Okay product manager, you have successfully created your product so… what now?
The following steps are vital for paving a prosperous future. Without a proper planification, you are possibly going to waste time and money on unveiling an unprofitable product.
What is Go2Market?
Go-to-market is strategy that involves a meticulously created plan for the successful launch of a product to the market. It is similar to a business plan, however the scope of a go2market is less broad in scope, specialized exclusively on the product launch (target, sales, marketing campaigns,etc).
A good G2M has to be able to present the product as a saver for a certain problem identified. It helps measure the viability of success and predicts the performance based on prior research.
Why is this strategy needed?
Remember, even the brightest ideas can be failures if not planned effectively. Obviously a go2market strategy is not a guarantee of success but it can make expectations more realistic.
You surely did a good job coming with a new product idea. Don’t spoil it by impulsively throwing it to the market, without even knowing the market properly.
The main components of a GTM strategy
There is no definitive guide but there are some critical point to a go2market strategy:
- Market-product fit: What problem(s) is your product solving? Try to understand the why behind the creation of this product in the first place.
- Target audience: Who is experiencing the problem that your product solves? How much are they willing to pay for a solution?
- Competition and demand: Who is also offering what you’re launching? Is there demand for the product?
- Distribution: Through what means will you sell the product or service? A website, an app, or an external distributor?