What is a Go-To-Market Strategy?
A go-to-market (GTM) strategy is a detailed plan that outlines how a company will reach its target audience while launching and/or promoting a new product. A good GTM strategy will specify who the ideal customer for the new product is, how exactly the product will be marketed, and outline how the product can be positioned as a solution.
Go-To-Market Strategy vs. Marketing Plan
A GTM strategy sounds like a marketing plan, but they’re different. It’s important to understand this distinction.
Marketing plans are created and executed by marketing teams and focus on long-term strategies and objectives. They include different goals and milestones for social media, website traffic, newsletter campaigns, ads, and more.
A GTM strategy is designed specifically for a new product launch, or tapping into a new market. A company’s general marketing plan may include various GTM strategies for different products or new features.
Benefits of a Go-To-Marketing Strategy
The purpose of a GTM strategy is to align teams when promoting a new product. As a result, companies see the following benefits:
- Defined process. A GTM strategy will outline the process from start to finish. Everyone knows and understands their role, and there’s no confusion regarding timelines or output.
- Clear, consistent messaging. When teams collaborate to implement a GTM strategy, they’re all in agreement regarding the message being sent out. There’s no miscommunication, and external communication matches internal expectations.
- Improved customer experience. A good GTM strategy will include steps to ensure a positive customer experience. Who is being targeted, what information is being delivered, and what does the follow up process look like? Outlining these steps leaves no room for error; focus is put on meeting the customer’s needs.
- Internal alignment. Sales and marketing teams must be aligned on GTM strategies. Sales reps ensure marketing understands the product, what it does, and who it benefits so accurate messaging can be compiled and delivered.
- Manage expectations. When a GTM strategy is fully fleshed out, everyone involved understands the general expectations, and what actions must be completed to achieve them.
- Demand generation. A successful GTM strategy will bolster demand generation efforts and drive more potential customers into your sales funnel.
Tips for Implementing a Go-To-Market Strategy
A successful GTM strategy should include the following:
- A unique selling point. What sets your product apart from the competition, and what kind of problems does it help solve? Always do competitor research beforehand to ensure there’s no market saturation, and craft unique, engaging messaging to make your product stand out.
- Defined target audience. Who are you trying to target? What does your ideal customer look like? Narrow down your audience, otherwise marketing efforts will go to waste on uninterested parties. Create buyer personas and use data to target specific groups that are likely to convert.
- Goals. Your GTM strategy needs to have clear objections to be successful. What goals are you working towards, and what key performance indicators are being used? Always track metrics to help ensure success.
An outline of your buyer’s journey. Reaching your target audience is only step one: what are you doing with them once they’ve received your message? A GTM strategy should outline exactly how potential customers will enter your sales pipeline, and how sales reps can keep them engaged in order to close out a sale.