Does your tech firm have a go-to-market (GTM) strategy in place? Do you know what a go-to-market strategy is or how you can benefit from having one? Tech marketers are increasingly embracing go-to-market strategies because they clearly define how to deliver a company's product to target customers. It's like a blueprint to success—especially when you follow all the proper steps.

Key Takeaways

What Is a Go-to-Market Strategy?

A Go-to-Market strategy is a detailed plan that spells out in a step-by-step fashion who a company's target customers are and how to reach them. It incorporates a definition of the customer, an analysis of the market, the development of market and sales strategies, and a description of the ideal marketing mix.

When Should Tech Companies Develop a Go-to-Market Strategy?

Tech companies often develop GTM strategies when they're in the following circumstances:

Given that 95% of new product introductions fail, adopting a GTM strategy could mean the difference between success and failure for your company's new product initiatives.

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Why Should Tech Marketers Adopt a Go-to-Market Strategy?

Developing and properly executing a GTM strategy offers numerous benefits to technology companies. According to a Gartner Inc. report, B2B companies that optimize their GTM strategies will outperform their competitors by 50%.

Other important benefits of adopting a GTM strategy include:

In short, a GTM strategy provides a clearly defined, attainable path to market success.

How Do You Create a Go-to-Market Strategy in the Tech Industry?

Creating a GTM strategy requires considerable work up front, but the ultimate payoff is worth it. There are a lot of individual activities involved, but they fall under five action items:

  1. Define customer personas
  2. Conduct a market analysis
  3. Define the marketing strategy
  4. Select a marketing mix
  5. Specify the sales strategy

Work through these action items step-by-step as a go-to-market strategy template.

creating a go to market strategy

Define Customer Personas

The first step in creating a GTM strategy is to define who your target customers are. You can do this best by developing multiple customer personas that detail key aspects of each customer based on available data. A typical customer persona answers the following questions:

You’ll likely identify multiple customer personas based on different types of customers. The more and better data you have about each customer type, the more detailed the personas you can create. The goal is to better understand who your customers are and what makes them tick, so you can better serve their needs and meet their expectations.

Conduct a Market Analysis

You shouldn't go blindly into a new market or product segment. You need to do your research up front and craft a detailed analysis of that market or segment. That involves a variety of activities, including:

Define the Marketing Strategy

You can now define your marketing strategy with all this research in hand. Your strategy should include the following major components:

Naturally, there are a lot more details involved in creating a marketing strategy, but these are the major components to address.

Select the Marketing Mix

Where should you market your product? How should you price it? How should you promote it? Answering these questions helps you determine your marketing mix, which consists of what marketers call “The 6 P's of Marketing”:

The 6 P's of marketing.

Specify the Sales Strategy

Finally, you need to specify precisely how you’re selling this product or service. You'll need to answer the following questions:

Whatever your sales strategy, it's important that you align your sales and marketing teams for optimal results. Your marketing team will need to provide your sales reps with all the tools and support they need to be successful.

Let ActualTech Media Help You Develop a Go-to-Market Strategy for Your Business

When you want to implement a go-to-market strategy in your technology business, turn to the experts at ActualTech Media. We specialize in IT marketing for technology companies and offer lead generation services to generate more leads at lower cost for your business. We also offer other effective tech marketing services, including multi-vendor webinars and content marketing and syndication. We've been providing innovative content and services to technology companies for more than a decade–and can help your company reap the benefits of a go-to-market strategy.

Contact ActualTech Media today to learn more about developing a GTM strategy for your tech business.