One of the most important processes Product Management goes through on at least an annual basis is creating a Go To Market Plan. I recently went through this exercise with my partner in crime from Marketing to define our next year. What are the components and topics you want to hit to make this meaningful and ultimately measurable?
Market Problem Identification and Validation – what is the problem you have identified and how have you proven it’s something worth fixing? Why is your solution so compelling? What kind of research and data do you have to back up your claims?
Target Personas – who are the people you are striving to sell your product to? What is their process for buying? Who are the people who will use the solution to solve the problem? What is their current workflow today and how will your product fit in?
Strategic Objectives – if you are part of a larger company, alignment with the company’s strategy and how your solution fit into that is important. How is your product helping to meet the needs of the larger organization. If a startup, how does your product help it achieve it’s vision?
Market Trends and Environment – What are the things happening in your intended society that will impact the sales/use of your product?
Competitive Landscape – Who else is out there solving the same problems as you? How will you differentiate? What are their strengths and weaknesses?
SWOT Analysis – Doing a full SWOT analysis gives you the starting point to address those topics that will help or potentially hurt the takeoff of your product. An honest evaluation that is reviewed by the team is critical to…
Offerings Today, Tomorrow and In the Future – What does your product roadmap do in the context of all the information previously presented? Try to keep this to high-level themes/features that address the opportunity given the current environment. This can also include a section on product readiness and a phased approach to include testing, beta, pilot and launch.
KPI’s – What are the key performance indicators you will use to measure the success of your plan? In most cases, this is a complicated mixture of sales, revenue, units sold, delivery dates, milestones hit, etc.
What other elements did we miss here? What has your experience been in creating a comprehensive Go To Market Plan?