Go-to-Market Strategy: Your Key to Understanding the Market before you Launch
The digital age is here… that’s pretty obvious to everyone nowadays. Information is more accessible today than ever before, consumers have the chance to dive into product research and make more decisions than ever before online.
This is good news in many ways. Who ever thought that people would buy insurance, mortgages, jewelry, and mattresses online as opposed to visiting a storefront or calling their agent? It wasn’t so long ago that one couldn’t imagine buying a mattress without lying on it - or buying an insurance policy from anyone other than a broker. But the paradigms have shifted (thanks in large part to COVID-19!)- and digital marketing is now the only way forward.
So, what’s the issue? Launching a new product or offering is a ton of work. A wide range of resources go into planning and budgets… we don’t have to tell you how much money goes into launching something new. But let’s be honest, a lot of the marketing campaigns that go with a launch are somewhat of a shot in the dark. It’s a guessing game. What will the customers like? What’s trending now? How will the target market respond? It’s almost a given that weeks of optimization are waiting and large parts of budgets will result in minimal results.
That’s where go-to-market strategy comes into play.
Using go-to-market intelligence, you’ll get the answers about your market, understand your competitive landscape, analyze, plan, and build the right partnerships before you press the launch button. Sounds too good to be true, right?
It’s pretty awesome. Let’s dive into GTM intelligence.
It’s all about planning your product launch strategy ahead of time
We have a secret. When you use GTM intelligence, you’ll do competitive analysis and check out everything your competitors did (and didn’t do) during their launches. And then you’ll take that info and beat your competition.
Here are the steps to follow to make sure you go from plan to execute instead of from execute to react.
Step 1: Discover and get to know your user segments
First, you need to get to know who you’re going after. What are the most impactful user segments for your offering? Dive into their interests and figure out where they hang out. After all, if you’re targeting them in the wrong place (even with the best copy out there), your budget will go down the drain.
Start thinking outside the box. What kind of messaging should you go for? How should you target your audience? Try to be creative and unique in the competitive landscape.
Step 2: Understand your supply map
You don’t want to waste any hard-earned dollars. Makes sense, no? The key here is to identify valuable targeting opportunities before you press “pay” on any campaign. Take some extra time to make sure you really dive into your supply map and know where you’re going.
Step 3: Work those partnerships
Working with partners? Awesome. Those partnerships are critical in supporting your launch. When you take a look at your go-to-market intelligence, you’ll be able to identify which partners are most valuable and understand the potential lifetime value of users from each one.
Step 4: Optimize product messaging
Building a strategic content plan is the whole point of a go-to-market strategy. So do it! Dive into that competitive analysis that you’ve done and make sure your messaging is optimized and your plan is rock solid.
Step 5: Navigate from day one
Your goal is to plan and then execute, not execute and then react. That’s why you need to understand your main enablers and the barriers of the industry in order to navigate your strategy well, from the 1st day (or even before!). Your goal here is to have a grip on your industry and your role in it from the get-go.
How does go-to-market intelligence work?
Market intelligence is based on three main steps: visibility, gap identification, put recommendations to work to close the gaps.
1. Market visibility: unravel your competitor’s customer journey
Take a look at the customer journey map for both you and your competitors. This step gives you visibility towards all stages of your journey.
2. Zoom in - Zoom out: identify the gaps and opportunities
This is the fun part. In this step of GTM intelligence, you’ll take a look at a blueprint of opportunities based on the gaps in the market. By reverse-engineering your competitors’ consumer purchase journeys, you’ll have the chance to put your finger on the exact problem and then beat it.
3. Close the gaps
Now’s the time to get to work. By turning the gaps and opportunities into recommendations, you’ll be able to pick those low-hanging fruits and see your sales skyrocket.
Ready to get started with GTM intelligence?
Taking control of your market before you launch is starting to sound like a pretty sound strategy, don’t you think?
Konnecto’s revolutionary Go-To-Market intelligence platform gives you the chance to reverse-engineer your competitors’ consumer journeys and surfaces daily opportunities to increase your online sales. You’ll get insights into exactly what you need to do to close the gaps in the market and gain your competitive advantage.
Want to learn more? Sign up for a demo here: