What is a Go-to-Market Strategy? GTM Plan Template + Examples

Building a go-to-market strategy is critical before bringing your new product to the market. For lower-cost products, optimize automation, trial offers, and urgency-based incentives. Establishing trust is extremely vital when taking expensive vs cheaper products to market.

Additionally, it includes three examples of what an effective real-life go-to-market strategy can look like. A great go-to-market strategy requires both the right content and structure. Your existing business unit strategy is the starting point for your go-to-market strategy. The following framework, adapted from Bain’s go-to-market system, outlines the main elements that should go into your go-to-market strategy.

Microsoft realized that laptop buyers may not purchase a Windows laptop because there are so many manufacturers to choose from. And for many people, owning both a tablet and a laptop was not financially feasible. The result of Via’s go-to-market strategy is that it no longer sees Uber as a direct competitor and had $200M in revenue in 2022. Now, the company partners with private transit operators, schools, and public transit agencies to expand existing operations or provide more riding options for passengers. Via looked at this problem and created a true ridesharing service that could fill the space Uber and Lyft didn’t fill. The driver takes a predetermined route and drops riders off at convenient locations rather than picking up riders at private locations.

Better understanding of a target audience’s wants and needs

A go-to-market (GTM) strategy is a step-by-step plan that defines how you’ll launch a new product or enter a new market, covering your target audience, messaging, pricing, and sales approach. When the Swedish company Oatly expanded into the US, oat milk wasn’t top of mind for American consumers. You’ll learn how to define your target audience, research competition, develop key messaging, and choose the right marketing channels and sales approach to set your next launch up for success. Once potential customers express interest, they can purchase the service through various distribution channels, such as the company website https://videophile.info/a-brief-rundown-of/ or licensed agents. If the customers are considered individual households, then the company works on creating interest in their prospective customers using different forms of media, such as TV advertisements, social media, and billboards. Research may include how competitors are performing in the market, what customers think of the different products available, and what is missing in the market through conducting research using different methods such as SWOT and PEST analyses.

When performing a go-to-market strategy, the company’s mission and vision are key factors. A focus on customer experiences leads to customer loyalty, which consequently triggers increased product purchase, customer retention, and low service cost. The company has to decide which distribution model to choose, what kind of support and services are required, and address the possibility of creating a competitive advantage. In the early stages of developing a go-to-market strategy for a new good or service, a company has to initially define the target market. Hiring a marketing or sales team before achieving product-market fit (PMF) leads to wasted resources and frustration. A broad or vague ICP leads to wasted resources and low conversion rates because you’d have targeted prospects unlikely to buy.

Go-to-market strategy vs. marketing plan

The process of creating a go-to-market strategy allows you to discover gaps in the market, which can help you hone your product’s niche and better alleviate your buyer persona’s pain points. Any business introducing something new to the market and wants to effectively reach its audience and drive (sustainable) business growth needs (or would benefit from) a go-to-market strategy. Ultimately, you want to create a plan that helps http://volarigamers.com/xgi-distributes-village-tronic%e2%80%99s-vtbook you competitively position your offer, set the product or service apart from the competition, and generate leads and customer retention. “To fuel your trajectory, harness real-world data to optimize your new product’s performance in the field,” per Highspot’s Product Launch Strategy Built for Liftoff guide. But diversifying into entirely new markets with a product launch is a high-risk, high-reward play that comes with some potential for failure (or at least missing target goals).

Then, the company decides how it is going to promote its goods or services and what kind of marketing campaigns are the most influential to follow. Choosing the right distribution and marketing channels, followed by promotion, are also vital in a go-to-market strategy. The company then must determine whether they already have prospective customers within their customer base who are using different services.

Any successful go-to-market strategy requires clearly defined SMART goals—lofty yet realistic ones—and processes spanning the planning and post-launch phases. Recent and historical data from these platforms, like those tied to GTM sales plays, can shed light on the most popular ‘places’ (website, email, calls, chat) where leads interact with you. Recognizing the challenges facing your ICP and what your target audience https://4equality.info/how-i-became-an-expert-on-20/ looks for in a given solution can help your GTM teams personalize your marketing plan and craft unique value propositions to make the product stand out. Sales, marketing, and product teams often have overlapping goals, but without a clear plan co-created with one another, they can pull in different directions and work in silos. Agentic GTM platforms like Highspot helps enterprise teams convert go-to-market data into specific, context-aware actions that drive execution, eliminate guesswork, and align functions around deal momentum.

Go-to-market strategy template

In addition to supporting a successful product launch, there are a number of ways in which your company may profit from developing a solid GTM strategy. And as team members collaborate and execute your go-to-market strategy, you can see those updates in real-time. Every GTM strategy involves lots of moving pieces, whether you’re launching a new product or exploring new markets. This plan isn’t specific to a product launch; instead, it’s a long-term approach to building customer loyalty. Your GTM strategy draws from your long-term marketing plan, but it’s tailored to a specific launch. A go-to-market strategy is specifically for launching a product or expanding to a new market.

The flywheel model

• Chances are, you’ve already built your product, and building a company is a very similar process.
• If a company doesn’t understand its major competitors or customer needs, or if it doesn’t have clear goals and processes in place, it may lead to poor sales, weak customer relationships, and high costs.
• In other words, your product’s value proposition articulates why the target market should purchase the product.
• You’ll learn how to define your target audience, research competition, develop key messaging, and choose the right marketing channels and sales approach to set your next launch up for success.

For example, during a recession, there’s economic uncertainty, and entities may hold off on several purchases. Use CRM data to analyze similarities among high-value customers—job titles, industries, and buying behaviors. Knowing this drives efficient messaging, marketing, and sales efforts. This brand understands that people are leading digital lives more than ever, which includes more online shopping — but without the experience of shopping in person.

Her expertise lies in GTM architecture, driving key GTM initiatives, and advising customers on how to drive behavior change within their customer-facing teams and with buyers, resulting in increased productivity and revenue growth. She serves as Vice President of Global Strategic Accounts at Highspot and leads the teams driving strategy, revenue growth, and customer experience. Thanks to centralized resources, reps became more self-sufficient, marketers maintained control over assets, and enablement saw a 109% boost in rep participation.