A go-to-market strategy is a plan that outlines how a business will introduce its products or services to the market and reach its target customers. The go-to-market strategy typically includes a detailed plan for marketing, sales, and distribution, as well as a timeline for implementation. The goal of a go-to-market strategy is to maximize the success of the product or service launch and achieve the desired market penetration and sales. The following are common types of go-to-market strategy.
Developing a new brand or brand extension for the target market. For example, a helmet company develops a new brand for white water rafters. A go-to-market strategy for a new brand can be complex including elements of market research, branding, promotion, operations, distribution, pricing and sales.
Developing a new product or service for the target market. For example, an insurance company that develops a travel insurance product for small business people who frequently travel on business.
Reaching a new target market may be a matter of distribution of existing products. For example, an Australian food products company that develops a go-to-market strategy to reach supermarket consumers in South Korea.
Developing a target market with promotional messages alone. For example, a donut shop that would like to sell to the Chinese Canadian community in Toronto develops local advertisements in Mandarin and Cantonese.
A go-to-market strategy can be a sales effort that involves developing leads and opportunities in a new segment. For example, a business software company that sells to large firms develops a go-to-market strategy for reaching mid-sized firms.