition , various strategic groups plus their strategy ( market structure ), and barriers of entry / mobility . At the end of the analysis , you will have a bird ’ s eye view of the entire industry and an idea of how to make an entry . At Xing Yung Global , our analysis focused on the commodity import-export industry .
Step 2 : Know Your Target Customer
Once you have defined your target market , you would be a step closer to identifying who they are . Clarifying your ideal customer is a vital element in formulating your GTM strategy . At this stage , you can employ the good old model of Segmentation , Targeting , and Positioning ( STP ) to demystify your to-be customer . It involves gathering extensive information about their behaviors , preferences , challenges , attitudes , goals , and needs .
For our case at Xing Yung Global , we are targeting large-scale importers of consumer commodities from China . So , our fishing net is set for supermarkets , big regional wholesalers and the like . It is also important to understand your customer journey . Issues like order fulfilment , taxes and regulations ,
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