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Product management is ultimately responsible for the product's success or failure in the market, after all, and therefore the product team should work directly with marketing to craft and execute a strategically sound go-to-market strategy for their products.
The purpose of a GTM strategy is to provide a blueprint for delivering a product or service to the end customer, taking into account such factors as pricing and distribution. A GTM strategy is somewhat similar to a business plan, although the latter is broader in scope and considers additional factors like funding.
As a Go-to-Market (GTM) Strategy lead, you'll be part of a team that supports, coaches and guides our Product Marketing Managers, working cross-functionally to craft effective GTM plans for their product areas.
Developing a go-to-market strategy The company has to decide whether they already have prospective customers within their customer base but using different services. After defining the market, the product or service is researched until a final decision has been made on what the value proposition will be.
The components of a go-to-market strategy are simple: market intelligence, market segmentation and product messaging. But, the execution of those steps can be more complex depending on your product and the market you're entering.
The purpose of a go-to-market strategy is to make sure that a product launch reaches the right audience, based on the buyer personas. It includes effective product positioning, so those customers understand the value of the new offering. The entire marketing team helps drive the marketing strategy, as you might expect.
Step 1: Define Your Target Markets. No product is appropriate for every market. Step 2: Define Your Target Customer. Step 3: Define Your Brand Positioning. Step 4: Define Your Offering. Step 5: Define Your Channels. Step 6: Build Your Budget Model. Step 7: Define Your Marketing Strategy.
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