Least cost growth model in 2024
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
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:
Generally, there are three main situations where you'll need a GTM strategy refresh as an existing business. You'll either be:
For more information on defining your growth plan and launching new products or services, visit Least cost growth model which covers Ansoff's Matrix.
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.
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.
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
A go-to-market (GTM) strategy is a comprehensive plan that outlines how a company will launch a product or service to the market.
It includes identifying the target audience, crafting a value proposition and determining the best channels and tactics to reach potential customers effectively.
A GTM strategy is crucial because it helps businesses align their resources and efforts to maximise the impact of a product launch.
It ensures that the product reaches the right audience, addresses their needs and stands out in a competitive market, ultimately driving sales and growth.
The key components of a GTM strategy include market research, target audience identification, value proposition development, competitive analysis, marketing and sales strategies and a plan for distribution and customer support.
Each component plays a vital role in ensuring the product's success in the market.
While a marketing strategy focuses on promoting a brand or product over time, a go-to-market strategy is specifically designed for launching a new product or entering a new market.
It is a more focused, tactical plan that addresses the initial introduction and positioning of a product to ensure a successful market entry.
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