Introduction
Launching products into new markets requires a strong go-to-market (GTM) strategy.
We have previously released resources that discuss how to create a Go-to-Market Strategy and how it differs from a marketing strategy (marketing strategy vs. Go-to-Market Strategy). We have also published articles on Go-to-Market Phases and real-world Go-to-Market Strategy examples.
As the latest addition to our Go-to-Market Strategy series, this article provides a Go-to-Market Checklist that you can use with the above-mentioned resources.
This checklist will aid your team in meticulously planning every crucial step, from targeting the right audience to optimising market entry timing.
Key Elements of a Go-to-Market Strategy
Before looking at the checklist, I wanted to use this section to call out the components that make a Go-to-Market Strategy work for you.
Our GTM Strategy Template mentions the key elements of an effective Go-to-Market Strategy from a sales process and marketing standpoint. These are as follows:
- Business Goals
- Ideal Customer Profile
- Buyer Journey
- Competitive Analysis
- Go-to-Market Messaging
- Marketing & Sales Channels
- Launch Activities
- Pricing Strategy
- Go-to-Market Plan Performance Metrics
- Product Roadmap
Apart from the above process-based components, three more foundational elements can make or break your GTM campaigns. These are less process-focused and more people—and skill-focused. Let's look at these.
Team
A skilled marketing & sales team is essential for a successful GTM Strategy. This means having team members who work together and have industry-specific knowledge. They understand sales strategy, distribution strategy, B2B cross-selling strategies, the target market and other components such as product market fit, marketing channels, and customer acquisition costs. They are also open to leveraging external consultants for additional insights and gaps. B2B sales cycles can be long and complex, so the team must possess the grit and patience to stay motivated and persistent.
Research
Thorough research is the backbone of a successful GTM strategy. This involves not just gathering data but deeply understanding it and aligning it with customer preferences & needs. The marketing team should have access to subject matter experts (SMEs) and advanced B2B intent data tools. The campaigns should be backed by customer-centric research through interviews, surveys, and focus groups to ensure campaigns are tightly aligned with market demands.
Execution
Effective execution requires the ability to implement plans swiftly and adapt quickly. This includes rolling out sales enablement programs, launching marketing campaigns, and deploying resources efficiently.
Continuous feedback and adaptation mechanisms are crucial for making necessary adjustments, while proper resource deployment ensures that marketing efforts are always focused on the most impactful activities.
How to use the Go-to-Market Strategy Checklist?
Alright, now that we have examined some of the factors contributing to the success of your GTM Strategy, I want to discuss how to use this checklist best.
xGrowth's GTM Strategy checklist aligns with our template. It is divided into three parts—preparation, execution, and monitoring. Each part consists of the relevant components present in our GTM Strategy template.
Ideally, you should use the template to organise anything and everything related to your strategy and then use this checklist in conjunction with the template to do a final check before executing your Go-to-Market motion.
And that's it; we are now ready to dive into the checklist.
Go-to-Market Strategy Checklist Template
Preparation
Business Goals
- Define clear business objectives (e.g., market share, revenue targets, customer acquisition).
- Align goals with overall organisational strategy.
- Regularly revisit and adjust goals based on market feedback.
Ideal Customer Profile (ICP)
- Outline characteristics of the ideal customer (demographics, location, pain points).
- Collaborate with stakeholders from sales, marketing, product, and customer success to develop the ICP.
- Create detailed personas based on market research and customer feedback.
Buyer Journey Identification
- Map out the buyer journey stages: awareness, consideration, and decision.
- Identify key touchpoints and motivations at each stage.
- Tailor marketing and sales efforts to each stage of the buyer journey.
Competitive Analysis and Market Research
- Identify direct and indirect competitors.
- Analyse competitors' strengths, weaknesses, market positioning, and strategies.
- Highlight your product's unique value proposition and competitive advantages.
Execution
Go-to-Market Messaging
- Craft a compelling value proposition that addresses customer pain points.
- Define core messages, including brand promise and key benefits.
- Ensure consistent messaging across all marketing materials and channels.
Marketing & Sales Channels
- Select the most effective marketing and sales channels for your target audience (e.g., SEO, social media, email marketing, direct sales).
- Align marketing and sales efforts to provide a seamless customer experience.
- Set specific goals and targets for each channel.
Launch Activities
- Plan pre-launch marketing to build anticipation.
- Organise launch events or promotions.
- Develop post-launch follow-up strategies to gather feedback and drive sales.
- Outline strategies for maintaining momentum after launch.
Pricing Strategy
- Determine the most appropriate pricing model (e.g., tiered pricing, subscription, discounts).
- Consider the value provided, competitive pricing, and market demand.
- Regularly review and adjust pricing based on feedback and performance.
Monitoring and Adaptation
Go-to-Market Plan Performance Metrics
- Define key performance indicators (KPIs) to measure success (e.g., sales revenue, customer acquisition cost, conversion rates, churn rate).
Product Roadmap (Optional)
- Outline future product development plans, including features and enhancements.
- Align product roadmap with business strategy and market demands.
- Communicate the roadmap to stakeholders and guide development teams.
Final Thoughts
A new product or service launch and expanding into new markets is challenging. However, with a robust Go-to-Market Strategy, businesses can navigate this terrain with confidence and precision. The comprehensive Go-to-Market Checklist provided in this article is an indispensable guide for meticulously planning and executing every critical step of your strategy.
This checklist ensures that no aspect of your go-to-market plan is left to chance by systematically addressing each element—from understanding your ideal customer profile to optimising your pricing strategy.
Each task is designed to maximise the initial impact on the target market, sustain growth, and adapt to changing market conditions over time.
As you deploy this checklist, remember that the most successful strategies are flexible and responsive to feedback.
Continuously refine your approach based on real-world data and customer insights. Encourage your teams to remain customer-focused, data-driven, and agile, allowing for iterative improvements that enhance outcomes and drive customer retention and competitive advantage.
Ultimately, this checklist aims to empower your teams to launch and scale products successfully, creating lasting value for your customers and your business.
Embrace this structured approach to transform challenges into opportunities, ensuring that your go-to-market strategy delivers not just an expedited sales cycle or market entry but market excellence.
If you need the help of experts, contact us below. We are a B2B marketing company specialising in account-based marketing and GTM consulting.
