5 Go to market (GTM) strategies that will help Upcoming Startups

What is Go to Market (GTM) strategies:

A GTM strategy is a plan that details how an organization can engage with customers to convince them to buy their product or service and gain a competitive advantage.

This includes tactics related to pricing, sales, and channels, the buying journey, new product or service launches, product rebranding, or product introduction to a new market. It’s a practice where the sales, product, and marketing departments come together and plans strategies for the product or service’s success.

WHY GTM STRATEGIES:

When properly implemented, the GTM strategy will bring all stakeholders together and establish a timeline to make sure each one meets the objectives and milestones set forth, paving the way for market success.

Overall, go-to-market strategies are used to create the following benefits within an organization

• A clearly defined plan and direction for all stakeholders.
• Reduced time to market for products and services.
• Increased chances of a successful product or service launch.
• Decreased likelihood of extra costs generated by failed product or service launches.
• Enhanced ability to react to changes and customer desires.
• Improved management of challenges.
• An established path for growth.
• Ensured the creation of an effective customer experience.
• Guaranteed regulatory compliance.

Go-to-market strategies can refer to the precise actions a business must take to direct customer interactions for established products, even though they are frequently associated with product launches.

5 GTM STRATEGIES THAT WILL INSPIRE YOU:

1. Vuclip’s Go-To-Market strategy:

Vuclip is a “technology-driven” media company that specializes in mobile video-on-demand services.

What was the pain point they addressed?

When starting, they went all in on slow video buffering in certain markets as the main pain point.

How did they implement their strategy and how did it work out:

To acquire a competitive advantage, the company selectively went after those markets where mobile networks hadn’t evolved to support smooth video buffering at all times.

Simply put, they diverted their focus to “must-have” emerging markets, such as India and Indonesia. To make things even simpler, the company went with a web-based system and completely ditched the app-based approach in the beginning. In addition, they invested heavily in building a consumer-centric brand.

The result? Today, Vuclip has more than 7 million subscribers and is available in India, Africa, South East Asia, and the Middle East

2. Upscope:

Upscope is an online interactive screen-sharing service. When the company was originally starting, you’d think that it would be just another standard screen-sharing service, targeted at common users. However, by leveraging the live chat wave, the company went ahead and targeted those who’d appreciate it the most—technical support, onboarding specialists, and customer success teams.

What was the pain point they addressed?

Upscope focused on just one pain point – the hassle of setting up screen sharing. This, in turn, helped users save time and avoid frustrating calls and written instructions altogether.

How did they implement their strategy and how did it work out:

To reach their end customers, they used the power of content and integrations. By partnering up with existing live chat companies, such as Zendesk, Drift, Intercom, etc., they got listed on their websites. Furthermore, they wrote about SaaS success stories to attract relevant buyers.

3. Microsoft Surface:

Microsoft Windows has long been the preeminent OS, and for good reason: Most computer manufacturers offer Windows laptops and desktops. So why would Microsoft launch its line of computers and tablets if its software is ubiquitous?

What was the pain point they addressed?

Tablets were primarily mobile devices; while they were convenient to carry, they didn’t offer the full functionality of a laptop. And for many people, owning both a tablet and a laptop was not financially feasible.

How did they implement their strategy and how did it work out:

When it released the third generation of the Surface tablet, Microsoft made its position clear. The device was a fully functioning computer in tablet form. You could have a light device without sacrificing function. Compared to the Apple iPad, its principal competitor, the Surface tablet offered more functionality at the same price.

With its Surface laptops, Microsoft makes the choice easier for target demographics such as college students and everyday users. These devices compete with Apple’s macOS offerings and are designed to seamlessly integrate with all of the features of Windows OS.3.

4. Southwest Airlines:

When Southwest Airlines started back in the 70s, it had to overcome a lot of adversity to make it in the commercial airline industry. However, with an innovative strategy, the airline was able to quickly climb up the ladder and steal the spotlight.

What was the pain point they addressed?

Most airlines operate using the “hub-and-spoke” system. Imagine a wheel with a hub that’s attached to several spokes—with the hub being the center of those airlines, leading out to multiple destinations. With such a system, a large percentage of passengers have to choose connecting flights.

How did they implement their strategy and how did it work out:

To address this pain point for passengers, Southwest Airlines introduced the concept of a point-to-point system. This meant that instead of taking the passengers to their final destinations through a central hub, the airline took them directly to their stops. Today, only about 20% of Southwest passengers have to go through connecting flights – the rest enjoy direct transit

5. Thinx:

Thinx is a feminine hygiene company that makes underwear for people with periods. This re-imagined approach to menstrual products has been gaining more traction in the industry, and its go-to-market strategy has aided in its success.

What was the pain point they addressed?

A common pain point for people with periods is spending a lot of money on one-time hygienic products, and it’s not good for the environment, either.

How did they implement their strategy and how did it work out:

Offering washable underwear with a 2-year guarantee is a much better investment than the alternative. Thinx is also known for partnering with organizations using cause marketing, like with Black Mamas Matter Alliance. This strategy appeals to consumers who can feel good knowing they’re buying something that gives back a portion of their profit to something beyond themselves, especially if it raises awareness of inequalities in maternal health.