What is a Go-To-Market (GTM) Strategy?
A methodological approach for introducing a new product, service or experience to consumers or penetrating an untapped market.
As part of launching a product, service or experience (i.e. an initiative) to the world, you need to define a strategic plan of how you are going to reach the target audience, grow the customer base and generate a return on investment.
This plan is known as a Go-To-Market (GTM) Strategy and should only be considered once you have an initiative that has been validated (i.e. has a product-market fit (PMF)) and has paying members of a target audience (i.e. you have successfully applied the concierge treatment.)
If you are curious to learn our process for finding a PMF, consult the link below.
A GTM Strategy often includes:
- A clear definition of the target audience and should include personas.
- A clear definition of the target audience's jobs, pain points and needs (i.e. a value proposition canvas).
- A SWOT and/or competitor analysis that demonstrates the value that the initiative brings and why it's the best solution.
- The market size and market value of the initiative.
- A clear definition of how your organization will reach these people (i.e. Social Media, Out of Home (OOH) advertising (i.e. the Subway or a bus stop) or LinkedIn).
- When these people are best reached (i.e. what time of the year or what time of the day).
To learn more about our in-depth approach to creating a GTM strategy, consult the link below
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