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Overview:
A Go-To-Market (GTM) strategy is a comprehensive plan that outlines how a new product or brand will be launched and introduced to its target market. The strategy should address how the product or brand will be positioned in the market, who the target audience is, how to reach them, and what messaging tactics will be used. A successful GTM strategy can help ensure that the new product or brand is launched effectively and that it reaches its intended audience. In this article, we'll cover the basics of GTM strategies, including what they are, what they should include, and how to execute them effective.
Best Use Cases for a Go-To-Market (GTM) Strategy:
GTM strategies are most commonly used when a company is introducing a new product or brand to the market. This could be a completely new product, an updated version of an existing product, or a new brand that is being launched. A GTM strategy can help ensure that the product or brand is introduced to the market effectively, that it reaches its intended audience, and that it achieves its sales and marketing objectives.
What Should be Included in a Go-To-Market (GTM) Strategy?
A GTM strategy should include the following elements:
High Level Market/Product/Competitive Research:
This involves gathering information about the target market, including the size of the market, key trends, goals, and preliminary considerations about competition.
Product Positioning:
This involves determining how the product or brand will be positioned in the market, including its unique selling proposition (USP) and the benefits it offers to customers.
Target Audience Identification:
This involves identifying the specific demographic that the product or brand is intended for, including age, gender, location, and interests.
Marketing Tactics:
This involves selecting the specific marketing tactics that will be used to reach the target audience, including advertising, social media, events, etc. Both non-paid and paid elements should be included.
Messaging:
This involves developing messaging that resonates with the target audience and effectively communicates the product or brand's benefits.
Pre-Final Plan Process:
Planning team will create a media plan based on the customer data of the client
Media plan will have an overarching business objective (growth, efficiency, etc)
Plan will outline a roadmap to achieve objectives, including audience focus, marketing tactics, website development requirements, etc.
Once the plan is delivered to Client Services and Activation for internal review:
Collaborate on what’s possible to spend in a given channel and tactic
Align upon the specific buying models and allocated services and target audience by funnel stages
If something is impossible (e.g. too much budget in brand search) please flag
If a tactic is incapable because of restrictions (no ability to ad sequence) flag
Once the planner, CS, and Activation teams are aligned, move forward
Client Approved Plan Process:
Finalized plan gets presented to client and adjusted until final approval
Have a round of discussion with the planner and all teams to align on next steps
Structure campaigns in accordance with the paid plan, non paid elements, and any experiments (MMTs etc)
Once activated, optimize your campaigns toward the business goal of the tactic
Tactic goal of customer acquisition: optimize toward CAC/CPA
Tactic goal of top line revenue growth: optimize toward ROAS
Tactic goal of win back or retention: optimize toward existing cust ROAS
In-platform performance may look worse than it usually does, this is okay as long as business performance is trending toward its holistic goals (e.g. total revenue)
If your tactic is unable to spend to the levels that the plan suggests, please flag immediately to the AD / AM and work with them to reallocate or change tactics
Important to note:
Go to market strategies can be very different based on the maturity, complexity, financial backing, goals, and price point of the client/product/brand at hand. GTM strategies need to be highly collaborative, and need synergy between all stakeholders involved.
Frequently Asked Questions
What are the most important elements of a GTM strategy?
The most important elements of a GTM strategy are market research, product positioning, target audience identification, messaging, and marketing tactics.
How long does a GTM strategy take to develop?
The time it takes to develop a GTM strategy can vary depending on the complexity of the product or brand being launched. However, a typical GTM strategy can take anywhere from 1-2 weeks to develop.
How do I measure the success of a GTM strategy?
The success of a GTM strategy can be measured by tracking key metrics such as website traffic, social media engagement, leads generated, and sales. These