Successful tips for a go-to-market marketing plan
Any seasoned entrepreneur knows that a marketing plan is not enough, especially if you want to introduce a new service or product to your customers. To ensure success in this endeavor, business owners also need to create a go-to-market marketing plan.
What is a go-to-market plan?
A go-to-market plan, or GTM, is a holistic business plan specifically created by businesses that want to provide new services or products while ensuring they get a winning customer experience in return.
There are many ways to create a GTM marketing plan, and the degree of preparation needed will depend on your level of dedication to the success of this new product or service. To help entrepreneurs develop a successful go-to-market marketing plan, here are the top seven guidelines for writing them.
Define your market.
As a business owner, you would most likely already have an idea who your target market is. But, also remember that many GTM marketing plan examples have failed because entrepreneurs failed to take the task of thoroughly defining their target market seriously. And, if you are launching a new product or service, it is doubly important to perform market research to figure out whether your product or service should be promoted with a blanket campaign encompassing all market segments or will it be better if the product is tailor-fitted for a specific niche.
To illustrate, if you are looking to launch a new health drink, you should first determine your target market. Is it health-conscious females, sporty males, schoolchildren, or stay-at-home moms? Who will find your new health drink useful and will regularly drink it? You need to be very clear on this from the beginning because the success of most of your marketing strategies will hinge on this first step.
Determine your ideal customer.
In addition to the previous tip, it is essential to also figure out who your ideal customer is. This step can be done in concurrence with the previous tip but may need refining along the way. To determine your ideal customer, you need to devise and answer specific questions about the product or service you are selling.
For instance, entrepreneurs and their marketing teams may need to define the specific gender, age group, income status, marital status, and hobbies of the ideal customer they are looking to target. This useful exercise can also help when your team decides on the advertising message or impression you want to create for your new product or service.
Re-examine your company and/or business goals.
Another important aspect to consider when launching a new product or service is your own company’s vision as a business. To ensure a successful GTM marketing plan, your marketing strategies need to coincide with your company’s vision.
For instance, if you are operating in the food industry by mainly selling baked goods and then you are launching a new health drink brand, your customers may be confused by the sudden change in the products that you sell. To avoid this confusion, your company needs to develop new company vision, mission, and goals that will seamlessly incorporate the new branch in your business.
Failing to do so will not only create confusion for your customers, but it will also affect your company’s branding identity.
Find out who are your competitors.
Any GTM marketing plan will not be wildly successful if it does not include a portion of competitor research. This is an essential aspect of any GTM marketing plan because it helps businesses know what worked and what did not work for other businesses that are selling the same product or service.
Most market research studies will also include a competition analysis portion so it will be easy to plan around your competition. It will not diminish your business and the product that you are selling if you are using the same marketing strategies that your competitors use for selling their own products. Just remember that in order to break their hold on the market, you need to be more innovative and assertive when implementing these marketing strategies.
List the specific marketing strategies you are going to use.
For a GTM marketing plan to succeed, you need to be really specific and intentional on the different marketing strategies that you will use to market a product or service. When writing a GTM marketing plan, you also need to back each marketing strategy with all the steps on how you are going to do it. The more thorough you are on paper, the more chances for the marketing plan to succeed.
Creating a physical list of your marketing strategies in a GTM marketing plan also helps make sure that all the members of your marketing team are on the same page. Everybody knows what a specific marketing task is for and how it connects to the big picture.
Define your price points.
Choosing a specific price point for your new product or service is a business strategy that marketing teams need to exercise carefully. This is because a product or a service’s price should be appropriate for the budgets of their target market. There are also many ways to determine product pricing depending on the industry you are operating in, the season, the geographic location, and other economic factors. If you are operating a big company, it is best to listen to the recommendations of experts in your team while small business owners can follow the lead of their competitors. Still, there is a fine balance that everyone needs to maintain.
Determine the image you want for the new product or service.
Lastly, the most important tip to ensure that you have a successful GTM marketing plan is to first develop a branding identity for your business. This means that you should cultivate a positive and unique image for your company and this new product or service you are launching.
By making sure that your product or service has its own flair, it will be easier to remember and recognize. Other forms of branding identity may also exist through the applicable uses of relationship marketing examples. You may also need to use the services of brand management firms. But for those who are operating small businesses, you may begin by creating simple but uniform business logo designs, trademarks, and even slogans.
Listed above are the most important aspects when creating a go-to-market marketing plan. Follow these tips and you will soon be on your way to success. Now, it is time to act and implement the different marketing strategies outlined in your GTM marketing plan.