How to Overcome Go-To-Market Challenges
Companies following a well-structured go-to-market (GTM) strategy and best practices can launch faster and gain a competitive advantage in the market.
But teams may run into go-to-market challenges, such as:
- Not having a clear idea of the target audience
- Failure to develop a focused marketing plan for the product
- Unclear roles and responsibilities within the product teams
- Lack of focus on marketing and promotional strategies
- Disagreements/conflicts between multiple stakeholders
Here are four tips to help you craft and implement a winning go-to-market strategy and eliminate any challenges on the way.
Focus on what customers want
No customers mean no companies. Even then, so many companies ignore their customer’s pain points. Focus on the customer and the specific problems your product is solving for them.
For example: By launching a product with multiple variations, companies risk annoying customers who want one simple version. You must understand the customer journey and reduce any friction along the way.
Adopt an omnichannel strategy
Many organizations rely on one channel for their growth, which is not a very profitable business move. Studies show that 91% of companies using omnichannel strategies retain more customers annually than companies not using them.
An omnichannel strategy is a marketing approach that uses multiple platforms or channels to connect and engage with customers. Harvard Business Review research confirms that 70% of customers shop on multiple platforms and expect a seamless customer experience across channels.
Providing an effective omnichannel experience isn’t just ‘nice to have’ but critical to growing your business and staying ahead of your competition.
Get the right product-market fit
Just creating a product doesn’t make it successful. Every product needs a significant target audience willing to pay for a solution to a problem. Going all-in with grand marketing budgets or high-priced products may not be the right strategy for many companies.
Consider using a minimum viable product strategy (MVP) to get pre-launch market feedback and discover initial customer reactions before a full-scale launch.
Develop a unique long brand value proposition
Copying another company’s offering can never be a smart long-term strategy. Brands need to build their unique value proposition to stand out in the market. This helps them to find a significant audience, gain market share, and grow revenues.
Creating and disseminating the brand’s value proposition across the company’s communication channels and messaging is vital.
Overcome go-to-market challenges to launch faster
Knowing and navigating go-to-market challenges can help companies attain their goals and retain customers. Organize the go-to-market strategy into actionable phases, assign work to designated team members, and track progress with premade interactive templates.
Get a free Wrike trial to see how your team can manage multiple initiatives, expand into new markets, and execute your GTM goals flawlessly.