It's easy to get hung up on the word "strategy." There's no magic in it: a GTM strategy is just a documented set of decisions and a plan.
It's words on paper, and the purpose of it is nothing more than alignment. To hit your sales, revenue, and margin targets, you've gotta get and keep everyone on your team aligned on what needs to be done, why, by whom, and when. A good GTM strategy document answers all the questions mentioned in other answers. Questions about buyers & pain points, budgets, product overview, competition, differentiation, pricing, partners, sales & marketing plans, success criteria, etc.
A great GTM strategy, however, will inspire your whole team to row hard in the same direction and make some magic together. The way you engage your team (or don't) in the process of creating your GTM strategy, and the way you communicate it, makes all the difference. Give me a call if you'd like some help getting that right.
A go to market strategy (GTM) is a plan which shows how you plan to penetrate the market with your product / service.
Among other things, you need to explain:
1. Who is your target market? (Be accurate).
2. What marketing methods do you plan to use to reach them (and why you chose these platforms). .
3. How much will these methods cost (you can to a test on FB or Instagram or whichever platforms you plan to use)
4. What % of your target market do you expect to reach and within how much time? (be realistic).
"How can I create one":
1. Hard work and research.
2. You can find examples online (here are a few:
A go to market strategy is a tactical action plan that outlines the steps necessary to succeed in a new market or with a new customer. It can apply to pretty much anything, from launching new products and services, to re-launching your company or brand, or even moving a current product into a new market. This means your go to market strategy needs to be comprehensive enough to be valuable, yet agile enough to be updated as you get customer feedback. A go to market strategy serves a couple of purposes. First, it clarifies why you are launching your product, who it is for, and how you are going to tackle the never-easy job of getting them to engage with and buy it. Second, it forces you to think through all the issues your customers will face when presented with your product.
You can read more here: https://plan.io/blog/go-to-market-strategy/
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Succinctly: it's the whole of your sales strategy along with any complementing initiatives and approaches. E.g. partnerships which help you drive sales forward. I'd recommend reflecting on the business/revenue model when thinking about your GTM - the two must be in good sync and mutually supportive.
You have some solid answers already from Assaf Ben-David and Paul McDonald. As they've mentioned it's purely a plan to guide and iterate from.
You haven't mentioned if you are launching a brand new product/service into market or looking to expand into new markets with your current offering, I've based my answer on the later.
If you are already in a core market and looking to expand into other markets, once you have defined your GTM plan then a good exercise is to evaluate whether your business is expansion ready.
If you don't currently have solid market fit in your core market, and a stable'ish and repeatable business then going into a new market can lead to a whole new world of pain and a high risk of failure
Here's an article I wrote a while back which you may find useful about whether Startup Internationalization is a risk worth taking https://www.scaling.partners/startup-internationalization-is-it-a-risk-worth-taking/
Go to YouTube and search for "Steve Blank customer development". Watch two of his lectures so you get the point. Buy the book Business Model Generation and learn about the business model canvas.
Founders are all delusional. We need to confirm or deny our vision by actually talking with potential customers. Yet few want to do this.