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A go-to-market (GTM) strategy is the way in which a company brings a product to market. It generally includes a business plan outlining the target audience, marketing plan, and sales strategy.
Your company’s go-to-market strategy is the plan to deliver your unique value proposition to customers, using both your inside and outside resources. While this might be easy to confuse with a marketing strategy, the most significant difference between the two is that a marketing strategy is for your brand. Your GTM strategy is unique to your latest launch and a subset of your overall marketing strategy.
The whys, whos, whens, and hows, are four significant differences that set your go-to-market strategy apart from your marketing strategy.
The purpose of your marketing strategy is to create an approach to achieving a competitive advantage. But your GTM strategy’s objective is to make sure a specific product launch reaches the right audience.
Typically, your B2B company’s marketing team works together on the brand’s marketing strategy. A smaller product marketing team usually runs GTMs.
Though your marketing strategy is ongoing and continuously changing, it always includes marketing for your brand as a whole. A GTM strategy typically has a fixed timeline and is focused on a new aspect of the business.
Communication is vital in both your marketing strategy and your go-to-market strategy. While your marketing strategy communicates the brand promise to your customers, your GTM is delivering the vision of the product. The brand itself takes more of a backseat.
When building your GTM, you need to ask yourself a few essential questions beyond what new product you’re trying to promote. Getting clear-cut answers to these questions will help you target your marketing to the correct audience. It can also allow you to determine whether you’re on the right path. This is always good to know before you launch a full-on plan that may not even lead potential customers through the buying journey.
Some other aspects to take into account are your industry competitors and similar products and services that are already available on the market. Are you offering something completely new? If not, establish how your product sets you apart from other options. What benefits do potential customers get from working with you instead of a competitor?
Ad remember. Just because you put this much work into establishing your GTM doesn’t mean that it can’t be fluid. It should be, like your overall marketing strategy. Once your product launches, you probably won’t have much of a choice but to adapt your GTM strategy to what you’ve learned about your buyer’s journey.
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