A go-to-market strategy is a plan to sell to a new target market. This can involve developing and launching a new product or brand. Alternatively, it can be a promotion or distribution plan to reach a new group of customers. The following are common types of go-to-market strategy.
Developing a new brand or brand extension for the target market. For example, a helmet company develops a new brand for white water rafters. A go-to-market strategy for a new brand can be complex including elements of market research, branding, promotion, operations, distribution, pricing and sales.
Developing a new product or service for the target market. For example, an insurance company that develops a travel insurance product for small business people who frequently travel on business.Reaching a new target market may be a matter of distribution of existing products. For example, an Australian food products company that develops a go-to-market strategy to reach supermarket consumers in South Korea.
Developing a target market with promotional messages alone. For example, a donut shop that would like to sell to the Chinese Canadian community in Toronto develops local advertisements in Mandarin and Cantonese.A go-to-market strategy can be a sales effort that involves developing leads and opportunities in a new segment. For example, a business software company that sells to large firms develops a go-to-market strategy for reaching mid-sized firms.
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