According to Mike McCormac, regarding his available presentation, go to market planning relates to the steps and procedures needed to take a “new product or service to market” both “effectively and profitably” (McCormac, 2011). This particular strategic planning is essential for launching both new products, services, and re-launching old brands and products to ensure their success. As countless products are being released to market on a daily basis, it is imperative for businesses to effectively launch their products to be recognized despite noise and clutter amongst the consumer market.
To effectively implement this strategy several individuals have outlined essential components to effectively draw up an good go to market strategy. According to Larry Melillo, the primary elements of a go to market plan are:
(1) value of service offering to existing and potential clients,
(2) strategy, timeline, and scope of service rollout,
(3) revenue potential for the service line over a period of three years,
(4) initial costs and resources,
(5) ongoing costs of maintaining the service, and
(6) risks associated with achieving the targets within the budget, along with mitigating strategies for managing those risks.
When referring back to McCormac’s model, it is suggested that seven questions be answered fully to accurately understand the conditions and strategy, including: What are we selling to who? When will this be profitable? What is the value proposition? How will customers hear about this? How will this be sold? What needs to happen? And, What business infrastructure is required? I’d suggest checking out McCormac’s full, and available, presentation here.
Through both of the above models it is clear that go-to-market plans require a lot of prior thought and consideration. The proper utilization of the models above however, will result in more accurate and successful attempts to launch a new product or service. Lastly, the DechertHampe Consulting group has provided a general flow of the go-to-market process and helps to visually outline what steps businesses should take.