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Friday, June 16, 2023

9 Steps of GTM Strategy

A go-to-market (GTM) strategy is a step-by-step plan for launching a new product or expanding into a new market. It helps you launch your product to the right audience, with the right messaging, at the right time. Learn how to craft a go-to-market strategy in nine steps and set your next product launch up for success.

Go-to-market strategy vs. marketing plan

A go-to-market strategy is specifically for launching a product or expanding to a new market. On the other hand, a marketing plandetails how you’ll execute your overall marketing strategy. Instead of being launch specific, a marketing plan is a long-term approach to help you achieve your marketing objectives—like an annual roadmap or an overarching digital marketing strategy. Your GTM strategy draws from your long-term marketing plan, but it’s tailored to a specific launch. 

Marketing plan example: Sephora’s marketing plan leverages its loyalty program, which offers discounts and gifts to customers who spend a certain amount. This plan isn’t specific to a product launch, rather it’s a long-term approach to build customer loyalty over time. 

Go-to-market plan example: Microsoft executed a go-to-market strategy when launching its third generation Surface tablet. Their strategy was specific to the tablet’s launch and addressed a particular market problem—that existing tablets didn’t have the functionality of a full-fledged computer. 

Step 1: Identify the problem
Step 2: Define your target audience 
Step 3: Research competition and demand 
Step 5: Map your buyer’s journey
Step 4: Decide on key messaging 
Step 6: Pick your marketing channels 
Step 7: Create a sales plan
Step 8: Set concrete goals
Step 9: Create clear processes