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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- Determine when it is necessary to build a go-to market plan.
- Define audience segmentation.
- Recall the purpose of a product vision.
- Recognize the benefits of a channel strategy.
- Explain how to use digital and social media to share your story and drive customers to engage with your launch promotions.
- Determine the KPI for four types of goals.
- Summarize the importance of flexibility when building a measurement model.