You are correct, you can not run DTM and Launch on the same site.
We are currently in the process of creating a migration tool that will allow users to move their existing items within DTM to a new Launch instance.
If you wish to start using Launch before the migration tool is done, you can start by recreating your data elements and rules within Launch. While this might not sound fun, it often gives you the opportunity to recreate your rules and data elements in the best way for use with Launch. For example, many customers wrote custom code in DTM that is no longer needed in Launch.
Once you're ready to start using your Launch instance on your site, you can link your DTM embed code to Launch so that you can publish to the same embed code. This prevents you from having to make page code changes since the embed code would be the same.
Is there any ETA for the migration tool? How will it work?
We are doing a PoC for Launch on one of our test environments (luckily with launch we can easily separate the environemnts). I think I will recreate the data elements and rules, but if there was a beta version of the migration tool I could use, this would help us in the PoC.
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You may find this tool useful as you are making your DTM to Launch migration roadmap. It will identify things in your DTM codebase that should be addressed prior to moving to Launch. It identifies things like deprecated functions and incompatible references in your DTM custom code. These issues can be addressed now so that you'll be in good shape to use the migration tool mentioned above when it becomes available.
Thanks for the link, though I am not sure it is ok to let a third party tool analyse our analytics code. Even though the code is publicly reachable...
thomas.amsler - You hit the nail on the head with, "the code is publicly reachable." The assessment is just a free service that we are offering up to the community. We are doing it to be helpful, but also to be visible as having expertise in the space.