Go-To-Market Strategy VS. Marketing Strategy
These terms are sometimes used interchangeably, especially with early-stage companies so it’s noteworthy to point out key differences.
A go-to-market (GTM) strategy can be characterized as more of an event that introduces your new product or service to a market. While a marketing strategy is the expanded plan after launching.
A roadmap for your product or service
The goal of a GTM strategy is to best target the market you’re going after while positioning an offering as new and distinctly as possible in order to stand out. It involves many different functions and requires a lot of tactical planning and foundational prep. These key milestones are often set to ambitious timelines leading all the way up to launch day. In the end, this big push plays an important role in grabbing your piece of the marketplace and seeing how you can expand on that.
Actionable steps towards market entry
A strong marketing strategy helps you go deeper on how to grow (and keep) your best customers. The goal of the marketing strategy is continuous – staying relevant and understanding needs in order to protect any competitive advantage in the marketplace. The strategy is longer-term and ever-growing as it is shaped by a company’s business goals, therefore, you should expect to come back to it over and over with learnings and pivots. And if it's not clear by now - you can't do one without the other.
For more information, check out these helpful resources:
- How to Estimate Market Opportunity When Launching New MedTech Products
- The Proven Process for Developing a Go-to-Market Strategy
- The Product Launch: Product Marketing & Commercialization
