Join Deirdre Breakenridge for an in-depth discussion in this video Defining a go-to-market (GTM) plan, part of Create a Go-To-Market Plan.
- When you're embarking in a new direction your company needs a go to market plan. Let's say your company is launching an innovative product into the market or you're releasing an existing product into a new market, targeting different consumers. Then you need a go to market plan. Before we dive into what a go to market plan or a GTM is it's important to understand what a marketing plan is. The two plans are commonly confused because they're both about a company's growth strategy.
A marketing plan is very broad. Your marketing plan aligns to the company's business goals and objectives. It includes your annual roadmap which outlines your company's ongoing marketing strategy for products or services currently on the market. This includes advertising, promotions, public relations, digital marketing, direct sales, and events. When you build a marketing plan you document the goals, objectives, research, costs, strategies, and action steps you're going to take to drive business for the overall organization.
For the go to market it's more niche for the product or service rather than the overall strategy for the business. A go to market plan is the action plan you need to move a product or a company in a new direction. A go to market plan is more focused, whether it's developed for a specific product or market. Like a marketing plan, a go to market plan focuses on internal and external resources. Internal resources include things like your sales force.
External sources can include things like your distribution channels. With a go to market plan you'll flesh out your value proposition, build a unique experience for your customers, and find ways to be competitive in your market. You might still be wondering why a go to market is worthwhile. When you build a go to market plan here are some benefits you can expect from your hard work. First, time. You may reduce the time it takes to go to market.
Second is cost. Lower the cost that may be associated with failed launches. Third is experience. Deliver the best experience for your customer. Fourth is direction. Travel down the right path with better direction for internal sources and external partners. What's in a go to market plan? You may recognize these area. Product strategy. Here's where you'll lay out what differentiates your new product offering and those of your competitors, helping you build your sales messaging.
You'll also want to consider special pricing promotions and cross promotions at launch. Channel strategy. What channels will you utilize not only to sell your products but also to educate and support your partners and customers? Having a strong channel strategy will help you increase your channel performance. Market strategy. Here is the area of your plan that includes your efforts to generate awareness with your customers and employees, especially those employees who interact with customers from product instruction, interest, purchase, and then support.
Finally, customer experience. You always have to anticipate your customer's journey. This part of the plan details that journey from initial awareness to purchase, activation, renewal, or repurchase, and sometimes cancellation. Evaluating the experience helps to understand better interactions moving forward. We'll discuss product, channel, and market strategies and customer experience in even more detail throughout this course.
All of these building blocks will help you when you are ready to create your go to market plan. So ask yourself, are you ready to build a go to market plan? If you are headed in a new direction then let a go to market plan serve as your guide to 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.