What is a go-to-market strategy? How to position yourself for success

It's not easy being the new kid on the block.

Going into the unknown is scary. If you're like me, you have a backup plan for your backup plan. Your product is your business, and your business is you. You put your heart and soul into it, and now it's time to get it out into the world.

When the newcomer is a product you've worked so hard to develop, preparation is a necessity. A go-to-market strategy is the key to turning uncharted waters into smooth sailing.

Does this all make sense? Great! Let's dive!

What is a go-to-market strategy?

A go-to-market strategy (GTM) is the plan a company creates to launch a new product or service in its target industry.

Companies use marketplace software to create and manage their marketplace access in the virtual space. Marketplace solutions offer the tools to host an e-commerce website, communicate directly with suppliers and customers, create new product listings, and seamlessly integrate payment mechanisms.

A go-to-market strategy determines your company's product placement, messaging, pricing strategy, and packaging. You also need to figure out who your customers are and the channels you use to reach them. An effective go-to-market plan includes industry awareness, lead generation, store penetration, value proposition and customer retention initiatives.

Types of GTM strategies Sales Driven: Relies on salespeople to generate leads and build awareness of their business. Product Driven: Let the product do the talking by making it so compelling that users instantly recognize its benefits. Will my product fit the market? Are people really going to buy it? How do I prepare? If you have any of these questions, creating an effective GTM strategy answers them. Go-to-market strategy vs marketing strategy

Throughout this article, you will see many instances where the importance of a marketing strategy is emphasized when preparing a go-to-market strategy. These two terms are often confused but have very different meanings.

A go-to-market strategy focuses on preparing each element of a new product launch plan. No two GTM strategies are the same as they are tailored to the goals of a specific product and the needs of that product's target audience. A GTM strategy technically ends when the product hits the market.

A marketing strategy focuses on how a business uses specific marketing techniques to capture the attention of its target audience. Marketing strategies are always on-going and constantly evolving. They need a permanent marketing team to carry out their tasks.

Some companies developing a go-to-market strategy will work with marketing strategy agencies to outsource elements of the process. These agencies usually work with the company to ensure marketing materials are always up to date...