While go-to-market strategies are often associated with product launches, they can also be used to describe the specific steps a company needs to take to guide customer interactions for established products. The market definition identifies the specific markets -- or groups of people that have the ability and willingness to pay -- for a specific product or service. The markets should be specific and clearly defined, but they should also involve a large enough audience to meet the income and profit objectives of the product or service. Buyer personas should also be established to help a company understand how to market and sell to these various customer segments and to identify who the best-fit customers are for the product or service. The distribution model component defines the channels, or the paths taken by the product or service to reach the end customer. Indirect channels often become a part of a product vendor's go-to-market plan. An indirect channel of distribution involves the product passing through extra steps between the manufacturer and the customer. For example, a product in an indirect channel may pass from the manufacturer to a distributor and then the wholesaler before it reaches the retail store. A change in an IT provider's overall strategic direction will often prompt a change in its go-to-market strategy. New products or product strategies may also influence go-to-market approaches. Furthermore, a rethinking of services can also trigger a new go-to-market model.
To be precise, one important aspect which makes a good GTM vs bad GTM is clarity on the business and its prospects. While talking about clarity it is important that there is a clear-cut business plan in place to create an effective GTM. I think many people are confused by the name and think that GoToMarket strategy is only for taking new products or services to the market. Customer needs, competitor activity, technology innovation and many other factors can require changes in the GTM strategy and the faster a business is able to react to those factors, the more likely they are to keep growing. GTM certainly applies to both new product launches and established products as they adjust to market forces.
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