Go-to-Market (GTM) refers to a strategic plan for launching and distributing a new product or service to the market. It is very common in businesses that follow subscription and billing management systems to use Go-to-Market time as a benchmark period to evaluate the efficiency of product development. It involves the coordination of all marketing and sales efforts, including product development, marketing communications, pricing strategy, distribution channels, and customer engagement, to ensure the successful introduction and adoption of the product or service. It is very relevant in subscription-based businesses as it helps to decide the timing of launching your product.
A GTM strategy is created when a company is ready to bring a new product or service to the market, or when it wants to enter a new market or target a new customer segment. It is also used when a company wants to make changes to its existing offerings or wants to re-position its brand in the market.
The development of a GTM strategy typically occurs during the product development process. However, it can also be developed at any time when a company wants to make changes to its existing offerings. The GTM strategy guides the company’s efforts in product development, sales, marketing, and customer support, helping to ensure a coordinated and effective approach to reaching the target customers and achieving business goals.