Deirdre Breakenridge explains the importance of research when introducing a new product in an existing market vs. a new market. This phase of your GTM helps you get closer to your products, customers, and markets.
- New products are born every day…and new products fail every day.…Some marketers have said the market just wasn't ready.…I've also heard the pricing was too high…and our buyer projections were way off.…The most frequent reflection,…the product really didn't solve the right problem.…A go-to-market plan can help you avoid these problems…if you include certain elements in your research phase.…First, include new market research…to probe your buyer's interest in your product.…
For example, when I worked with a social media…intelligence platform, the marketing team reviewed…both qualitative data from interviews,…quantitative data from survey research findings…and also market trend reports.…With research in hand, we test drove the platform,…placed ourselves in the user's shoes…and then shared our feedback with the product team.…Your market research should also uncover market trends…such as whether you're entering into a stable…or growing market.…
The market you select should be poised for growth.…The big question is…
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- Building your go-to-market (GTM) plan foundation
- Assessing whether you need a marketing or GTM plan
- Entering new markets with a competitive advantage
- Developing your product vision and message
- Setting your product price at launch
- Setting up your channel strategy
- Driving better channel performance
- Evaluating KPIs and metrics
- Storytelling and the customer journey