Designing a Go-To Market Strategy: Part I
What’s a Go-To Market Strategy?
Wikipedia defines it as,
Go-to-market or go-to-market strategy is the plan of an organization, utilizing their inside and outside resources, to deliver their unique value proposition to customers and achieve competitive advantage.
I call it the one thing, asked in every marketing interview.
Now that placements are just round the corner, we decided to give our take on how to make the perfect GTM Strategy.
When asked for a GTM Strategy, the interviewer does not only expect a sales model or a marketing plan. They want to see how many bases you touch upon, with clarity and conviction in those 2 minutes that they give you.
So, now that we have established that, we will today talk about how to leverage the 4Ps and the 5Cs of the world to give a cohesive, organized answer.
So to impress the interviewer with your clarity of thought and preparedness, always walk him through your plan of action.
Our plan of action here is a 4 phase analysis.
Phase 1 is Research. Before jumping head-on into thinking about that catchy hashtag for you uber-cool social media plan. Ask about the product. Get to know the audience, their purchase patterns and mindsets so that your strategy is more impactful and targeted.
Here comes the 4Ps (Product, Price, Promotion, Place), 5Cs (Company, Customer, Competitor, Collaborator, Climate) and a little STP.
It is essential to not name the framework while using it, just make sure that you use it to guide your thought process.
Secondly, it often happens that the interviewer asks a nested question here. Would your GTM Strategy involve a price change as compared to the existing markets they are servicing?
In such situations, you can opt for a short-cut and give a comparative analysis of the target markets and study the bases of segmentation to arrive at an answer. For eg, When OnePlus introduced Nord in India, they had to reduce their price point, because that’s what has been used to segment the market.
Phase 2 is Distribution. Now you have understood the product and the market. But how do you make it available to the customer? What channels do you pursue?
Here I’ll mention some of the major headers you should definitely think about -
Traditional Route: This involves the standard Manufacturer-Distributer-Wholesaler-Retailer-Customer route. Now according to your need and nature of the product, you can increase or reduce levels in the traditional route.
Direct to Customer channels
These three covered the three pin-heads in B2C distribution.
When looking at B2B, try to look think about -
There can be a lot more in B2B but due to the diverse nature of business, we cannot generalize it any further.
Phase 3 is Availability. Now you know what distribution channels to hit. But to sum-up things better, try to spend a little time on how are you going to hit those channels. We say so because every big FMCG firm, expects you to be a salesperson before a marketer.
To answer this better, think about it as a process, for each new distributor, 5 things must be done -
Prospecting your targets
Selecting the ideal ones
Making them realise the need for your product
The Sales Pitch to tell them what they make out of it
The reason why this stage often gains extreme importance when opting for traditional channels is that the sales pitch and need-state you give to the seller, is the one that the seller transfers to all its customers.
Lastly, comes everyone’s favourite,
Phase 4, Marketing.
We shall be covering this part in our next newsletter, because here there is a lot to be covered and a 200-word paragraph won’t do it justice!
Cheers and Goodluck!