Go To Market Strategy
The very Crux of ‘Go-to-Market’ Strategy, while setting up a business
Planning for an event is an extremely important part of moving smoothly in life. Be it planning for a big fat wedding or your cousin’s 18th birthday party. Be it setting up a week-long carnival or maybe setting up a new business, planning is the utmost necessary part of it to call it an actual success.
Often, we come across people, who have literally a lot in mind. It can be great ideas or an extremely creative approach for something particular. But also, mostly we find these people, even after having maybe a flawless idea or a mind-boggling initiative in mind, they fail to obtain success on that particular field. If we dig in deeper, we hit across the fact that the real fault does not lie in their ideas or creativities, but the one thing creating the vacuum is the proper ‘Planning’.
Although we can unobtrusively use the world Planning for a wedding, anniversary or a birthday party, but the business world has it by the term ‘Strategy’. Apart from the primary requirements like Capital, Manpower and Initiative, the most required factor that helps build the framework of any business is Unique and Effective ‘Go-to-Market’ Strategy. It might be a Start-up, or the relaunching of an ongoing Company, until and unless there’s a brick hard strategy, it can be expected for the firm to go down the ladder of success in no time.
These are situations when potential business owners look upto organizations like BoDE Foundation, to get a thorough idea of the Business world and to obtain proper guided mentorships on business strategies, framework for a business setup, acquiring of manpower and so on.
Precisely, a well- knit Go-to-Market Strategy depends on 4 very common questions:
The very first question a business owner must ask to himself is, why the particular product or service is required. That is to state in plain terms, what purpose is the product or service being launched for and what are the exact problems it is going to solve for its consumers.
If one is clear and confident about the motive or the purpose for their business or supply outputs, there stand very less chance for them to get beaten up, even in tough competition.
2) For Whom?
The following question that a business owner must have in mind is their ‘Target Group’, or the potential consumers for whom the product has been designed. If a proper market survey is initiated, it is quite easy to identify the potential consumers, who might have a demand for the particular product or service, which is about to hit the market soon. Once the ‘Target Group’ is figured out, the marketing strategies and sales techniques become a lot more focussed and there is not hayward wastage of crucial resources.
For example, if a new video game is to come into the Market, normally pension holders won’t be the ideal Targets.
3) Who Else?
It is highly important to keep in mind the actual market scenario and the existing or upcoming players in similar field. For instance, if one is to setup a business in a Perfectly Competitive market, it is quite easy as all the existing firms deal with similar products and hence, there is no requirement for uniqueness. But, if an Oligopoly is at play, it means there are few of existing companies, and in order to thrive here, a great differentiation in product is required. Knowing the competitors and being able to constantly change with changing market requirements, helps a company achieve success with relatively less effort.
Although Pepsi and Coca-Cola both make soft drinks, there is a considerable amount of differentiation that sets them apart.
And finally, the question that business owners deal with…
The final and one of the most important aspects of setting up a market strategy lies in the Distribution of the products or services. Entrepreneurs need to decide whether the approach must be Marketing based or Sales Based. Whether, the distribution will be online, or it must be door-to-door delivery (depending on the type of the product). Whether the product is meant to be marketed to a Company or an Individual customer.
Also, Business owners have to keep in mind, the type of marketing required for their type of product. It can be digital marketing, marketing through participating in public events like trade fairs and so on.
Again, there are few start-ups that want to start as a complementary or a subsidiary part of an already running company, in order to avoid the beginners blow, when stepping into the market.
Hence, to summarise, in order to rise up the ladder of success, pertaining to a business, ‘Go-to-Market’ Strategy plays the most pivotal role, in market scenario.