When launching new products or when you are starting an entirely new business, you would need to create your Go-to-Market strategy. Its not a full fledged business plan, but lets say its a subset of it.

It involves a two pronged planning of how to ensure the product or service reaches the end consumer and also how to ensure the value proposition is delivered properly to the minds of the consumer.

Go to market strategy checklist
Go to market planning checklist

The first step involves defining who are the product meant for. That is your target segment. Once the target market is defined, you need to identify the gatekeeper or the decision maker or the buyer. This is key to getting conversions in sales.

Once these are identified, you would draw out your value proposition. You would compare with the existing products in the category or substitutes to your product, draw out the pros and cons, strengths and weaknesses. What value would you offer that sets you apart? Once you decide that, you need to devise the pricing strategy. How much price would be ok for the product to the consumer? Would the consumer see value in what you offer at that price?

Your value proposition is included in your positioning statement for the brand. The positioning statement is going to be used in every aspect of your branding and marketing. You would have to determine the communication channels best suited to your target customers and decision makers.

This could be your TV channels, specific programs, those that are meant for the target audience that resonates with yours.

Lastly, you will have to decide who to make the product/service reach the consumer physically or otherwise. It is important as the channel must lead the dots to where the target consumer or buyer goes to purchase his/her goods.

Also, you will have to go into the details of how you would present the product in the channel, the displays, the positions in the shelf, whether you could cross-merchandise or cross-sell your product.

In a nutshell, these are the basic steps to be taken while making a go to market strategy, in order to plan for the launch of a new product or service.