A Go-To-Market strategy is an action plan that’s specifically focused on the steps needed for a company to move into a new market or achieve a competitive advantage by reaching target customers. As it’s name suggests, this is a strategy that is dynamic and has an important role to play in a successfully executed Marketing Strategy.
Generally speaking, the main purpose of a GTM is to provide a blueprint for delivering a product or service to the end customer, considering market conditions and the overall goals of the business. This could be entering a new market, launching a new product, or re-launching a company after a merger or carve-out.
A Go-To-Market (GTM) plan is similar to a marketing plan and covers some of the same areas, but is much narrower in scope. Whereas marketing is about the business as a whole, a GTM is about a specific product or market.
Every single company, regardless of size or budget, should have a marketing plan. Go-To-Market plans, on the other hand, are only needed if you’re looking to expand into new markets or sell new products.
Growth, growth, growth
As with any growth strategy, you’re going to need an exceptional understanding of your target market before you begin to get started. Understand them, but also how they need to be approached. There are 4 options:
1. Expand – Selling your existing product or service to a new market. A thorough review of the new market is needed, to find out what they’re looking for and how they want to receive it.
2. Dive deeper – Sell more of your product or service to your existing market. This is a relatively low-risk approach since you already have an understanding of this market and your product/service’s place within it. This requires more of an emphasis on your overall marketing plan to be successful.
3. Innovate – Selling a new product or service to your existing market. You’ll need to reacquaint yourself with your market and gain an understanding of their developing needs.
4. New start – Selling new products or services into new markets. This is the most difficult of all 4 approaches and requires the most work. It’s also the highest risk.
If you’re unsure where to start with your budding Go-To-Market strategy, JBPRM offer a holistic solution for businesses looking to enter, compete and build sustainable revenue streams in all markets, but especially the UK Power and Energy sectors.
We have first-hand experience of working in the sectors we serve and know how to incorporate essential elements to drive inbound traffic, improve lead generation and create new business opportunities.
Whether customers are new to the UK power and energy markets or not, our tried-and-tested ‘Go to Market’ programme follows a key structure that can be tailored to our client’s specific needs.
Our easy Go to Market approach
Our Go-To-Market formula is simple and follows these general steps:
- Understand your offer and Ideal Customer
- Identify the market and critical success factors
- Identify, establish, and manage key industry relationships
- Manage product development and funding needs
- Establish the most appropriate routes to market
- Identify, agree, and manage your customer trials
- Develop, agree, and action business development tasks
Develop, agree, and action marketing tasks
Our flexible approach means we’re able to adapt a strategy to suit the exact needs of your business and the specific goals you hope to achieve. We’ll work with you to identify the ideal mix of elements to suit each customer’s circumstance. For example, if products are already developed, we may spend less time on adaptation requirements, and focus more on appropriate routes to market.
For more information on our Go-to-Market programme or unique business development solutions, Get in touch.