Benefits of a go-to-market (GTM) strategy for your small business

If you’re launching a new product or service, implementing a go-to-market (GTM) strategy can be the difference between thriving and barely staying afloat. A well-crafted GTM strategy can improve brand awareness and increase your sales. It can also improve the efficiency of your roll-out and reduce overall costs, resulting in higher profits.

How to create a GTM strategy

Your GTM strategy outlines your company’s goals, budget, target market and approach to marketing and sales. Take the following steps to create an effective GTM strategy:

• Define your goals. What do you want to achieve with your new product? Do you want to increase sales, improve brand awareness or something else?

• Identify your target market. Who are you trying to reach with your products or services? What are their pain points, and what are the solutions?

• Develop a marketing and sales strategy. How will you reach your target market and generate leads? How will you close sales?

• Create a budget. How much money will you need to implement your strategy?

• Get feedback. Get feedback from your team, customers and other stakeholders. This will help you identify potential weaknesses and make improvements.

• Measure your results. How will you measure the success of your GTM strategy? Track your results so you can see what’s working and what’s not.

• Be flexible. The market is constantly changing, so it’s important to be flexible. Be willing to adjust your plans as needed.

BDC Small Business Week takes place from October 15 to 21, an excellent occasion to learn more about developing a GTM strategy to make your small business sustainable and successful.