What is a go to market strategy? GTM Strategy
GTM Strategy is popularly known as a Go To Market Strategy. This is the way to launch a company’s product or service in the market. Its tactical action plan, rules, principles, and goals to achieve in descrived budget and a set time frame. This is also a step by step guide to launch a business’s product and service in a set target market
GTM strategy is useful for several purposes such as:
- Launch of new products in an existing market
- Venturing of existing products into a new market
- Testing feasibility for the launch of a new product in the market
Here, we let you know several important things about the GTM strategy.
What is the importance of go to market strategy?
Go-to strategy i.e. GTM Strategy decides the success percentage of products and services. A lot of business depends upon go-to strategy for business expansion.
The go-to strategy offers detailed reports about the product development and makes sure that all business units are in proper sync with each other to yield the desired output.
After the submission of a detailed report, work can start in an organized manner.
- To Understand Market Insights and Trends
- To analyze competitors market and their strategy
- To analyze the current situation of business against the expectations, SWOT analysis helps to understand the business
- To find the real customer while going through Ideal customer profiles
- To understand the Target Market and Demographics
Steps to building a go to market strategy
You need to follow a six-step approach to build your own GTM strategy. All these steps are described below:
Step 1 – Defining your ICP Ideal Customer Profile or Buyer Persona
ICP is the comprehensive description of your ideal client. The client who can avail the maximum benefit by purchasing your product and in return can give you the perfect cost of the product. And has the potential to help you gain profit in business.
However, in B2B, your ICP or Buyer Persona is the client that can fetch an advantage from your product. But in maximum cases, it will be the capability to use your product to boost their bottom line. This can have several advantages such as:
- Diminishing value
- Driving efficiency
- Enhancement of productivity
The value given by the ICP is the revenue you gain from your product. It can be anything: referrals, customer insights or testimonials.
For example, to build ICP, you must have information such as:
- Who they are
- Where they work
- What kind of issues they face daily
Step 2 – Study your Competitors Competitor Analysis
Finding where your product or services fits in the present scenario is the major thing to build your GTM strategy.
By researching competitors you can find the loopholes which you can take care of in your product or service. This will give you an edge over other players in the industry.
By studying competitors you can also know what you must add and how to fill the void to make your product or service best in the industry.
By conducting study on the competitors you can also know how macro and micro trends can impact your product launch in the present and future scenario.
Step 3 – Build your Messaging
It is important to have effective product messaging to connect with clients.
Start communication with the ICP in such a manner that it directly strikes their pain points. Elaborate how your product can bring relief to relief.
This is important as the study of your competitor will also help you in this step.
Step 4 – Setting targets
The first part of this step is Outbound.
It is needless to say that all magnificently performing go-to marketing strategies have clarity about goals.
You can also develop these goals according to the budget you have in hand. Let suppose, you have two outbound Sales Development Representatives (SDRs) working on the product launch.
You can compare the productivity of both representatives by reviewing the number of cold calls, emails and LinkedIn messages sent by them every day along with the response rate.
In this manner, you can evaluate the number of meetings booked by each of the representatives. Similarly, you must also let the representatives know the targets in this manner.
By following this approach, you can find the lead which has a higher conversion rate.
The second part of this step is Marketing.
Now, you need to focus on laying some assumed conversions from one stage to another of the funnel. This will be different for content as well as for the paid direct demo requests.
In this step, you will also be able to figure out the budget that you can use to work on the possible opportunities. Here, you will get opportunities from the amalgamation of content and paid ads.
Step 5 – Select your Method
There are several ways to reach your ICP and these methods include:
This is the first method to find and define your ICP. Data is very important to pitch the right product to the right people. The availability of B2B data providers makes your work easy.
Some of the B2B data providers are Cognism, ZoomInfo, Lusha and LeadIQ. All these companies offer high-quality data.
Your sales team can easily pitch products or services according to the preference of the lead. This practice is helpful to perform outbound sales.
You are required to perform a room test while building a GTM strategy plan. This test is important to try and optimize.
Begin with an offer and then try to adapt the same offer to multiple channels which have a high conversion rate.
Now, you will require different offers for the top of the funnel (TOFU), middle of the funnel (MOFU), and bottom (BOFU) of the funnel. Also, you are required to table the offer separately on all channels.
You must begin from BOFU, as it performs better than others and hence is looked as an ideal place to start from.
Try to retarget the audience on various platforms such as LinkedIn, YouTube, and Facebook and build campaigns on Google and Bing. The best way to do the same is to use high intent keywords.
Here, you can start TOFU and MOFU strategies.
The next big thing is a content plan. If data or lead is your primary outbound method, then content must be your inbound method.
The basic thing here is to remember that keyword research is of utmost importance to create a content plan.
You can make use of free keyword finder tools such as Ahrefs and SEMrush to name a few. They help you find the right keywords and use the keywords similar to that of the competitors to rank high and give a tough fight to other players.
Visit the dashboard to monitor the ranking of your target keywords and guide the team about how to use the keywords to be more effective.
Partnership or collaboration is an important thing if you decide to enter into the market. The new players for a limited market growth let you go for partnership.
It will be a good option to collaborate with the right kind of people to expand business. So, here is the list of best co-marketing initiatives include:
- Joint webinars
- Joint virtual events
- Joint white papers/eBooks
- Guest blogging
Step 6 – Offer Feedback
Feedback plays the most important role in business. Build a way to know what clients think about your product or service. This is an important part of the go-to strategy.
For the creation of the same, you must assign some of the team members to keep a track on your strategy.
The separate reports given by the team members help in improving with time and all this ultimately results in:
- A winning ICP that you target on the right channels
- Messaging which has high conversion rate
- A product that act as a painkiller for your ICP
Keep all these things in mind and build a smart go-to market strategy. if you need to develop a GTM strategy please write in comment box, I will guide you step by step.