In our last blog, “What is a Go To Market strategy,” we talked about what GTM were and which were their most essential elements. Today, we will keep talking about this topic and give you four reasons your company should adopt a GTM strategy.

Importance of GTM strategies

Go To Market strategies are usually associated with marketing and sales instead than other business areas. However, a good strategy needs people from different areas, and it takes elements from all the production chain. Ideally, GTM strategies don't end once the product has been launched, it evolves and continues for an extended period, monitoring the market and the growth of the product or service.

Here is an example. Let's suppose you found a niche among digital artists (musicians, cartoonists, and photographers). Now you have to turn this niche that has an unmet need into a community because they will guide you and help you find out the needs, pains, and desires of the buyer persona. They will also help you realize the MVP's basic features and functions, finally, they will end up helping you establish a business model after launch. All this will depend on the relationship you have built between that niche and your product or service.

Reasons to have a GTM strategy

1. Successfully launch a new product

All Go To Market strategies seek the same objective: that the new product reaches the right market, has buyers, and generates profits. This is one of the main reasons why these strategies exist, and they are closely linked to the "fail fast and cheap" methodologies to find the perfect solution for your target audience.

Brand awareness, determining the budget, and gaining customer loyalty are only a few of the difficulties a company will face during a new product or service launch. However, understanding these pitfalls and having a good GTM strategy helps increase your chances of success.

2. Identify opportunities to launch new or improved products

Not all Go to Market strategies stop after the product launch. In reality, many of them have a long-term duration and focus on the product's performance in the market,  how to improve it, and make it grow. These long-term strategies are due to the constant appearance of innovations and competitors in the world of technology. 

The continuous analysis of the market, sales, and competition allows you to adapt and discover new business possibilities, either by expanding a product or designing a completely new one to cover a need that you have just found

3. Ensure customer satisfaction

Not all ideas are necessarily “good ideas,” and not all solutions are “good solutions.” Being able to identify a need in a niche market is only the first part of creating a successful technology product.

It is essential to think not only about solving the problem but also that the solution we offer is what our customer wants or expects. This idea goes hand in hand with the development of MVPs before launching finished products that do not work or do not meet the user's expectations.

Go To Market strategies are designed so that, as part of your market research, you discover the needs and pains of your target audience and HOW they want to solve them. That way, you can offer an ideal solution for the buyer persona you have built, one you know will sell.

4. Ensure that your product portfolio remains competitive

Every business needs to maintain its position in the market and stay ahead of its opponents, especially in the rapidly evolving and changing world of technology.

If your products maintain a competitive GTM strategy, which is constantly updated and listens to the needs of the community and customers, it will be much easier to keep your product catalog updated and maintain customer loyalty.

This is especially important if your products receive constant user feedback or if the market itself demands regular updates and innovations. Keeping an up-to-date portfolio also helps improve the user experience with customer service and encourages community building.

Conclusion

GTM strategies are more than just marketing strategies centered on successfully launching a new product. They also allow you to establish better relationships with your users and clients, generating a sense of community among them and relating personally to the product or service you offer.