A go-to-market plan is one of the most important things any business leader will need to establish when launching a new venture. It defines exactly how you’re going to achieve a competitive advantage in your field, connect with your target audience, and build loyalty.
Used correctly, a go-to-market strategy will ensure you’re reaching your customers on the best channels, increasing your chances of sales, and unlocking endless new opportunities for revenue. Go-to-market strategies help brands to establish clear goals for the company, and increase their chances of profits. Here are some go to market strategy examples to inspire you.
A go-to-market strategy is essentially the complete blueprint for how you plan to target, reach, and connect with your target audience. It outlines how you’re going to connect with potential customers in your industry, and provides you with the step-by-step guidance you need to generate revenue.
Every company has its own distinct go-to-market strategy. Some businesses focus on working with marketing and sales teams to generate new opportunities across a range of channels, through personalized conversations with customers. Other brands allow their products and solutions to do the work on their behalf, capturing audience attention with free demos and trials.
To create a go-to-market strategy of your own, you’ll need to identify your target audience and market, determine how you’re going to serve your customers, and ask yourself how you’re going to differentiate your company from other market leaders.
While there are various different ways for a company to take their product to their intended market, the most common go-to-market strategies fall into two distinct categories. Overall, most companies use either a sales-led, or product-led GTM plan.
With a sales-led go-to-market strategy, companies use a combination of carefully constructed sales conversations and marketing campaigns to convert prospects into customers. Sales-led strategies rely heavily on the use of customer data and insights, so each company can create the most effective marketing campaigns and messaging for their audience.
In a product-led approach, on the other hand, companies rely on their solution to do the majority of the marketing for them. For instance, SaaS and tech companies may use demos and free versions of their software to capture audience attention. Once the customer has had a chance to test the solutions for themselves, they’re more likely to invest in a premium version of the product.
The best go-to-market strategies are built around a clear understanding of a company’s target audience and their unique requirements. Like many business strategies, go-to-market plans are dynamic and ever-evolving. They can shift and change as the company learns more about their ideal customer. Here are some great go-to-market strategy examples to learn from.
In 2021, Salesloft updated its brand and marketing message to make itself more appealing to its target audience. The new branding strategy revolved around making the technology feel more approachable and accessible for big brands.
Alongside a change in marketing and branding strategy, Salesloft also updated its user interface with cleaner visuals and better tools, to enhance its chances of earning word-of-mouth marketing and positive reviews. By focusing on delivering excellent customer experiences, and by making its brand more recognizable, Salesloft was able to significantly increase its sales.
After improving their user interface and UX strategy, Salesloft also encouraged its customers to share feedback and reviews, increasing its access to social proof. This provided the company with more user-generated content it could leverage to boost the credibility of the company.
Fintech innovator Monzo wanted to present itself as a more unique, modern solution for banking, targeted at a younger audience. The challenger bank built its go-to-market strategy around the concept of exclusivity, requiring customers to sign up for a waiting list to get their own bank account.
If someone wanted to improve their chances of getting an account earlier than most, they could use their unique referral code to earn points and move up the queue. This simple but effective go-to-market strategy helped Monzo to not only capture the attention of its audience, but also build hype around its growing brand.
Monzo used its unique referral strategy to make its application seem more fun and exciting. The referral strategy helped the company to capture the attention of a huge number of customers much faster than other banking brands. It also led to the development of deeper relationships between Monzo and its target audience of younger customers.
Robinhood is an excellent insight into how companies can improve their chances of success in any market by generating hype and excitement prior to the release of a new product. Building a pre-launch campaign to boost interest in the solution ensured before the app even went live, Robinhood had already attracted the attention of endless potential customers.
Robinhood accompanied its pre-launch campaign with a commitment to engaging content production, designed to generate more inbound leads, and help customers learn more about what the product could offer. This combination of marketing and sales strategies meant Robinhood quickly earned the attention of a wide range of customers.
What’s more, Robinhood maintains its position as an exclusive and highly sought-after solution for stock market access by limiting the number of new users who can join the platform at any given time. This helps to make existing customers feel special and respected.
The correct go-to-market strategy can make or break a company’s chances of success in any industry., With the right plan, companies can improve their chances of attracting new potential customers from day one. What’s more, a good go-to-market plan can also lead to stronger relationships between companies and their clients, ensuring long-term loyalty and success.
Reach out to our team today for more insights into how you can create your own powerful go-to-market strategy, and strengthen your brand.