In today’s world of digital transformation, one of the marketing strategies used by our customers is the GO-TO-MARKET strategy.
This strategy can be briefly defined as a plan of using both external and internal resources of the company to provide the target customers with a unique proposition of the product value. Thanks to this, it is possible to achieve a significant competitive advantage.
The implementation of the GO-TO-MARKET strategy is divided into the following stages:
- The target market definition
- he creation of the database of the target market participants
- The research on the needs of the target market in order to create a unique product value proposition dedicated to this group.
- The price definition
- The distribution definition
- The promotion definition
All these above-mentioned activities are aimed to create a competitive advantage for the company.
When analyzing the chances of the successful entry to the target market, the following factors must be taken into consideration:
THE CUSTOMER
The company must ensure the uniqueness of the product/service to gain customers’ loyalty. As the result, the company is able to retain customers what leads to increased sales and low sales & service costs.
THE COMPANY
The mission and the vision of the company are the two most important factors determining the GO-TO-MARKET strategy. The decision, what kind of influence the company plans to exert on the market is crucial in the early stage of the strategy implementation.
THE COMPETITION
The understanding of the competition, its principles of operations, and product quality analysis are the key elements of the successful strategy. Thanks to them, it is possible to create a unique quality that distinguishes the product from the competition.
The next step in the development of strategy is market segmentation.
It is the process of dividing the potential customers into different groups, the so-called segments, that can be analyzed to predict their response to marketing activities.
When conducting market segmentation, the GO-TO-MARKET strategy takes into consideration the following factors:
- The customer’s industry
- The customer size and sales potential
- The customer’s behavior: the study of the customer behavior related to the product
- The Geography: the geographic locations of the potential buyers
- The application and the use of the product by the customer
- The benefits that the customer will get by purchasing the product
- The use of the product: when & where the product is to used
- The profitability of sales for a given customer.
Modern IT technologies make it possible to save this information in the form of comprehensive databases and then analyze it to make success in sales.