Over 60% of Revenue Leaders that we’ve spoken with in 2023 admitted that they do not have a documented go-to-market strategy.

Not only is this concerning, it’s the stark reality that exists at a time when most companies are just trying to survive. Yet, understanding your go-to-market needs is just the start.

This blog sheds light on the different types of  go-to-market service providers and offers insights on how you form a productive partnership.

Stuck for time? You can CLICK HERE to download the guide right here

Understanding Go-to-Market Consulting

What is it?

Go-to-market (GTM) consulting helps businesses optimise how they present products or services to the market, spanning strategies from audience targeting and technology to driving growth.

Why is it essential?

In this competitive era, a specific, yet flexible GTM strategy is pivotal. GTM specialists provide unique expertise and can step in to drive the necessary changes you need in your business to continue on the path to growth.  

If you’re curious to know more about your revenue funnel, click below to start your assessment. You’ll get a result and a detailed report on what you can do next, in less than 5 minutes.

Differentiating Between GTM Service Providers

Consulting Firms: Teams dedicated to specific business challenges with a well-defined scope. These are typically long engagements that span from 4-5 months to 2 + years. These relationships are structured with key milestones, specific deliverables and often track against key performance indicators (KPIs). Pricing varies between monthly retainers, outcome based pricing, or simply an annual engagement fee. 

Consultants: Individual professionals, often fractional, with a malleable scope. These individuals may come in to solve a particular problem for 3-12 months. They’ll typically structure an engagement as 1 day per week and be fully available to you. In most cases they’re an extension of the team and take on a full time role but in a part time capacity. The most common pricing here is a monthly retainer or hourly fee. 

Advisors: These are typically individuals with extensive domain knowledge, networks or experience in a specific field. They help to inform your strategy and will help provide you with guidance or access based on your specific needs. Advisor agreements vary between paid, non paid, equity and non equity, informal and formal. It really depends on what you need at the time. These types of service providers are often the most hands off. You will rarely have day to day time with them and may have an arrangement of 2-4 hours together per month.

There are a lot of caveats to these different types of consulting offerings but this should give you some ideas on what to look out for and the types of questions you need to ask.

Deciding If a GTM Service Provider is Right for You

There are two main steps that we recommend that you take before embarking on a partnership with a GTM Service Provider.

1. Run an internal assessment on your GTM strategy to identify your strengths and weaknesses- you can do that by clicking the link here

2. Do a needs assessment to identify if and where you need the most support-  you can do that by clicking on the link here. This needs assessment will provide you with a visual representation of your potential needs, enabling better decision-making when considering partnering with an external consultant. Please don’t skip this step. If you’re serious about making changes to your GTM then this will help your internal discussions.

Things to consider to ensure a fruitful partnership

• Set Clear Objectives and Outcomes: Clearly delineate your goals and the consultant's responsibilities. Avoid assumptions and ensure mutual expectations are contractually captured.

• Make the Time: Engagements demand your time. Understand your role and restructure your schedule to prioritize collaborations with your partner.

• Give & Encourage Regular Feedback: Maintain a two-way feedback loop. Evaluate the consultant's performance using predefined metrics and goals.

• Create a Dedicated Space for Communication: Sidestep email. Use dedicated channels for communication, setting clear expectations on response times.

• Team Effort: Facilitate your consultant's success. Grant system access, introduce them to team members, and foster trust-based relationships.

• Align on Metrics that Matter: Ensure the consultant's proposed metrics resonate with your broader objectives.

• Define Success: Understand that change takes time. Set fair success criteria early on, but be flexible to adapt based on evolving situations.

• Change Management: Be ready for the organizational changes a consultant might suggest. Plan for potential resistance and strategize for smooth transitions.

Choosing the right go-to-market service provider can be transformative for your business. By understanding the nuances and preparing effectively, you can tap into external expertise to help drive sustainable growth.

Considering how you get started? We thought that may be the case and we created a guide to help you. Click here to access it

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Until next time ✌🏾