What is go-to-market strategy? Hear this term a lot but only have a vague sense of what it really is.

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It is a strategy...for how a business... should...wait for it....

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It’s related to the sales function. So if your group is talking about improving their go to market strategy they are probably referring to how they price,
promote, place their services

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Starts with defining what kind of offering you want to have in the market. What market do you want to sell to and what is it you're offering.
Then how you bring it to the market (e.g. as a service, subscription)
Then define how you price it, where to sell it (geography, segments), what partners to include (e.g. channel, sell-through), what support to include, what add-on/up-sell/cross-sell to bundle...
All that is GTM, but people use different parts of it and call that GTM as well.

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What channel should you use? In which segments, be they geographic, and market, buyer type, etc. How should you deploy your salesforce, internal and external? What tools and materials should you use in each segment? What is the right sales process and call point for each segment? how much margin should you keep/share any channel? how do you provide after sales service?

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