Last week I talked about what all goes into a go to market strategy and gave you a few tips for how to create your first one. This week, though, I wanted to give you a go to market strategy example from a few different businesses so you can see a GTM works and what it looks like. I’ve also got a super-easy go to market strategy template you can use at the bottom.
To refresh your memory (check the last blog post, though!) a go-to-market (GTM) strategy is the plan you put in place to market your company to potential customers. It includes identifying who your target market is, developing a marketing plan, and executing it.
now let’s look at a Go to Market Strategy Example from different businesses
1. Nike: Nike understands that people want to feel good about themselves, so they focus on creating stylish and functional clothing that makes people look and feel their best. This is a perfect go to market strategy example because it’s worked for them so well for many years thatthey continue to dominate the sports industry.
2. Coca-Cola: Coca-Cola knows that people drink pop (yeah that’s right, I’m from Pittsburgh) to feel good, so they focus on creating beverages that make people happy. They also know that people will drink more if the product is marketed in a fun way, so they use celebrities and marketing campaigns of youthful, happy people enjoying Coke to further solidify their positioning.
3. Starbucks: Starbucks focuses on creating an unforgettable customer experience by providing high-quality coffee, unique tea options, and comfortable seating environments. They also focus on creating a sense of community by giving back to their local communities. This is a great go to market strategy example that shows how premium pricing for commodities doesn’t have to mean limiting your clientele.
4. Apple: Apple understands that people want products that are easy to use and look great, so they design their products with these principles in mind. They also focus on creating innovative products that solve problems people face, which has helped them become one of the most valuable companies in the world.
5. Airbnb: Airbnb understands that people want to find affordable places to stay while traveling, so they create a platform where hosts can list their apartments and rooms for rent. They also focus on providing quality service by having a team of dedicated customer support staff who are available 24/7/365.
Things to Consider in Your Business’ GTM Strategy
Product: What do you plan to sell? What problem does it solve for your ideal customer?
Launch strategy: After identifying the product you want to sell, the next step is figuring out when and how you’ll launch it. This includes coming up with an effective marketing strategy, such as advertising and public relations, as well as setting a release date.
Pricing: Once you have a product ready to sell, figuring out the price is key. You may need to do some research on what people are actually paying for similar products or services in your industry, and then set prices accordingly.
Distribution: Once you’ve priced your product and launched it, you need to find a way to get it in front of as many people as possible. This means planning marketing campaigns, setting up distribution channels, and more.
Customer acquisition: Once you’ve built a base of loyal customers, it’s important to continue attracting new ones. This may involve ongoing marketing efforts, as well as new product releases and pricing changes.
Retention: Once you’ve attracted a large customer base, it can be challenging to keep them engaged. This includes coming up with effective retention strategies, such as giving your customers special discounts and incentives or developing unique services or products that they’ll want to use.
A Go to Market Strategy Template You Can Use
Luckily, GTM strategies aren’t as complex as business plans, so I created a bare-bones go to market strategy template you can use as you like. It’s going to seem fairly rudimentary but that’s the strength of a good GTM: It’s elegantly simplistic and can be tailored to whatever you need it to be. Enjoy!
Business Name:
Product:
Price:
Distribution:
Customer acquisition:
Retention:
That’s it! Having a go to market strategy that overly complicates things doesn’t help anyone, believe me. The simpler you make it, the more effective it can be.
Frequently Asked Questions About Using a GTM Strategy
1. What is a go to market strategy?
A go to market strategy is a set of plans and tactics businesses use to acquire new customers and keep them engaged.
2. What are the main components of a go to market strategy?
Acquisition, distribution, customer retention, and pricing are all key components of a successful go to market strategy.
3. Why is it important to have a go to market strategy?
A good GTM will help businesses achieve their business goals. A well-executed GTM can help businesses grow their business, reduce customer churn, and increase revenue.
4. How does a go to market strategy work?
A go to market strategy involves planning and executing a plan to acquire new customers. The goal of a go to market strategy is to find and attract new customers by acquiring them through various channels, such as advertising, public relations, or sales.
5. What are some benefits of using a go-to-market strategy?
Your GTM strategy can be used to create a competitive edge and increase sales. There are many benefits to using a go-to-market strategy, including:
- Increased Sales: A go-to-market strategy can help companies achieve increased sales by targeting their target market more accurately. This can lead to increased profits because the company is able to sell more products or services to its target market.
- Better Positioning: A go-to-market strategy can also help companies improve their positioning in the marketplace. By targeting the right customers, a company can create a stronger brand image and gain an edge over its competition. This positioning can lead to higher profits in the long run.
- Increased Churn Reduction: A go-to-market strategy can help reduce customer churn by attracting new customers and keeping current customers engaged. In addition, a go-to-market strategy can help companies build a relationship with their customers, which can lead to increased loyalty and customer lifetime value.
- Greater Agility: A go-to-market strategy can help businesses react more quickly to changes in the marketplace. By planning ahead, a company can develop strategic plans that are easier to follow and implement. This allows the company to move more quickly and take advantage of new opportunities in the market.
- Reduced Costs: A go-to-market strategy can also save companies money by reducing the costs associated with acquiring new customers, such as advertising expenses or sales commissions.
6. What are some challenges of using a go to market strategy?
The first challenge with using a go to market strategy is that it can be difficult to determine which products or services to offer. It can be difficult to know what the market wants and how best to provide it.
Another challenge is that it can be expensive. It may require investing in advertising, marketing materials, or other promotional methods. However, these investments typically generate a high return on investment (ROI) that grows your business.
7. Is a GTM supposed to be static?
No, a GTM strategy should be constantly updated to take into account new market conditions and evolving trends.
8. Should I use a Go to market strategy if I’m a blogger?
There is no one-size-fits-all answer to this question, as the best GTM strategy for a blogger will vary depending on the type of blog and the niche it covers. However, there are some general tips that can help you get started.
First, make sure that your target audience is really worth reaching out to. If your blog focuses on personal finance topics, for example, you might want to focus your marketing efforts on websites that cater specifically to people in that field. Similarly, if your blog covers a topic that isn’t particularly well-known or popular, it might be a good idea to target smaller websites that are more likely to be interested in your content.
Second, think about what kind of content you would like to produce and make sure that it’s something that would be of interest to your target audience. If you’re a blogger who writes about fashion, for example, make sure your content is geared towards fashion-conscious people.
Another thing to consider is how much effort you’re willing to put into marketing. If you’re primarily a writer who doesn’t have any other sources of income, for example, it might not be worth your time and effort to focus on marketing your blog. On the other hand, if you have some spare time and want to make a bigger impact, you could try using paid advertising or social media marketing strategies.
Finally, don’t forget about basics like website design and content quality – both of which can make a big difference in terms of attracting attention from potential customers. If you can create an attractive blog interface and write high-quality content, chances are good that your target audience will find it worth their time to visit your website.
The Bottom Line
Now that you know what a go-to-market strategy is, and how to create one, it’s time to put it into action. There are many different ways to execute a GTM, so find the approach that works best for your business. And remember: A good GTM should be simple and easy to follow, so you can focus on your product and customers instead of getting overwhelmed with bureaucracy.
