Go-to-Market Strategy (Part 2)

Synopsis

How to introduce a new product to the most promising market? With a solid go to market strategy on deck, make sure the resources and hard work spent on a new product are ultimately worthwhile. Our Go-to-Market Strategy (Part 2) presentation can help align multiple departments to work toward the same goal. It covers the essential components of a GTM plan, and includes tools such as market trends analyses, customer value map, product-market fit, expansion lifecycle, revenue growth projection, plus many more.

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Market trends

The best product leaders and marketers are those who pay attention to the big environment. Think about what happened in the last few years as businesses had to adjust to new purchase behaviors. In many cases, the necessity of online sales eventually became a preference, as businesses and shoppers were mutually benefited. 

To start, pinpoint any promising market trends in untapped regions or emerging economies. While big markets can be safer bets, smaller markets might experience more dramatic growth spurts. (Slide 3)

Now, break this information down into finer points. In this hypothetical scenario, we're analyzing how sales channels have evolved. The regional data highlighted in the previous slide are now divided into online and non-online sales. (Slide 4)

Customer value map

Now lets bridge market perceptions with what a business actually has to offer. A simple way to visualize where your company offerings fall in the marketplace is with a Customer Value Map. The map compares a company or a particular product's relative price with its relative satisfaction. Offerings that fall on the fair value line have price points that correspond to a generally accepted level of satisfaction and quality. They give neither too much nor too little. Plot where your main business competitors fall on this map and where you want your business to be, that is, the intended niche. (Slide 5)

In this scenario, Company 4 wins the hearts of the public for the relatively high satisfaction it delivers for its relatively low price. Company 3 hovers around your intended niche. So even though Company 4 is doing quite well, Company 3 would be a more immediate threat.

This additional layout allows you to add logos or images of the competitors you seek to dethrone. If a strategic pivot is needed and your intended niche needs to be modified, simply move the shaded quadrant to its new position. (Slide 6)

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Product-market fit

Product-Market Fit is achieved when the product or service offerings answer to the needs of the target customer. A solution is only a good one when it's relevant to the end user. (Slide 7)

This retention graph compares two products in terms of active user count over time. Although they started at the same baseline, their retention trajectories show which achieved product-market fit, and which failed to do so. (Slide 28)

Revenue projection

We've discussed ways to tailor the product messaging to meet unmet needs of the target demographic. The product is welcomed, the customers are happy. But ultimately, there needs to be enough revenue and profit growth to justify it all. Execs and stakeholders want to see green.

While no one can project the exact financials after the product gets introduced, try to come up with a growth forecast to signal the potential of this endeavor over time. The stacked bar graph on the right is made of the forecast and cumulative values from the table on the left. Right-click on the graph to edit the data. (Slide 14)

Launch dashboard

While a big part of GTM belongs to the planning stage, it's the execution that ultimately makes the product tangible. Use this launch status dashboard to track the progress of any stage, whether that's research, forecast, design, development, marketing, or sales. This slide uses the product development team as an example. The dials on the left show overall completion and completion by team. The board on the right lists individual tasks under each team and their statuses. This can also be modified to be a Kanban board. So that the columns will turn into development stages such as backlog, in progress, and QA. (Slide 21)

Expansion lifecycle

A solid go to market plan is more than just attractive product offerings; it also extends the growth horizon all the way to post-sales tactics. In most cases, products generate higher business value from introduction to growth, to maturity. After hitting market saturation, it usually plummets into oblivion. On the other hand, for teams that are always seeing around the corners and strategizing for the next big move, there can actually be renewed growth. This transitional period is critical to either renew customer interest or tap into a new market.(Slide 29)