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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
Poll Question 1
Does your company create a formal Go-to-
Market Strategy for each product?
a) Yes, all products have a Go-to-Market Strategy.
b) Sometimes we create Go-to-Market Strategy, but
this is not a standard.
c) No, we never create Go-to-Market Strategy.
d) What is a Go-to-Market Strategy?
Copyright 2013. The Lûcrum Group, Inc. 2
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. 3
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. 4
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. 5
Source: http://en.wikipedia.org/wiki/Go_to_market
Poll Question 2
When do you typically create the Go-to-Market
Strategy?
a) Once the product is ready to launch.
b) During product development.
c) When planning the product.
d) When an executive asks for it.
Copyright 2013. The Lûcrum Group, Inc. 6
The Wrong Way to GTM
Copyright 2013. The Lûcrum Group, Inc. 7
Build Product
Define Channels
Define Price
Define
Promotions
Ready – Fire
Slightly Better Way to GTM
Copyright 2013. The Lûcrum Group, Inc. 8
Build Product
Define Target
Markets &
Positioning
Define Channels
Define Price
Define
Promotions
Ready – Aim - Fire
The Best Way to GTM
Copyright 2013. The Lûcrum Group, Inc. 9
Define Product
Define Target
Markets &
Market
Problems to
Solve
Define Channels
Define Price
Define
Promotions
Define
Positioning
Aim - Ready - Fire
When to Define GTM
Copyright 2013. The Lûcrum Group, Inc. 10
Source: AIPMM & 280 Group
Building Your GTM Strategy
Copyright 2013. The Lûcrum Group, Inc. 11
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
12Copyright 2013. The Lûcrum Group, Inc.
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. 13
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. 14
Strategy Drives Marketing Mix
• Unique for each target market
• Starts with positioning
• Create competitive advantages
• Marketing objectives and strategy changes
through product lifecycle
15Copyright 2013. The Lûcrum Group, Inc.
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. 16
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. 17
Poll Question 3
Who typically owns the Positioning decision in
your organization?
a) Product Management.
b) Product Marketing.
c) Product Management & Product Marketing.
d) Senior Executives.
e) Never thought about it.
Copyright 2013. The Lûcrum Group, Inc. 18
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?
19Copyright 2013. The Lûcrum Group, Inc.
Whole Product
Copyright 2013. The Lûcrum Group, Inc. 20
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
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?
21Copyright 2013. The Lûcrum Group, Inc.
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?
22Copyright 2013. The Lûcrum Group, Inc.
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!
23Copyright 2013. The Lûcrum Group, Inc.
Poll Question 4
Which is the most important driver in creating
your Go-to-Market Strategy?
a) Clear understanding of your target markets.
b) Aligning with your corporate strategy and
strengths.
c) Knowing how to compete against your
competitors.
Copyright 2013. The Lûcrum Group, Inc. 24
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. 25
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. 26
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
GTM Process
Copyright 2013. The Lûcrum Group, Inc. 27
Source: http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html
GTM Summary
Copyright 2013. The Lûcrum Group, Inc. 28
My Next Webinar
How to Create Effective Sales & Marketing Tools
That Actually Get Used By Sales and Prospects!
Friday, Oct 4, 2013
http://bit.ly/192JLpd
Copyright 2013. The Lûcrum Group, Inc. 29
Upcoming Training
• Optimal Product Management & Product Marketing
– Sep 9 – 11 (Austin)
– Oct 14 – 16 (Dallas)
• AIPMM Certifications
– Nov 5 – 6 (CPM – Austin)
– Nov 7 – 8 (CPMM – Austin)
More dates/locations - www.280group.com
Copyright 2013. The Lûcrum Group, Inc. 30
Free 1 Hour PM/PMM Consult
• First ten to submit information on form
• http://compellingpm.com/freeonehour/
• Please include background on topic or issue
• Must include company info (no Gmail)
Copyright 2013. The Lûcrum Group, Inc. 31
Thank You!
Tom Evans
CompellingPM
tevans@compellingpm.com
@compellingpm
www.compellingpm.com
Copyright 2013. The Lûcrum Group, Inc. 32

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

  • 1. What is a Go-to-Market Strategy & How to Create One? Tom Evans CompellingPM @compellingpm Copyright 2013. The Lûcrum Group, Inc. 1
  • 2. Poll Question 1 Does your company create a formal Go-to- Market Strategy for each product? a) Yes, all products have a Go-to-Market Strategy. b) Sometimes we create Go-to-Market Strategy, but this is not a standard. c) No, we never create Go-to-Market Strategy. d) What is a Go-to-Market Strategy? Copyright 2013. The Lûcrum Group, Inc. 2
  • 3. 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. 3
  • 4. 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. 4
  • 5. 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. 5 Source: http://en.wikipedia.org/wiki/Go_to_market
  • 6. Poll Question 2 When do you typically create the Go-to-Market Strategy? a) Once the product is ready to launch. b) During product development. c) When planning the product. d) When an executive asks for it. Copyright 2013. The Lûcrum Group, Inc. 6
  • 7. The Wrong Way to GTM Copyright 2013. The Lûcrum Group, Inc. 7 Build Product Define Channels Define Price Define Promotions Ready – Fire
  • 8. Slightly Better Way to GTM Copyright 2013. The Lûcrum Group, Inc. 8 Build Product Define Target Markets & Positioning Define Channels Define Price Define Promotions Ready – Aim - Fire
  • 9. The Best Way to GTM Copyright 2013. The Lûcrum Group, Inc. 9 Define Product Define Target Markets & Market Problems to Solve Define Channels Define Price Define Promotions Define Positioning Aim - Ready - Fire
  • 10. When to Define GTM Copyright 2013. The Lûcrum Group, Inc. 10 Source: AIPMM & 280 Group
  • 11. Building Your GTM Strategy Copyright 2013. The Lûcrum Group, Inc. 11
  • 12. 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 12Copyright 2013. The Lûcrum Group, Inc.
  • 13. 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. 13
  • 14. 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. 14
  • 15. Strategy Drives Marketing Mix • Unique for each target market • Starts with positioning • Create competitive advantages • Marketing objectives and strategy changes through product lifecycle 15Copyright 2013. The Lûcrum Group, Inc.
  • 16. 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. 16
  • 17. 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. 17
  • 18. Poll Question 3 Who typically owns the Positioning decision in your organization? a) Product Management. b) Product Marketing. c) Product Management & Product Marketing. d) Senior Executives. e) Never thought about it. Copyright 2013. The Lûcrum Group, Inc. 18
  • 19. 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? 19Copyright 2013. The Lûcrum Group, Inc.
  • 20. Whole Product Copyright 2013. The Lûcrum Group, Inc. 20 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
  • 21. 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? 21Copyright 2013. The Lûcrum Group, Inc.
  • 22. 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? 22Copyright 2013. The Lûcrum Group, Inc.
  • 23. 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! 23Copyright 2013. The Lûcrum Group, Inc.
  • 24. Poll Question 4 Which is the most important driver in creating your Go-to-Market Strategy? a) Clear understanding of your target markets. b) Aligning with your corporate strategy and strengths. c) Knowing how to compete against your competitors. Copyright 2013. The Lûcrum Group, Inc. 24
  • 25. 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. 25
  • 26. 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. 26 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
  • 27. GTM Process Copyright 2013. The Lûcrum Group, Inc. 27 Source: http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html
  • 28. GTM Summary Copyright 2013. The Lûcrum Group, Inc. 28
  • 29. My Next Webinar How to Create Effective Sales & Marketing Tools That Actually Get Used By Sales and Prospects! Friday, Oct 4, 2013 http://bit.ly/192JLpd Copyright 2013. The Lûcrum Group, Inc. 29
  • 30. Upcoming Training • Optimal Product Management & Product Marketing – Sep 9 – 11 (Austin) – Oct 14 – 16 (Dallas) • AIPMM Certifications – Nov 5 – 6 (CPM – Austin) – Nov 7 – 8 (CPMM – Austin) More dates/locations - www.280group.com Copyright 2013. The Lûcrum Group, Inc. 30
  • 31. Free 1 Hour PM/PMM Consult • First ten to submit information on form • http://compellingpm.com/freeonehour/ • Please include background on topic or issue • Must include company info (no Gmail) Copyright 2013. The Lûcrum Group, Inc. 31