Least cost growth model in 2024
Peter : Sep 15, 2023 4:56:27 PM
Making your numbers in 2024 is harder, requiring you to do more with fewer resources. Growth Strategy Organic growth trumps acquisition so let's...
A Go To Market strategy is a Management Technique, not a role and certainly not a Technology
Why you need a Go To Market Strategy
For Technology and Supply Chain SMEs wanting to grow bigger and launch a new product or service, a Go-To-Market (GTM) strategy can be invaluable for guiding scaling activities.
The GTM should, at a minimum, define:
- The addressable market expressed in terms of sector and geography
- Articulate the business problem your offer solves
- Identify the Ideal Customer Profile (ICP) expressed in searchable metrics such as target company turnover, number of employees and HQ location
- Identify the Buying Personas and map the Buyer's Journey
When do you need a GTM Strategy Refresh?
Generally, there are three main situations where you'll need a GTM strategy refresh as an existing business. You'll either be:
- Launching a new product or service to your existing market
- Launching a new product or service into a new market
- Launching new products into new markets
For more information on defining your growth plan and launching new products or services, visit Least cost growth model which covers Ansoff's Matrix.
Who should be involved in developing your GTM Strategy?
There are several stakeholders in an organisation who should be contributing to the GTM Strategy. However, the GTM Strategy should be owned by the CEO and driven by everyone.
In the past the research and messaging were managed by marketing and this formed the basis of the GTM. However, things have changed in the B2B Sales space and sales leaders (and Product Managers) will likely take a bigger role in contributing to ICP, Value Propositions, Pricing and Packaging and Competitive Intelligence from the field.
How to Develop Your GTM Strategy
The next steps can include:
1) Creating your ICP (ideal customer profile) in detail
2) Spelling out your Value Proposition to solve the business problem (product-market fit).
3) Developing counter-competitive messaging based on real-world competitive research.
4) Aligning digital Content to the stages of the buyer's journey for each persona.
5) Assessing specific competition and broader market and economic conditions.
How to make the most of your GTM Strategy
Once your initial GTM Strategy is complete, you can use it to tweak your Sales & Marketing Plan, update the Sales Playbooks and Sales motions and mix Inbound and Outbound. The GTM may trigger the need to review Pricing and Packaging and Sales Enablement assets such as Presentations, ROI calculators, testimonials and case studies.
It's all about lining up behind the buyers' journey- start to finish or, better still- lead to customer.
A good way to check if your GTM is complete is to imagine a new salesperson starting at your company. The GTM should answer all of their questions so they understand who they should be selling to and why customers will buy.
Our expert GTM specialists are available for a quick chat to answers any of your GTM questions or to workshop your GTM Strategy with you. Contact us using this meeting link
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