A product launch is one of the biggest, most important events businesses can host.
When done successfully, this event can generate serious hype around your product, which will boost initial sales and enhance your brand reputation.
Since a lot rides on the success of a product launch, organizing one requires long, careful planning. You need a team that can put in several hours to plan this event and be committed to executing it perfectly.
However, marketing companies in the UAE say that there is a way to streamline the product launch planning process. And this is by having a go-to-market (GTM) strategy in place.
A GTM strategy is a plan for launching a new product or re-launching an existing product in a new market.
This plan involves knowing and defining your ideal customers, coordinating your ads and messages, and positioning the product for the launch.
An effective GTM strategy also includes elements that ensure the success of the promotion and sales of the product in the long run.
Tips for Creating Effective Go-to-Market Strategies
The key to having a reliable, helpful GTM strategy you can use for launching new products or re-launching existing ones is creating the best possible plan from the start.
Below is a simple guide and some extra tips you can follow to develop an effective GTM strategy:
1. Know your target market.
Your product may not be suitable for or appeal to everyone. Because of this reason, you need to determine the ideal, most open market to sell it to.
To find your ideal market, you need to consider different vital factors, such as:
- Geographical location
- Current competition
You can get these details by conducting online surveys, one-on-one interviews, focus groups, market research, and interacting with your in-store customers.
Once you have the details about your target market, you can proceed to the next step.
2. Create your buyer personas.
Buyer personas are fictional profiles of your ideal customers. They are highly useful for prospecting and in the other stages of the marketing and sales cycle.
Knowing your target market demographics and geographical location is an excellent start for creating buyer personas.
However, you also need to consider their pain points, buying behaviors, occupations or job titles, educational background and preferred contact methods.
Aside from using the details you got from the first step for creating your buyer personas, make sure you consider the demographics and other qualities of your current customers.
3. Establish your product value proposition.
Knowing how to communicate the benefits your product can offer your target market is another crucial step in creating an effective GTM strategy.
Establishing your product’s value proposition means understanding it fully and explaining how it can address your customers’ pain points and the outcomes users can expect.
With a clear value proposition, you can create consistent messages for your target customers to hear and understand.
If you have several buyer personas, list their specific pain points and create individualized value propositions for each of them that your target audience will understand.
4. Think about your pricing strategy.
Setting the right price for your product is also crucial for a successful GTM strategy. If it is overpriced, customers will snub it. On the other hand, if it is underpriced, you will likely lose money on it.
Your buyer personas and value proposition can give you a clear idea of the right price bracket to set.
If your research shows your target customers are unwilling to pay the price you set, it may mean that your product in its present state does not have enough market potential.
At this stage, you might want to tweak the product a bit before launching it or identify another target market.
Aside from the cost, your pricing strategy should also establish your customers’ payment methods. Your options should include monthly subscriptions or a one-time fee with discounts.
5. Work on your product messaging.
Communicating your product’s value proposition effectively depends greatly on your ability to speak your target market’s language.
One way of doing this is studying your target market again. But this time, pay attention to the language they use when talking about their pain points and desires.
Also, go over the websites and ads of your competitors. Study the messaging they use, particularly how they explain and position their product offerings.
You can then use all these details to tailor your messages in ways that your target market can understand and appreciate.
6. Establish your marketing strategies.
Letting people know about your product launch involves employing inbound or outbound marketing strategies.
The goal of inbound marketing strategies is to pull in leads who are already interested in your products and initiate interactions with you. They focus on personalizing the sales process to the needs and desires of the buyers.
On the other hand, outbound marketing strategies focus on prospecting leads who do not know anything or haven’t shown any interest in your products or brand.
These processes involve having your team members initiate communication with potential customers, usually through cold calling, emailing, or direct messaging.
Regardless of what strategy you use, make sure you stay consistent with your messages, language, and focus on letting people know about your product launch and value proposition.
7. Create a plan for customer retention.
Lastly, it usually costs more money to get new customers than engaging in repeat business with current, loyal ones.
As such, your GTM strategy should include plans for having repeat customers.
Include marketing techniques, such as upselling and customer loyalty programs, to encourage and reward repeat business and build long-term customer relationships.
Also, your plans should include specific key performance indicators or KPIs so you can continuously check and measure the results of your marketing and customer retention campaigns.
Following these tips can get you on the right track for developing the ideal GTM strategy for your product launches. You can also contact a branding agency in Dubai to assist you as you go through the entire process.
As the leading branding and marketing agency in Dubai, we can help you create a go-to-marketing strategy you can use for your product launches.
Get in touch with us to get started.