A good marketing strategy is a pivotal ingredient in any successful product or service. A good marketing strategy helps to ensure the brand creates a competitive advantage, deliver value for customers and generate profit for the business. The Go-to-Market (GTM) strategy can be defined as an action plan to show case to the stakeholders what happens next once the overarching strategy has been determined. (Llewellyn, 2019)
The GTM strategy can be applied at various stages in the planning strategy. Therefore, one must possess the ability to choose the right GTM plan for the right stage.
Based on an article by Smart Insights, there are three different stages in the planning cycle of a campaign:
At this stage, senior stakeholders or clients will be looking for a top-level view of how the marketing plan will be approached. It will involve a breakdown of different channels, estimated spending, and general audience personas aligned to various media type (who is paying, whois earning, etc.).
Once the strategy has been agreed, the next step is to go into detail about the shape and complexity of the campaign. This stage will involve details that enable the client or marketing team to start initial media planning and budget allocation.
In this stage, you can start putting together the most detailed type of GTM plan, allowing you to zoom in on all the specific elements you have determined in the ‘Plan’ stage. It’s common practice to look at each channel in precise detail (separate plans for paid search, paid social, display etc.) so that those running the overall campaign have a clear view of exactly how each element will be executed.
An effective GTM plan will enable you to take your big idea and turn it into an action plan. From high-level thinking, you can transform it into a detailed roadmap. (Llewellyn, 2019)
Gender parity has been an increasingly relevant topic and the advertising industry has been responsible for portraying gender in a particular light. Therefore, it might be worth taking into consideration this topic when you are formulating your GTM strategy.
People want to identify with the faces reflected at them in advertising, and customers also increasingly expect companies to have real meaning and purpose. Companies realise that if they do not better reflect their customers and the marketplace, they risk marginalising them and hurting their bottom line.
When we spend, we are revealing our inner values, so we want to know that we are somehow making a positive difference to the world through the goods and services we buy
Therefore, it is important to keep in mind the kinds of advertisements that your business puts up to the public. Ensure that your advertisements carry a message that resembles your values, as this will attract the customers that resonate with those values. (Rudaizky, 2018)
The pandemic changes the platform where businesses advertise and how much they are willing to spend on their marketing campaign. In general, it has caused a considerable drop in advertising spending. Many governments are dominating the advertising sphere to promote public health messages, meaning less space for businesses. Advertisers are spending less money on mediums with no audience (i.e., Print media and television). More businesses are moving into online advertisements.
The online environment is useful for advertisements that encourage quick purchases by consumers – probing the customers to take immediate action. It is an attractive proposition for brands that are looking to drive sales and saving marketing costs.
Chinese consumers spend almost two-thirds of their media time online, Tencent’s digital ad revenues in the first quarter increased by 32% year-on-year. Its marketing industry is predicted to grow by 8.4% – even after COVID-19 is accounted for. It goes to show how significant the online marketing medium will be post-COVID.
Brands advertise to raise awareness, increase sales and build loyalty. In general, small and medium-sized businesses are more dependent on mediums that drive customer engagement. Global brands that are more international, on the other hand, run multiple campaigns, including values-based marketing that builds an association with consumers’ identities. (Li & Hall, 2020)
GTM strategy is useful for an entrepreneur as it helps them to materialize their ideas into an actionable tangible plan. There are different ways to align the GTM strategy in various stages of the planning cycle. When constructing your GTM strategy, you need to keep in mind the recent market trends. In this case, the market is increasingly demanding companies to reflect their inner values. Customers want to know whether they are making a positive change for the world through their purchases. Furthermore, the world of advertisements post-COVID will be one that is more digital. Hence, as an entrepreneur, you need to know where your target customer spends the majority of their time online so you can plan your marketing strategy effectively.
Li, C., & Hall, S. (2020, June 8). This is how COVID-19 is affecting the advertising industry. Retrieved from World Economic Forum: https://www.weforum.org/agenda/2020/06/coronavirus-advertising-marketing-covid19-pandemic-business/
Llewellyn, G. (2019, August 21). The key characteristics of an effective Go-to-Market plan. Retrieved from Smart Insights: https://www.smartinsights.com/marketing-planning/marketing-strategy/key-characteristics-effective-go-to-market-plan/
Rudaizky, J. (2018, March 28). Does your business want to sell to a gender stereotype? Retrieved from Ernst & Young: https://www.ey.com/en_uk/purpose/mad-men-seek-women-advertising-s-role-in-closing-the-gender-gap