Go to market
In Marketing Management, the term Go-To-Market strategy refers to the channels a company will use to connect with its customers/business and the organizational processes it develops (such as high tech product development) to guide customer interactions from initial contact through fulfillment.
A firm's Go-To-Market strategy is the mechanism by which they propose to deliver their unique value proposition to their target market. That value proposition is based on the choices the business has made to focus on and invest in markets and solutions that they believe will respond positively to the increased attention.
A Go-To-Market strategy usually involves answering 5 key questions:
- WHOM will we actively target within the market?
- WHAT will be our product portfolio for target customers?
- HOW MUCH will we charge for our products for different customers?
- HOW will we promote our products to target customers?
- WHERE will we promote and sell our products to target customers?
Go To Market is a strategy mainly used by marketers of goods that are not for the mass market. The main focus of this marketing exercise is to target the direct consumer or the one in authority who makes the buying decision.Specifically speaking, When a company want to “go to market,” it should bring together all the commercial actions— marketing,sales, brand management, pricing, and consumer insight—to drive the bottom line. All of these raises a set of key challenges, and all companies face some unavoidable questions:
How can companies ensure that go-to-market strategy fits the current needs of certain type of business model, channels, and customers?
What measures can companies take to improve integration across the lots of commercial functions?
How can companies altering go-to-market approach help support cost-reduction efforts and without harming the core business?
How can companies build the best-in-class capabilities required to support an functional go-to-market strategy?
- Lawrence G. Friedman. Go To Market Strategy. Oxford: Butterworth-Heinemann, 2002.
- M Bhor, in MarketingProfs.com July 2006
- Janet Schijns, in Vertical Resellers January 2008
- Tim Furey, The Channel Advantage 1999
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