A guide to go-to-market strategy

A go-to-market strategy is perhaps one of the most under-appreciated marketing strategies available. What is unique about this approach is that no two marketing strategies are alike. Whether you go to a market that consists of only a handful of people or an entire team, here are some tips to get you started.

What is a go-to-market strategy?

Definition

A go-to-market strategy is one that involves seeing a product or service from idea, to start to execution, in regards to channels of distribution. What is unique about this strategy, is that it involves customers' or other businesses' feedback. This process usually takes some time, up to a few years to execute in full, due to the steps involved.

Although some small businesses cut costs by using a few people to carry out procedures, the process takes much longer without the additional hands. A bigger team also means more input, which could ultimately lead to better ideas at enhancing your product to attract more business.

What are the steps involved?

The first step defines the go-to-market strategy. In this step, you begin your market strategy by compiling research from other businesses, both current and prospective customers and even random people.

Surveys, questionnaires, and studies are all used to gather feedback on what the customer would enjoy about a particular product or service. If there is already a similar product on the market, consider to compare the market products in the survey question. If the customer would have no use for it, a follow up question could be, "What would it require to have you purchase our product/service?"

What's next?

Compile your research into a document that's used to begin creating your supply to the demand. Once this document is created, every business makes a decision on whether the product or service can be made within their company or outsourced to another company. If the product/service is a brand new concept that hasn't been done before, consider copyrighting the idea and selling to a parent company or manufacturer.

If you fall, get up and try again

A demanding quality that cannot be replicated elsewhere is a guaranteed success for any business. Remember to value your team's feedback and to keep your customer's idea of that perfect product in mind. Once these steps have been completed, it is up to your marketing team to begin the advertising of your product to the public.

Final word

If you need to, survey a new customer, in a new location to compare the responses to your first group. Perhaps, there were other marketing channels that you overlooked. The only formula for success is, Trial + Error = Success.