Go To Market Strategy
The pathway to market has become increasingly complex, limited by the availability of crucial customer data and the need for advanced distribution capabilities placing significant pressure on sales and distribution. Transformation of a business’s distribution capabilities and sales processes enables creation of next-generation strategies for launching products to market. Ultimately, whether a product or service is purchased hinges on customer actions - not the actions of the market itself. It is therefore essential for products to be offered at the optimal time, through the optimal channel. Go-to-market strategies must incorporate these key factors by establishing an in-depth understanding of the customer base, as well as market conditions, and leveraging this knowledge to reimagine business distribution models and sales processes.
An innovative go-to-market strategy allows organizations to unlock new opportunities, support a culture of continued growth, and drive increases in profit in the short- and long-term. Optimization of gtm strategy results in maximized effectiveness and efficiency of sales teams, as well as seamless translation of strategy into innovative sales plans. Incorporating digital operations at all levels of the organization is crucial to keep pace with the rapidly changing digital landscape. Achieving this requires selective automation of roles and processes, which enables a transition to digital channels across the organization.
Cognitute’s Go To Market Strategy Consulting
Businesses face a wide range of go-to-market challenges, with disturbances including growth rate, entrance barriers, fluctuations in customer needs and behaviors, and perturbations in economics. Harnessing a dynamic gtm strategy allows leaders to adapt to, and overcome, these challenges through utilizing industry expertise and driving continued business growth in a quickly-changing global marketplace. An expert go-to-market approach allows comprehensive reimagining of existing go-to-market plans, as well as driving growth in business performance through the use of an innovative sales and distribution approach. Cognitute has identified four key factors that should be taken into consideration by leaders in the process of creating an effective go-to-market strategy.
Distributor transformation and decision-making
The existing distribution model should be rethought across all aspects, from scale to payout strategy. Reassessment of distributors is critical to evaluate distributor performance and effectiveness, allowing decisions to be made regarding changes in distributor roles and minimizing inefficiency.
Evaluation and evolution of sales processes
Digitization of sales is an essential point of leverage in successful go-to-market strategies, as businesses across industries prioritize the shift from in-person channels to digital channels. Businesses can embrace digital transformation in their go-to-market strategies by investing in sales consulting, given that the majority of global businesses are currently shifting from in-person to digital channels. With more than three-quarters of global businesses actively investing in digitizing go-to-market strategies, the reimagining of sales processes is critical to avoid falling behind the curve. Systematic evaluation of all sales activities allows pinpointing of aspects where digital automation is beneficial, as well as areas where digital augmentation can streamline processes.
Retail optimization and consumer segmentation
Optimization of retail processes and service models has become increasingly important in response to large and often unpredictable fluctuations in customer behavior and needs. To deliver a highly personalized, intuitive service, many businesses choose to apply a segmented model which sorts consumers into groups based on preference. This allows highly customizable marketing activity to be implemented, targeting specific customer segments, along with improving sales efficiency and effectiveness of the sales force as a whole.
Leveraging E-Commerce success
The dramatic rise of digital sales in the global marketplace has cemented E-Commerce as a highly lucrative domain - but many businesses have failed to unlock the full potential of E-Commerce success. To truly succeed in E-Commerce, businesses must leverage innovative thinking, adaptivity, and thorough integration of channels, as well as expert use of digital platforms. E-Commerce, when implemented successfully, delivers effective use of cutting-edge technology, dynamic digital platforms, and quick delivery of value.
How We Help
Cognitute’s seamlessly tethered multi-varied suite of next-gen consulting 4.0 practices across pricing, digital marketing, customer experience, digital operations, marketing excellence, and advanced data analytics guarantees assured outcomes to our Go-to-market clients through our proprietary outcome-driven contract which is comprehensively linked to core business metrics and levers–ensuring secure market penetration and sustainable future wins.
Cognitute’s Go To Market Guide
Today’s economic pressure and increasing engagement of emerging economies with the global marketplace have resulted in a complicated go-to-market pathway for businesses across all industries. These pressures are amplified for emerging marketplaces, where a lack of customer data and fragmented networks for distribution and sales increase complexity and reduce the ability to create a data-based GTM strategy. By incorporating a well-crafted digital marketing strategy and a variety of other marketing methods through expert knowledge of go-to-market processes, businesses can ensure that products have the highest chance of success even before entering the market. Cognitute’s go-to-market strategy consulting allows businesses to completely transform sales capabilities, leverage digital capabilities, innovate distribution solutions, and facilitate sustainable growth and profit while remaining informed on market conditions.
What is a Go-To-Market Strategy?
A go-to-market strategy is a plan created by organizations to comprehensively cover a step-by-step blueprint of introducing a new product into the market or expanding an existing product into new markets, including anticipation of risks and mitigation strategies, detailed market profiles, and a step-by-step strategic plan for distribution and sales. Introducing a new product has inherent risks, even for well-established or large corporations. Consumers’ tendency to “stick to what they know” means that breaking into the market with a new product is challenging and fraught with competition.
Go-to-market strategy is essential for all businesses aiming to compete with existing products or services—regardless of size, age, or degree of the establishment. The primary purpose of go-to-market strategies is minimizing risks, while continuously acting upon opportunities for success that are presented when a new product is released. This balance between caution and ambition is what allows organizations to reap rewards from new product releases while remaining aware of potential threats to success. Additionally, a go-to-market strategy provides an inherent competitive advantage through expert identification and a deep understanding of target consumer profiles and marketplace conditions. Marketing costs can be minimized—and ROI maximized—through a go-to-market strategy that incorporates identification of the most beneficial channels for marketing promotion. Following the selection of channels that will deliver the highest ROI, factors such as messaging and positioning of products can be re-evaluated prior to the product going to market, allowing alterations to be made if necessary.
How to develop a marketing goal in the current digital disruptive landscape? - 2023 Holistic Tips
Businesses with cutting-edge marketing strategies leverage strong marketing goals to provide specific objective measures and milestones, which measure progress toward more general, organization-wide goals. Marketing goals provide the feedback and guidance needed to measure the impact of the campaign and the value of the actions or work that is produced while providing clarity and purpose to both leaders and the workforce.
Industry marketing leaders realize that funneling resources into a marketing campaign that lacks a clear objective will result in a large-scale waste of invested resources, as well as a campaign that is ultimately unsuccessful. In an increasingly disruptive digital landscape, clear goals are even more essential to create directive, impactful marketing campaigns. Marketing goals are highly individualized depending on the brand, business, and industry, and can incorporate outcomes ranging from an increased level of brand awareness to driving a sustainable increase in customer value and customer experiences.
A 2021 survey revealed that almost 50% of marketing teams reported that increased brand awareness was the highest-priority marketing goal. Brand awareness is the pillar to increased reach and presence in the market, and in the digital marketplace, is an essential goal for driving growth in customer value and sales. Marketing goals for brand awareness should begin with establishment of the “brand voice”, incorporating the key values of the organization as well as the target platforms for communication with consumers. This voice can translate into specific brand awareness goals or adjacent goals such as increased engagement or growth in website traffic. Metrics for tracking the progression of brand awareness goals might include quantitative metrics, such as social media follower growth, website traffic, and SEO backlink traffic.
How to create an unparalleled Go To Market Plan?
Outside of a generalized marketing plan to incorporate key initiatives and business objectives, a more specific go-to-market plan is required to guide and streamline the development and release of a specific product into the market. Using a cutting-edge go-to-market plan guarantees optimal marketing success and drives product sales. The go-to-market plans that deliver the most value for businesses are those that incorporate four key pillars of the strategy.
The product is at the core of a go-to-market strategy and requires a product strategy that establishes the reasoning behind the launch of the product, why it is necessary, and what advantages it will give to the organization. Effective product management involves creating a comprehensive product strategy and roadmap through cross-functional collaboration, which incorporates input from various teams such as marketing, branding, customer support, and sales to ensure the successful launch and adoption of a product. A product roadmap should be created through collaboration between teams across the workplace, including input from marketing and branding teams, product managers, customer support, and sales and customer service employees.
The vision for a product must be innovative, and incorporate potential changes in the marketplace, business landscape, and consumer base in the long term. The more dynamic and forward-thinking the product vision is, the longer the life cycle of the product will be.
Pricing of the product should be highly individualized and based on valuable data regarding consumers and the marketplace as a whole. Strategies for pricing vary widely depending on these variables, and it is critical to choose a pricing strategy that best fits the current conditions of the organization.
Go-to-market plans that do not leverage feedback will consistently underachieve milestones and prevent the business from unlocking the full value of its marketing strategy. Utilizing a feedback loop allows leaders to evaluate emotional responses to a product, and determine the impact that the product has on customer actions. This feedback can be collected in a variety of ways - industry leaders may incorporate surveys, customer interviews, feedback from field inquiries, customer support on the front line, and analysis of data from social media.
A key component of an effective feedback loop is facilitating dialogue with frontline employees. The frontline workforce - customer support teams, customer service staff, and salespeople - have direct interaction with both returning and prospective customers, and have the opportunity to collect and share valuable customer insight early. Training frontline workers to advocate for customers, and involving frontline staff in product strategy, allows creation of an elevated customer experience while additionally providing a boost of customer feedback.
Channel strategy and primary channel selection
Finding the correct channels for a new product is not an easy feat. Utilizing an effective channel strategy helps businesses to identify which channels are best for reaching the target customer base while avoiding an overly-complicated customer experience. Channel strategy incorporates customer data, focusing on where the target customer base are primarily purchasing products, as well as determining if the new product will fit into certain channels, and identifying points where a competitive advantage can be produced. To ensure a seamless and satisfactory customer journey, it's crucial for businesses to integrate their channel strategy with a well-defined customer experience strategy that incorporates customer preferences and provides a consistent and personalized experience across all touchpoints.
Within channel strategy, relationships with key partners should be taken into consideration. Potential roadblocks with partners should be identified and monitored via maintaining open communication, driving improved channel performance and prioritizing a culture of partnership. At the same time, facilitating open dialogue with customers is essential to provide support and reward customers, creating a customer-focused experience across all channels.
Marketing communications and demonstrating value
Even the best product will struggle in the highly saturated market without clear communication with consumers about value and points of differentiation. A value proposition is what highlights the differences with similar products sold by competitors, answering the customer question of, “Why should I buy this product?” A value proposition for a product needs to be concise, clear, and demonstrate immediate points of customer benefit. The value proposition is then linked with market research to create a positioning statement, which addresses the key factors of target audience, unique product value, and how value will be demonstrated to customers.
A go-to-market plan is essential for both successful entrance into a new market, and development of a new or improved product within an existing market. In the high-risk process of entering a new market with a new product, creating a marketing plan helps to reduce levels of uncertainty and provide guidance for mitigating roadblocks.
Developing a marketing plan allows businesses to leverage valuable customer research regarding preferences and interest, and allows creation of a target profile of consumers to facilitate early adoption of products. Instead of attempting to create one generalized strategy for messaging that will connect to all potential consumers, a GTM plan allows leaders to segment audiences and develop hyper-specific marketing strategies to target individual customer segments more effectively.
Go-to-market plans must be highly niche, individualized, and developed around a specific market, product, or service - as opposed to the broader considerations of a marketing plan. Within a GTM plan, both internal and external resources must be taken into account, identifying opportunities for competitive advantage across all channels and levels of the workforce.
As the go-to-market plan can make or break the success of product launch and marketing, utilizing templates provides guidance on general structure and considerations to create a successful GTM plan, including common factors such as target audience and strategies for sales and marketing. Utilizing a GTM template allows marketing leaders to address key questions regarding user personas, marketing approach, value matrix, and generation of demand.
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