From the course: Create a Go-to-Market Plan

Assess when to build a go-to-market plan

From the course: Create a Go-to-Market Plan

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Assess when to build a go-to-market plan

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- [Instructor] I worked with a beauty company that sold wigs online. They initially started selling products to women going through cancer treatments, but something happened fairly quickly. The company realized there was a large audience of young women who wanted to wear synthetic hair extensions for fun and to change their looks. The shift to a new product in a new market called for the wig company to develop a go-to market, or a GTM plan. GTM planning is different from a company's overall marketing plan. A marketing plan is a roadmap focusing on your company's marketing initiatives for the coming year. It's aligned to your organization's higher level goals and objectives. A GTM plan is specifically developed for launching a new product, service, or brand in an existing market, an existing product into a new market, or a new product into a completely new market. You can check out the handout in the exercise files called Go to Market Checklist for more information on when to create a GTM plan. Because a GTM plan requires time, resources, team, energy, and effort to achieve an effective market launch, it's important to understand the benefits as you get started. One benefit, your team will save time. When you take the time to learn through market research and then place these insights into your product, marketing, channel performance and evaluation strategies, you can reduce the time it takes to go to market. Honing in on a specific GTM timeline also helps your team to stay focused on specific strategies for a successful launch. Also, a GTM plan cuts costs. You can lower costs that may be associated with failed launches. For example, knowing exactly who your customers are and what excites them will streamline how you reach those people in the market. You also cut costs when you identify possible roadblocks to avoid. A GTM plan helps you offer a better customer experience. Your sales team and channel partners will have the materials they need. Everyone is working toward the same goals and resources are used effectively. Your team is ready to inform, assist, and respond to customers as they experience your new product. Your GTM plan will ensure you're creating strategic direction. Your teams and sales partners will be on the same page, understanding your product vision and the strategic objectives that drive the goals at launch and beyond. Next, you'll consider what goes into your go-to-market plan. There are five components to consider for timing and resource allocation. First is product strategy, laying out what unique or differentiates your new product offering from competitors. Second is channel strategy, what channels will you use not only to sell your products, but also how will you educate and support your partners? Third is marketing strategy. Your efforts here are to generate awareness externally and internally with your employees. Fourth is customer experience. You should always anticipate your customer's journey to fully understand each interaction. And fifth is measurement or evaluation. Having a feedback loop to measure and evaluate is a priority. These building blocks can help you to create a GTM plan that will serve as your roadmap to successful launch.

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