At this day and age, there are a lot of ways for companies to launch a new product, entering a new market, or doing both. While a company’s marketing plan is a broad document that aligns marketing initiatives with the company’s high-level business goals and objective, there is what we call a Go-To-Market plan if a business organization plans to focus on a more specific product or market. A more niche approach. Know more about Go To Market Plans and how this would shape a company’s business plans and don’t forget to check our free Go To Market Plan Samples below:

7+ Go To Market Plan Samples

1. Go to Market Plan Template

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2. Software Go To Market Plan Template

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3. Startup Go To Market Plan Template

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4. Manufacturer Go To Market Plan

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5. Marketing Launch Go To Market Plan

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6. Go To Market Strategy Plan

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7. Personal Go To Market Plan

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8. Covid-19 Rapid Go To Market Plan

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What Is a Go to Market Plan?

Simply conducting a new product launching isn’t going to guarantee a complete success, companies has to  undergo several planning stages to confidently be able to tackle the market and attain a strong market share. One of this set of plans is called a Go To Market Plan (GTM) which is a tactical action plan which outlines the steps necessary to succeed in a new market or with a new customer. This applicable from launching new products and services, to re-launching your company or brand, or even moving a current product into a new market.

How to Create a Go to Market Plan?

While a market plan focuses on the overall aspect of a product, brand or service and Go To Market Plan has a narrower scope, focusing on one particular product or service. Creating a go-to-market plan can prevent many of the mistakes and oversights that can hinder new product launches. Take note that there are 4 important key points of a GTM plan which is Product Market-Fit, Target Audience, Demand and Competition and Distribution. Once you are able to define what goes in between these key points you can now start with your GTM plan. Here is a more detailed approach which can help you put together a GTM Plan:

1. Buyer Persona

What is the purpose of launching this product and what do you hope to gain from it? Companies create new products and services because they think there is a demand for it. The question is who? You can’t just vaguely assume the entire market would engage in your service or purchase your product. Companies must breakdown a cluster of customers who fits these roles.

2. Define The Marketing Strategy

Identify steps or strategies that would guide your brand to reach your target audience by covering the following important areas:

  • Value Proposition : construct a marketing statement that summarizes why a consumer should buy a product or use a service.
  • Brand Positioning : define the conceptual place you want to own in the target consumer’s mind
  • Identify Messaging : define how a company will deliver its value proposition and communicate its business values to the public.
  • Sales and Marketing Materials: begin advertising on marketing platforms using the messages you’ve just created for various audience members. Identify what other resources, tools, and support is needed to push the plan.

3. Pricing Approach

A pricing structure reflects every other aspect of your GTM strategy, from your customer to the market to how you use strategies like PR, marketing, and sales. More importantly it should align with the value your product or services provided to the public. You must have a definite basis why the prices of your brand is conceived that way as to not incur any losses as well.

4. Channel Strategy

The channel strategy sets you up to educate and sell your product in places where your customers want to purchase products from you. As a part of the Go-To-Market plan, you want to map out the best channels for the product or services. You may want to consider where customers want to purchase the products, the level of interaction needed for customers to make a purchase decision, partnership with other companies and benchmark your competitor’s approach.

5. Sales Strategy and Supporting Materials

Some products require a sales strategic approach which would require an outline that would equip your sales representatives with the right product or service knowledge and the ample resources to go about it. Pinpoint if there is a need to conduct any employee trainings and ways to seize client acquisition.

6. Monitoring  Product or Service Performance

A new product launch plan needs key performance indicators to be guided towards where it’s going and how it’ll continue in the right direction. This metrics system can help organizations determine the effectiveness of their current business initiatives, helping teams make more informed decisions. Also create a channel were employees and customers can engage with feedbacks as this could serve as reference to help identify any potential performance problems, complaints that needs to be dealt with or establish areas that needs improvement.

FAQs

What Is a Customer Value Matrix?

This is a matrix that subdivides consumers into four groups which is : uncertain, spender, frequent, best based on their frequency and monetary values in the RFM (Recency, Frequency, and Monetary value) analysis.

What Is a Competitive Analysis?

Competitive Analysis is identifying and evaluating a company’s competitors through collection and review of information. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.

What Is a KPI?

KPI or Key Performance Indicators is a kind of performance metric system that evaluates the success of an organization or of a particular activity in which it engages.

 

A Go-To-Market plan is an action plan for your organization so that the entire team can be on the same page, in researching, launching, and assessing product launch or market entry efforts. This will provide the much needed framework for companies to follow, a kind of systematic program that would guide companies in the attainment of their goals and objectives.

 

 

 

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