Marketing Concept Using segmenting, targeting, and positioning, a marketing concept commonly referred to as STP, you have been able to distinguish who your target market is. Now it’s time to apply this knowledge to creating a go to market (GTM) strategy for your product and/or service. What is the essential value of your offering? For example, if you are a fine dining restaurant the essential value is a delightful meal. What matters more to your patrons; e.g. that your food is great or that you use plastic napkins instead of cloth? Your patrons would probably not stop coming to your restaurant because you use plastic napkins. However if the food quality was poor, all the cloth napkins in the world won’t bring them back. In the restaurant example, the core product is the food, and plastic napkins an ancillary item. Together they constitute the essential value and unique selling proposition (USP). But why chance it, spring for the cloth napkins. Apply the STP knowledge and create a go to market (GTM) strategy for your product and/or service. APA
To apply STP and create a go-to-market strategy, we need to identify the essential value of our offering and understand what matters most to our target market. Here’s a step-by-step process to create a GTM strategy:
- Segment your market: Divide your target market into specific groups based on demographics, psychographics, and behavioral characteristics. For instance, if you’re selling a health supplement, you may segment your market by age, gender, income, lifestyle, etc.
- Target your audience: Select the most profitable segment(s) and focus your marketing efforts on them. For example, if you’re selling a luxury skincare product, you may target affluent women aged 35-55 who prioritize quality and results.
- Position your product: Determine the unique selling proposition (USP) of your offering and communicate it effectively to your target audience. Your USP should focus on the essential value that your product or service provides to your customers. For instance, if you’re selling a productivity app, your USP could be that it helps users save time and increase their efficiency.
- Create a GTM strategy: Develop a comprehensive plan to reach your target audience and persuade them to purchase your product or service. Your strategy should include tactics such as pricing,……………….
In summary, the key to a successful GTM strategy is to understand………………..
