The Art and Science of a Go-to-Market Strategy
If you ask 10 senior leaders what a go-to-market strategy is, you will get 10 different answers. There are so many misconceptions about go-to-market (GTM) strategy. This makes it hard for leaders to jump in the driving seat with confidence and lead their companies and teams to success.
If you’re wondering how to get started with a GTM strategy that impresses the board, builds the confidence of your leadership team and sets your team up for a great year and beyond, then this blog is for you.
GTM strategy is our bread and butter, so let’s get into it.
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What is a GTM Strategy?
A go-to-market (GTM) strategy is a comprehensive plan that outlines how a company will sell its products or services to customers.
At Revenue Funnel, we believe that a true GTM strategy is the way in which we solve and support customers in answering and addressing their issues, challenges and opportunities that help them meet desired outcomes.
6 Reasons You Need A GTM Strategy
A well-crafted Go-to-Market (GTM) strategy gives a competitive advantage.
It ties your business goals to the needs and expectations of your customers.
Let’s look at some of the benefits:
1. Strategic Focus:
At its core, strategy is about focus.
It involves in-depth examination of the business landscape to identify challenges and opportunities. A GTM strategy lets your company focus on where it can uniquely contribute to and solve specific issues or capitalise on opportunities.
This focused approach is the foundation of impactful and value-driven business endeavours.
2. Unique Value Proposition:
Entering a space where your business is uniquely positioned to make a significant impact is the essence of strategy.
By having a deep understanding of the challenges faced by your prospects, a GTM strategy lets you in crafting solutions.
The goal is to solve problems in a distinctive way that creates a formidable competitive advantage.
A moat that shields your unique value proposition from imitation.
3. Long-Term Value Creation:
Winning in the long term hinges on creating substantial and enduring value.
By aligning your company's strengths with the persistent needs of the market, you pave the way for consistent value creation over time.
4. Holistic Problem Solving:
A GTM strategy pushes your team to look in depth at a prospect's problem, coming up with solutions that go beyond surface-level fixes.
This thorough problem-solving approach brings the perceived value of your offerings to higher levels.
5. Preparation and Research:
Your strategy shouldn’t be a leap into the unknown.
It should involve detailed preparation, market research, and a diagnostic examination of the prevailing conditions. Understanding the landscape, identifying nuances, and laying the groundwork allow you to pivot if the unexpected arises.
6. Strategic Plan Implementation:
The next step in the strategy journey is crafting a well-detailed plan. Your strategy should outline the 'what' and the 'how'.
What needs to be done?
How will it be achieved?
Turning abstract goals into actionable steps, providing clarity for effective execution.
The 12 Pieces that create a solid GTM Strategy
A go-to-market strategy is the foundation of where you are, where you want to go and how you’re going to get there.
"Without goals, and plans to reach them, you are like a ship that has set sail with no destination." - Fitzhugh Dodson
Let’s break down these 12 segments:
Target Addressable Market
Look into the specific audience segments that benefit most from your product or service.
Understand demographics, firmographics, and psychographics to refine your targeting.
ICP and Personas
Develop Ideal Customer Profiles (ICP) and Personas to create a detailed understanding of your target customers.
Tailor your strategy to resonate with their needs and preferences.
Value Proposition
Clearly articulate the unique value your product or service brings to the market.
Focus on addressing customer problems and highlighting benefits.
Distribution
Choose the most effective channels to reach your target audience.
Evaluate options like direct sales, partnerships, online platforms, or a combination based on your product and market.
Marketing & Advertising
Craft a comprehensive plan for marketing and advertising by utilising content marketing, paid advertising, PR initiatives, and other tactics to generate awareness and interest.
Pricing and Positioning
Determine a pricing strategy aligned with the product's value, market demand, and competition. Position your product effectively to stand out in the market.
Enablement
Equip your sales teams with the necessary tools and training for effective selling. Develop resources such as sales scripts, presentations, and objection-handling techniques.
Customer Support and Success
Establish robust processes for customer support post-purchase. Ensure customer satisfaction, reduce churn, and encourage referrals.
Feedback
Implement mechanisms to collect continuous feedback from customers and sales teams. Use insights to refine and improve your GTM strategy over time.
Metrics, KPIs, OKRs
Define key performance indicators (KPIs) that measure the success of your GTM strategy. Monitor metrics to gain insights into performance and areas for improvement.
Technology & Revenue Operations
Leverage technology to streamline operations. Align revenue operations with your GTM strategy for seamless execution.
Talent
Build a team with the skills and expertise required for successful GTM execution. Ensure alignment with the strategy and provide ongoing training.
Your GTM Process
We’ve looked at why you should have a GTM plan. We also touched on the foundations of what makes a GTM strategy successful.
The Target Addressable Market sets the foundations, ICP and Personas define the parameters, and Value Proposition establishes the overarching theme.
Every piece has its part to play.
At Revenue Funnel, we understand that the magic lies in bringing these pieces together.
We don't just provide a plan, we work to bring each of these pieces to life and then bring them together.
Refine your GTM approach, align with market demands, and bring your business to the next level.
Ready to elevate your Go-to-Market strategy?
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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