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Define your Go To Market Strategy for a clear path to growth

Peter : Apr 15, 2024 12:40:11 PM

Sales growth

Define your Go To Market Strategy for a clear path to growth

A Go To Market strategy is a Management Technique, not a role and certainly not a Technology

What are the benefits of a good GTM strategy?

Many products are created when business owners create a product that addresses a persistent issue they personally face. Since the value is clear to them, they frequently believe that the market will easily understand it and that adoption will occur rapidly and extensively. This assumption often leads new entrepreneurs to place a lower priority on their GTM strategy, which can be a critical oversight.

Further, defining your GTM strategy can help with;

Minimising Risk

A well-defined GTM strategy enables you to foresee obstacles, grasp market trends, and mitigate the risks linked to introducing a new product.

Improving Decision-Making

A GTM strategy offers a framework for making informed decisions based on data, enabling swift responses to shifts in the market and customer input.

Aligning Teams

A clearly outlined strategy brings together marketing, sales, and product development teams, ensuring that all are focused on the same objectives and enhancing efficiency.

Elevates Impact

By employing a focused and strategic approach, a GTM strategy enables you to optimize your resources, ensuring your launch achieves maximum impact.

The sales department isn’t the whole company, but the whole company better be the sales department | Philip Kotler

Why you need a Go To Market Strategy to grow your business

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.

Top Tip

Lean in to customer fit

Regardless of how distinctive a product's features or appearance may be, it must address a fundamental issue to achieve success. If the problem is vague or lacks significance, the product will seem irrelevant, no matter its functionality. Likewise, if the product targets the wrong issue, it will not attract buyers. Conduct thorough research to ensure there is a market and that the product delivers value to its intended segments.

Many startup founders are intensely focused on developing innovative products. This ambition is commendable, but for these products to succeed, they must perform well in the market. Achieving market success requires a well-crafted and effectively executed GTM strategy, which is an essential component of the overall plan.

and

Utilise Kotler's Five Product Level model

When defining your product offering, it's crucial to remember that each customer will have varying expectations, and your company must be prepared to meet them all. To achieve this, marketers should predict these expectations prior to launching a new product.

According to Philip Kotler’s Five Product Levels model, there are different ‘layers’ to a product’s value:

Core product: what your product is at its most basic form.

Generic product: the necessary characteristics, attributes and qualities that the product must have to function.

Expected product: what customers normally hope and expect to receive by purchasing it.

Augmented product: the ‘added value’—what customers usually see as the unique and differentiating brand benefits that come with the product.

Potential product: what the product might be in the future.

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Our expert GTM specialists are available for a quick chat to answers any of your GTM questions or to workshop defining your GTM Strategy with you. Contact us using this meeting link