Transforming Aspiration into Reality through an Informed GTM Strategy

When an organisation is in the process of introducing a new product an appropriate go-to-market (GTM) strategy framework is an integral component. If initial planning is not executed properly it would be next to impossible to discern (a) whether the wrong target group is being pursued, (b) whether it’s too soon for a specific market, and (c) whether the market which is being targeted is awash with similar products. Therefore, it’s a business imperative not to invest resources and time in priming a market to launch an unprofitable product. Thus to avert any potentially dangerous series of unfortunate events an organisation (be it a B2B business, a new venture or a start-up) is required to design the perfect go-to-market plan. Now one may ask what the word “perfect” imply here. Well! The answer is that a GTM strategy should be thoughtful, actionable, and hence effective. Albeit a GTM strategy is not manna from heaven which would prevent failure, it can aid in the efficacious management of expectations and iron out any rough edges before investments are made to introduce a new product.

And marketing research companies are experts in this field since they are proficient in navigating the terrain of such a process since a sound GTM strategy would always begin with discerning the customer needs. So a marketing research company would cover all the aspects from the get-go. Thus the broad category of questions to which such companies would seek responses would be (a) key demand gaps which the product addresses? (b) the category (demographics, occupation, lifestyle etc.)  of consumers who strongly feel that their gaps need to be filled? (c) to what extent would they be willing to invest so that their perceived needs are satiated? (d) what are the key pain points that could be alleviated? (e) to whom are the market players offering such products? (f) is the market saturated? If so, is there a demand for the product? (g) what could be means of distribution that would ideal? An app, a website or 3rd party distributor?  

However, a GTM strategy spans several steps. But this time it’s important to cite an example (in brief) of how a market research company enabled a multinational fast food giant to increase their market share across the Atlantic in through the means of exploratory research in the form of FGDs. It was mainly carried out to flesh out the issues which were pertinent to the European youth. Thereafter, the issues which were identified were quantified using a longitudinal survey. The latter was conducted in two parts covering, inter alia the United Kingdom, Sweden, Spain, Norway, Italy, Germany, France, and Denmark. The respondents of each country comprised 14-16-year-old girls, 14- 16-year-old boys, 17-20-year-old girls, and 17- 20-year-old boys. So the market research company decided to administer face-to-face settings in their environment in view of the European youth culture. The same cohorts with the same respondents were contacted two years later in a few countries.

The market research company found out that their tastes have evolved dramatically and they didn’t prefer brands that had big company status. During the weekdays their friends played the role of their family and symbolised the cosiness and warmth of home. Along the same vein, they were found to hold brands which have been around for a long time in high regard since they stood the test of time and have earned their popularity. So based on these findings the multinational fast food giant could address a few components of its GTM strategy that is which are: - the category (demographics, occupation, lifestyle etc.)  of consumers who strongly feel that their gaps need to be filled.  (d) what are the key pain points that could be alleviated? (e) to whom are the market players offering such products? (f) is the market saturated? If so, is there a demand for the product? Therefore, the brand enjoyed an increased market share in the lucrative European teenage market. 

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Created on Sep 19th 2022 10:07. Viewed 168 times.

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