Deirdre Breakenridge helps you determine when your business needs a marketing plan vs. a new Go-to-Market (GTM) plan.
- At times you may rely on your existing marketing plan, or you may develop a new GTM plan. In this video, you'll asses your GTM needs, based on a few important questions. The first question is, do you have an existing product in a new market? When you extend your existing product into a new market, create a go-to-market plan. Your direction is new growth so you need a go-to-market plan to fully understand your new market and what you can expect from customers who will experience your product.
Here's a good example. When I was working with a nutraceutical company, they had a sleep product that was used by Navy SEALs because of their poor sleep habits. When Navy SEALs were in active combat, they needed sleep to perform at optimal levels, but they were surprised at something that happened after launch. The company realized the sleep product helped busy moms. When those moms were on the go and still had trouble sleeping, they welcomed this type of product with open arms.
So that nutraceutical company found out that they needed a go-to-market plan to relaunch their product to moms. The second question is, do you need to introduce a new product in an existing market? After you launch your product, you learn so much more about your customers. You have the ability to tap into their conversations, they're actively sharing detailed information about their likes, wants, needs, and what truly excites them.
As a result, you can step back and ask, what else do our customers need from us? When I worked with a social media monitoring company, their software helped companies track social media engagement. They learned that their customers were looking for ways to connect with credible and trustworthy members in the market, who could amplify messages and drive action. So they decided to introduce a new software, that allowed customers to easily find influential members within an online community.
Since this company introduced a new product into their existing market, they needed a GTM plan. The third question is about getting ambitious. Do you need to introduce a new product into new markets? There will be times when you're ready to take on new and exciting challenges, by launching a brand new product into a new market. Now this strategy is considered a high risk strategy. You have to learn a whole new market, and understand how your new offering will deliver value, to an audience that you don't know very well.
Here's an example. PeopleSoft, which was known for its HR management systems. They ventured out with entirely new products in entirely new markets. After collecting enough data the company entered into a brand new market, financial management. In the past, they were only focused on HR markets. Since this company introduced a new product into a new market, they needed a GTM plan. These three questions are all different, but they reinforce why companies need GTM plans.
Remember, if you move into uncharted waters, with new products, new markets, or both, then you'll need to build your GTM plan to achieve market success.
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- Determine when it is necessary to build a go-to market plan.
- Define audience segmentation.
- Recall the purpose of a product vision.
- Recognize the benefits of a channel strategy.
- Explain how to use digital and social media to share your story and drive customers to engage with your launch promotions.
- Determine the KPI for four types of goals.
- Summarize the importance of flexibility when building a measurement model.