Marketing strategy vs. go-to-market strategy
When crafting a business plan, business owners may use the terms “marketing strategy” and “go-to-market strategy” synonymously. However, these two terms are drastically different, each bringing a different type of sales strategy to the table.
Your marketing strategy is ongoing. The point of your overall marketing strategy is to determine how you can reach your target audience and convert potential customers.
Your go-to-market strategy, on the other hand, involves a specific product. The plan focuses on how you’re going to set up the launch of a new product or service.
Both your marketing strategy and go-to-market strategy play integral roles in new market outreach and customer acquisition.
As a small business owner, you may see these two strategies overlap. But as your company grows and matures, the two approaches will begin to become more and more distinct. Say, for instance, you’re an entrepreneur offering home security products and services. When you first start your business, your sole concern will be to get your product into local homes.
As your business begins to grow, you determine that you want to start offering security products to commercial companies. You also decide that you want to start focusing on cybersecurity.
You’ll then use a GTM strategy to craft a product marketing plan — outlining how you will introduce your new offerings to customers. Go-to-market strategies focus explicitly on the sales process for launching your next product.
The marketing strategy will define your target market, how you will reach this market, and the various products you’ll offer to the market. So, in summary, a marketing strategy is something ongoing and fluid. It’s something that you’ll always have in place, and it’s something that will change with time.
A go-to-market strategy, on the other hand, is explicitly used when launching a new product or service. Go-to-market strategies typically involve much more fixed or rigid deadlines.