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What is a Go-to-Market Strategy & How to Create One? Tom Evans CompellingPM @compellingpm Copyright 2013. The Lûcrum Group, Inc. 1
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What is a go to-market strategy & how to create one p camp msp

Sep 13, 2014

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Page 1: What is a go to-market strategy & how to create one p camp msp

What is a Go-to-Market Strategy & How to Create One?

Tom Evans

CompellingPM

@compellingpm

Copyright 2013. The Lûcrum Group, Inc. 1

Page 2: What is a go to-market strategy & how to create one p camp msp

What is a Go-to-Market Strategy

• A Go-To-Market strategy is how a company delivers their unique value proposition to their target market and creates a competitive advantage.

– How do you create value?

– How do you deliver the value?

– How do you capture the value?

Copyright 2013. The Lûcrum Group, Inc. 2

Page 3: What is a go to-market strategy & how to create one p camp msp

GTM Strategy Helps You Succeed

• Improves time-to-market

• Reduces risks of failure and brand damage

• Enhances customer experience

• Avoid the wrong path

• Establishes path for growth

• Clarifies plan and direction for all

Copyright 2013. The Lûcrum Group, Inc. 3

Page 4: What is a go to-market strategy & how to create one p camp msp

What’s Included in the GTM Strategy

• WHOM will we actively target within the market?

• WHAT will be our product portfolio for target customers?

• HOW MUCH will we charge for our products for different customers?

• HOW will we promote our products to target customers?

• WHERE will we promote and sell our products to target customers?

Copyright 2013. The Lûcrum Group, Inc. 4

Source: http://en.wikipedia.org/wiki/Go_to_market

Page 5: What is a go to-market strategy & how to create one p camp msp

The Wrong Way to GTM

Copyright 2013. The Lûcrum Group, Inc. 5

Build Product

Define Channels

Define Price

Define Promotions

Ready – Fire

Page 6: What is a go to-market strategy & how to create one p camp msp

Slightly Better Way to GTM

Copyright 2013. The Lûcrum Group, Inc. 6

Build Product Define Target

Markets & Positioning

Define Channels

Define Price

Define Promotions

Ready – Aim - Fire

Page 7: What is a go to-market strategy & how to create one p camp msp

The Best Way to GTM

Copyright 2013. The Lûcrum Group, Inc. 7

Define Product

Define Target Markets &

Market Problems to

Solve

Define Channels

Define Price

Define Promotions

Define Positioning

Aim - Ready - Fire

Page 8: What is a go to-market strategy & how to create one p camp msp

When to Define GTM

Copyright 2013. The Lûcrum Group, Inc. 8

Source: AIPMM & 280 Group

Page 9: What is a go to-market strategy & how to create one p camp msp

Building Your GTM Strategy

Copyright 2013. The Lûcrum Group, Inc. 9

Page 10: What is a go to-market strategy & how to create one p camp msp

Needs, Wants, Demands

• Need - is state of felt deprivation of some basic satisfaction.

• Wants – are desires for a specific satisfier of these deeper needs.

• Demands – are wants for specific products that are backed up by an ability and willingness to buy them.

Source: Kotler – Marketing Management

10 Copyright 2013. The Lûcrum Group, Inc.

Page 11: What is a go to-market strategy & how to create one p camp msp

Our Levers of Influence

• We don’t create “Needs”.

• We influence “Wants” & “Demands” with our Go-to-Market Strategy

– Positioning

– Product

– Price

– Place

– Promotion

Copyright 2013. The Lûcrum Group, Inc. 11

Page 12: What is a go to-market strategy & how to create one p camp msp

Target Markets

• Select most attractive market segments – Alignment with corporate strategy – Has biggest and most urgent pain – Gaps in the market – Core competencies best support – Ability to reach – Leverages strengths – Least competition – Largest market size

• Roll-out plan – Order to enter each market segment

Copyright 2013. The Lûcrum Group, Inc. 12

Page 13: What is a go to-market strategy & how to create one p camp msp

Strategy Drives Marketing Mix

• Unique for each target market

• Starts with positioning

• Create competitive advantages

• Marketing objectives and strategy changes through product lifecycle

13 Copyright 2013. The Lûcrum Group, Inc.

Page 14: What is a go to-market strategy & how to create one p camp msp

Key Strategy Decisions

• Positioning –designing the company’s offer so that it occupies a distinct and valued place in the target customer’s minds. (Kotler)

• Competitive Advantage - developing a combination of attributes that allows a company to distinguish itself and outperform its competitors.

Copyright 2013. The Lûcrum Group, Inc. 14

Page 15: What is a go to-market strategy & how to create one p camp msp

Key GTM Strategic Objectives

• Create awareness, first customers

• Maximize market share – Attack competitors

– New markets/users

– Increase usage

• Defend market share – Against competitors

– Defend a position

• Harvest product for maximum profitability

Copyright 2013. The Lûcrum Group, Inc. 15

Page 16: What is a go to-market strategy & how to create one p camp msp

Product

• What needs does customer need to solve?

• Which features best meet these needs?

• How will customer use it?

• What are important attributes?

• How is it differentiated?

• What is necessary for the whole product?

• What should Product Line look like?

16 Copyright 2013. The Lûcrum Group, Inc.

Page 17: What is a go to-market strategy & how to create one p camp msp

Whole Product

Copyright 2013. The Lûcrum Group, Inc. 17

Core

• Benefits

• Features

• Quality

• Packaging

• Brand

• Style

• Color

• Fashion

• Standards

• Installation

• Integration

• Services

• Warranties

• Finance

• Additional Software & Hardware

• Customer Care

• Delivery

Actual Product

Augmented

Source: AIPMM & 280 Group

Page 18: What is a go to-market strategy & how to create one p camp msp

Price

• What is the pricing strategy?

• What is the value of product to customers?

• Are there existing price expectations?

• How do we price relative to competitors?

• Can you create competitive advantage with pricing model?

• What are price points for product line?

18 Copyright 2013. The Lûcrum Group, Inc.

Page 19: What is a go to-market strategy & how to create one p camp msp

Place

• Where do buyers want to purchase your product?

• What is the right distribution model?

• How do you develop the right distribution channels?

• What types of support and services are required?

• Can you create a competitive advantage?

19 Copyright 2013. The Lûcrum Group, Inc.

Page 20: What is a go to-market strategy & how to create one p camp msp

Promotion

• How do you reach the buyers & influencers of your target market?

• What messages will motive them to awareness, consideration, purchase?

• These decision drive marketing programs!

20 Copyright 2013. The Lûcrum Group, Inc.

Page 21: What is a go to-market strategy & how to create one p camp msp

Key Drivers for GTM

• Customers

– Intimate Understanding of Target Markets

• Company

– Mission, Strategy, Strengths, Weaknesses

• Competitors

– Strategy, Strengths, Weaknesses

Copyright 2013. The Lûcrum Group, Inc. 21

Page 22: What is a go to-market strategy & how to create one p camp msp

Understanding of Target Markets

• Who they are

– Personas

• Why they buy

– Problems they want to solve

• How they buy

– What is their buying process

– Where do they look

Copyright 2013. The Lûcrum Group, Inc. 22

June 21 Webinar

http://www.aipmm.com/aipmm_webinars/2013/05/how-to-develop-a-deep-

understanding-of-your-target-markets---the-starting-point-for-great-product-ma.php

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GTM Process

Copyright 2013. The Lûcrum Group, Inc. 23

Source: http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html

Page 24: What is a go to-market strategy & how to create one p camp msp

GTM Summary

Copyright 2013. The Lûcrum Group, Inc. 24

Page 25: What is a go to-market strategy & how to create one p camp msp

Thank You!

Tom Evans

CompellingPM

[email protected]

@compellingpm

www.compellingpm.com

Copyright 2013. The Lûcrum Group, Inc. 25