Go-to-Market Strategy: Guide to GTM Strategy and Marketing Plan

The ultimate goal of a Go-to-Market Strategy (GTM) is to create a step by step plan, that can be absorbed and action by all relevant stakeholders to successfully launch your product or service.

Read our guide on what a Go-to-Market strategy is and how to plan the best GTM strategy for your product or business with a marketing template.

What is a Go-to-market strategy?

In simple terms a GTM strategy is a comprehensive plan to launch a product or service into a market. It outlines in depth, through research and analysis, what your product is, who it’s for and how you will get it to them. It delivers your unique value proposition and the process you’ll take to achieve a competitive advantage in the market. 

Your GTM strategy should clarify why you are launching your product or service, who your target customer is and what problem, need or want it fulfils for them. Furthermore, it should detail how you will engage with your target customer to get them to buy your product or use your service.

Why do you need a GTM strategy? 

This may sound dramatic but without one, your venture is most likely going to fail. Think about it – the purpose of a GTM strategy is to provide the blueprint for delivering a product or service to the end customer. Without this pre-planning you are effectively going in blind, throwing your product into the market and hoping it sticks. Why put months, if not years of work, time and resources into developing a product or service without a proper launch plan. Doesn’t sound very efficient, does it? 

Many factors including poor product-market fit or market saturation can tank even the best product launches. Creating a GTM strategy can identify these external factors before disaster strikes. Mitigating risks and maximising your investment by creating a plan for success. 

When do you need to use a go-to-market strategy?

A GTM strategy should be pulled together whenever you’re launching a new product or service into a market, or launching an existing product or service into a new market.

Who uses a GTM strategy? 

Your GTM strategy should be a tool that can be used and shared across the entire organisation. It ensures all parties on the project are aligned, informed and following a clear, unified plan to bring your product to its intended audience. 

What are the components of a successful go-to-market strategy template? 

Like many things, there is no set-standard format for a GTM strategy. Your GTM strategy should be agile, with the ability to be tweaked as you uncover more information about the market, your product and your customer. However, there are some key must-haves in any good GTM strategy.

Your Value Proposition

Why are you launching this product? Your strategy should identify a problem or opportunity and outline how your product or service fits to solve it. Clearly define your product – Positioning, Packaging and Pricing. 

Your Competition 

Where does your product sit in the market? Consider product-market fit. Analyse your competition, who are they, how many competitors are out there and what exactly are they providing. Is there still space for you to meet the needs of your customer?

Your Customer 

Who is your product for? Define your target audience – research and segment your audience extensively. Create realistic customer profiles. You want to develop a thorough understanding of who your customer is so that you can speak their language and create a specialised strategy to reach, engage and convert these consumers into brand advocates. 

Your Messaging 

How will you communicate your value proposition in a way that resonates with your target customers? What is your tone of voice and how does your message change along the path to purchase. Create a customer journey map to identify the path(s) a buyer goes through to acquire your product or service. Detail what is required at every stage from awareness to consideration and finally conversion. 

Your Channel Strategy

Where will you communicate to your customers? Identify where your target audience is and how you can reach them. What channels do you need to be playing in to meet your overall business objectives? 

Your Distribution Strategy 

Once you’ve spoken to your customer, where and how will they actually purchase and receive your product or service. Consider the various distribution channels available and select the method(s) that works best for your product and business.

Set targets

It’s all well and good to have a beautifully laid out plan, but how will you know if you’re actually succeeding? Make sure to have clear targets and benchmarks at every stage of your launch. Ensure you review these frequently, and keep track of your progress. 

Test & Try 

The more you try, the more you learn. Include tests in your strategy and use these learnings to optimise your activity moving forward.  

Don’t think only short term 

Although your strategy should detail your method to launch it is also important to consider your budget and resource requirements post launch to ensure activity and growth can be sustained. 

Ready to plan and build your GTM strategy?

Building a GTM strategy is crucial before presenting your new product to the world. At Rumblr, we’re specialists at developing successful GTM strategies. Prefer to leave it to the experts? Visit our website at www.rumblr.com.au, or drop us a line: hello@rumblr.com.au