As a key part of a strong commercialization plan, a go-to-market (GTM) strategy uses various promotional tactics and marketing channels to get maximum exposure after your launch. It works to circumvent the 95% failure rate in new innovations. Will you be part of the 5%?
First, it’s important to understand how a GTM strategy (also called a launch plan) differs from a commercialization of innovation (CoI) strategy. Essentially, it’s the process of bringing a fully-developed product or service to market for the first time. It’s part of a broader commercialization plan, which starts long before the product is developed, and continues long after the launch.
There are 8 strategic and tactical concepts of marketing. A CoI strategy covers all 8, while a GTM strategy takes place after the product and timing concepts are already complete.
We’ll craft a targeted go-to-market strategy that makes decisions about when, how, and where to make your innovation available to consumers. This involves steps like:
Determining optimal positioning among competitors and in the eyes of potential customers
Identifying strong early adopters and catering efforts toward earning their buy-in
Developing ads, marketing, and other consumer-facing messaging and materials
Conducting market research to identify optimal marketing and distribution channels
Securing those channels, which may include partnerships with other entities
Choosing optimal pricing, like a skimming vs. penetrating model that balances financial risk
Instead of robust, static annual plans that quickly become outdated, we use real-time data insights and 90-day planning cycles to help our clients achieve better healthcare marketing outcomes.
This process helps ensure we’re always working on the items that matter most to your success.
What many innovators don’t realize is that commercialization – generating a proﬁt from the innovation – begins before the product is even fully developed, and continues long after it’s launched. The hard truth is that many innovations are launched into the market, but few reach success. Learn how to ensure yours is one of the few.