{"id":126634,"date":"2022-03-25T14:30:03","date_gmt":"2022-03-25T14:30:03","guid":{"rendered":"https:\/\/www.smartinsights.com\/?p=126634"},"modified":"2023-12-19T12:00:33","modified_gmt":"2023-12-19T12:00:33","slug":"key-characteristics-effective-go-to-market-plan","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/marketing-planning\/marketing-strategy\/key-characteristics-effective-go-to-market-plan\/","title":{"rendered":"The key characteristics of an effective Go-to-Market plan"},"content":{"rendered":"

Three Go-to-Market models to help you strategize, plan and deliver<\/h2>\n

Business and marketing go-to-market strategy is an essential component in the delivery of any successful product, service, or promotional launch\/campaign.<\/p>\n

We\u2019ve written extensively at Smart Insights about the importance of defining a target audience, producing a clear value proposition and optimizing the right marketing mix; just three elements of good marketing strategy to help ensure brands create a competitive advantage, deliver value for customers and generate profit for the business.<\/p>\n

However, the success of any strategy is dependent on how this is ultimately executed and within this post, I\u2019d like to look at a few different ways this can be brought to life as part of a Go-to-Market (GTM) plan.<\/p>\n

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A marketing plan provides focus, defines the approaches to grow your market share, expand products or move into new markets and ensures you are on track.<\/p>\n

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Defining a GTM plan<\/h3>\n

There are a number of ways to define a GTM plan and it\u2019s fair to say that this can be interpreted differently by individuals, companies and industries. Some define a GTM plan<\/a><\/u> in a very similar way to that of a business plan, albeit with a narrower, more marketing-centric focus. Others see a GTM plan<\/a><\/u> as the overall strategy for a specific product or service, incorporating some of the elements outlined at the beginning of this posts, e.g. defining a target market, value proposition, marketing mix etc.<\/p>\n

For the purpose of this post, I\u2019m going to refer to a GTM plan in a more tactical, executional way.<\/p>\n

It\u2019s an action plan constructed to demonstrate to stakeholders, managers and clients what happens next after the overarching strategy has been signed off. A GTM plan can be useful at various different stages in the strategy -> execution process and, therefore, one of the skills marketers must possess is the ability to choose the right GTM plan for the right moment.<\/p>\n

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Whether you're launching your first product, planning a new line, or repositioning an existing portfolio, you need an omnichannel marketing strategy that attracts and retains your target market.<\/p>\n

That's why we recommend the RACE Framework, for marketers looking to optimize their product marketing through a data-driven, customer-centric approach. Structured across your customers' experiences of your product, from hearing of the product for the first time right through to repeat purchase and advocacy, the RACE Framework helps you manage customer journeys.<\/p>\n

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Choosing the right GTM plan approach<\/h3>\n

A good GTM plan will be aligned to one of the three different stages in the planning cycle of a campaign or strategy:<\/p>\n

    \n
  1. Strategy<\/li>\n
  2. Plan<\/li>\n
  3. Deliver<\/li>\n<\/ol>\n

    You may be at the early stages of formalizing an annual marketing plan, at which point a more high-level, holistic view of channels and outputs might be appropriate. On the other hand, you may be at the sharp end of a campaign with a requirement to produce a more detailed action plan.<\/p>\n

    Go-to-market strategy<\/h3>\n

    At the \u2018Strategy\u2019 stage senior stakeholders or clients will be looking for a top-level view of how the campaign plan will be approached. This will involve a breakdown of different channels, ballpark spend and general audience personas aligned to different media type (i.e. paid, owned, earned):<\/p>\n

    \"Channel<\/p>\n

    Precise details on how each channel will be used (e.g. Facebook vs. LinkedIn), timings and media spend is not required - just an overall guide to add another layer of nuance to support the overall strategy.<\/p>\n

    Go-to-market plan<\/h3>\n

    Once the strategy has been agreed and signed off you\u2019ll go into the next level of detail about the shape and complexion of the campaign or program. This stage will involve details to enable the client or campaign team to start initial media planning and budget allocation. Key areas of focus include:<\/p>\n