{"id":7845,"date":"2024-02-19T17:07:38","date_gmt":"2024-02-19T17:07:38","guid":{"rendered":"https:\/\/www.valuwit.com\/?p=7845"},"modified":"2025-02-09T18:56:23","modified_gmt":"2025-02-09T15:56:23","slug":"go-to-market-challenges","status":"publish","type":"post","link":"https:\/\/www.valuwit.com\/ar\/go-to-market-challenges\/","title":{"rendered":"Launching a New Product? 8 Go-to-Market Challenges to Avoid"},"content":{"rendered":"

Having a go-to-market (GTM) strategy helps you mitigate risk and drum up demand for your product.<\/span><\/p>\n

Whether you want to launch a physical product, software, or a service you should begin with a GTM strategy. This type of strategy covers several pillars such as product viability and positioning, marketing and sales strategies, among other aspects.<\/span><\/p>\n

A successful GTM strategy begins with alignment across the company, specifically those teams that contribute to a product launch, namely product, marketing, and sales teams.<\/span><\/p>\n

In theory, developing a GTM strategy is straightforward; however, more often than not, businesses tend to fall short.<\/span><\/p>\n

The State of Go-to-Market Report by Product Market Alliance, a SaaS provider, found that <\/span>61.9% of <\/span><\/a>marketers \u201calways\u201d create a strategy when \u201ctaking products to market.\u201d But only 33.3% said they had a \u201csystematic approach\u201d that they implemented.<\/span><\/p>\n

The 5 Pillars of a GTM Strategy<\/b><\/h2>\n

The same study showed that while 70% of respondents noted a strong impact of the GTM activity on the company\u2019s revenue, 47.6% said their companies under-invested in said plans. However, investment GTM isn\u2019t the primary reason why some GTM strategies fail. To understand the full picture we must first understand the pillars of a healthy GTM strategy.<\/span><\/p>\n

1-Product Analysis\u00a0<\/b><\/h3>\n

Most offerings, specifically software-as-a-service (SaaS), tend to be in a constant state of development.<\/span><\/p>\n

Conducting a product analysis means understanding where the product is right now and where it will be in the future. Moreover, it involves identifying who the product serves right now. This is called the current target market.<\/span><\/p>\n

It\u2019s important to consider the time and financial investment in bringing the product to market during the launch phase and down the road.<\/span><\/p>\n

2-Product Positioning and Messaging\u00a0<\/b><\/h3>\n

As a definition, product positioning is how you set your product apart from similar and other products on the market, while messaging is how you convey this positioning. Together their goal is to clearly communicate what a given product does and why buy it.<\/span><\/p>\n

To communicate and establish your positioning, you need to conduct a meticulous review of your direct and indirect competitors. Then, highlight what sets you apart.<\/span><\/p>\n

Conducting this research will also play a role in the personas you create for your product. It will help you identify personas better, which will save you time and money and avoid future go-to-market problems.<\/span><\/p>\n

3-Unique Sales Proposition (USP)<\/b><\/h3>\n

A USP is a concise statement highlighting a product’s distinctive advantage compared to competitors. Simply put a statement that explains why your target audience should buy your products.<\/span><\/p>\n

An example of a formula to succinctly highlight their USP can look like this:<\/span> \u201c<\/b>We help [target audience] achieve [desired transformation or goal] with [specific features and aspects].\u201d<\/b><\/p>\n

Part of a GTM strategy is refining the sales proposition, ensuring its alignment with the different stages of the buyer\u2019s journey.<\/span><\/p>\n

Your messaging and proposition for early-stage buyers should differ from those at a later stage, for example. Use marketing and sales collateral like whitepapers and case studies for your different buyers.<\/span><\/p>\n

Another point to keep in mind is how <\/span>different pricing strategies<\/span> can also impact your GTM plans.\u00a0<\/span><\/p>\n

For example, if your price vs. quality is a key advantage or if price is a core deciding factor for your potential audience are all components to address when developing your GTM strategy.<\/span><\/p>\n

4-Marketing Strategy\u00a0<\/b><\/h3>\n

A successful market strategy requires a deep understanding of both customer needs and the competitive landscape.<\/p>\n

By identifying target segments and their pain points, companies can develop unique value propositions that differentiate them from competitors. This should be supported by careful positioning, pricing that reflects value, and distribution channels that reach customers effectively. Regular market analysis helps adapt to changing conditions, while measuring key performance indicators ensures the strategy delivers desired results. Marketing tactics should align with overall business objectives.<\/p>\n

5- Sales Strategy\u00a0<\/b><\/h3>\n

This is the culminating pillar of your GTM plan. It addresses your meticulously defined buyer personas. Your Sales Strategy should encompass the following key components:<\/span><\/p>\n