What is a go-to-market strategy?

60% of product marketers we spoke to for our latest state of goto market report said that their organization underinvested process and as many as 30% said that their company doesn't have a defined repeatable process for go to market so if you're a pmm who feels like you have one arm tied behind your back when it comes to GTM then you're certainly not alone but the good news is that there are steps you can take to transform and enhance your business's GTM strategy hey I'm James and welcome back back to the product marketing Alliance YouTube channel in this video we're going to explore what is possibly the most vital element of product marketing GTM or goto Market strategy we'll start by looking at what a goto Market strategy is before taking you through some GTM FAQs and finally some expert guidance on how you can create a killer go to market strategy in just seven key steps are you ready let's Dive Right In [Music] a goto Market strategy encompasses all the elements that drive a business like marketing content customer Intel brand development and so on to provide a clear action plan for launching and scaling a new product that's a handy explanation but what does it really entail a strong GTM strategy details competitive positioning ideal customer profile distribution channels promotional tactics and sales en alment practices that will be used not only to commercialize the product but but also accelerate its adoption in the marketplace that's right it's all about customer centricity a goto Market strategy should heighten your Market awareness and ensure the organization doesn't waste money time and resources releasing a product to a market that simply isn't interested remember poor product Market fit and oversaturation can hinder a new product launch even if that product is well-designed innovative and highly sought after so be sure to take this into account when putting together your meticulous goto Market plan now let's tackle some common questions and misconceptions about goto [Music] Market how is a goto Market strategy different from a general marketing strategy a general marketing strategy focuses on how you can reach your target market and deliver value to that audience a go to market strategy on the other hand pulls together all of the elements that drive a business we're talking marketing customer Intel Sales brand development to provide an action plan for how you can better reach your customers a GTM strategy's focus is on being aware of the market you're looking to launch in who needs a go to market strategy a GTM strategy is for anyone looking to launch a new product in an existing Market launch an existing product in a new market or test a new product market for growth what is the go to market model the go to market model is a plan that details how you can promote a product to attract the interest of of customers and gain a competitive advantage over other companies in your Market why are go to market strategies important the real question that's on your mind what is the point of a GTM strategy well prioritizing a goto Market strategy can massively improve your organization products and customer relationships here are just a few benefits quicker time to Market reduce Financial risks of a failed launch a better experience for customers a clear plan of action and enhanced direction for all teams and a clear plan for growth developing an effective GTM strategy can be daunting but trust us it's more than worth the time and effort you'll put in who's responsible for a goto Market strategy typically a product marketer or GTM owner is responsible for the goto Market strategy and these teams tend to work best when reporting to marketing while being backed by executive teams what go to market roles your GTM team should be made up of a multitude of Representatives key players in this game include product product marketing sales or sales enablement customer success and pricing it's not always necessary but it's worth considering having a GTM manager or owner to help coordinate the team and track the Project's progress the more the merrier okay now we've gone over the basics and those frequently asked questions let's get to the best part how to create a go toket Market [Music] strategy step number one consider your customer the first step in preparing your GTM strategy is to figure out who will be making the final purchasing decisions and why they'll be purchasing your product according to Harvard Business review on average there are 6.8 people in every organization making purchasing decisions for a single sale these people make up the buying Center so let's take a look at their profiles it's worth noting that some of the people involved in the buying process might take on more than one of the following roles first up we have the initiator this is the person who first shows interest in purchasing your product or starts the buying process next there's the user the person who will actually be using your product then there's the influencer who convinces other members of the organization that they need your product the decision maker then gives the final purchase approval the buyer own the budget the approver is usually someone in the SE Suite who gives final final approval and pushes the initiative on a larger scale and finally there's the pesky gatekeeper who may get in the way of your product being approved for purchase so watch out for them once you've identified the job titles for each of these profiles you'll need to dig deeper in understanding their roles their objectives and most importantly their paying points arming yourself with this information allows you to create a GTM strategy that offers Solutions and addresses each of their requirements you'll also be using this research to create effective messaging utilizing buyer personas which brings us on to our next step step number two messaging bi personas are fictional representations of your ideal customers they're created using a mix of research and real data you can conduct interviews or share surveys and it's a good idea to collaborate across departments too your bi personas typically include your customers demographics behaviors pain points and the value you can provide them with once your B personas are completed you'll need to take the information you've gathered and turn it into marketing messaging let's say your product is a pair of sleek topof the range headphones you'll likely be targeting music lovers podcast listeners gym goers and so on their age might range from 28 to 45 they might research via social media or at reviews online the job title may be professional and the behavioral habits will all likely be active and techsavvy and the pain points they're frustrated with their old outdated pair of headphones they want something more aesthetically pleasing and with a wider range of functions all at a relatively modest price now that you've identified the key details about your target audience it's time to get your messaging right illustrate how your product is the one for them address their pain points tell them about the unique features and enhanced usability of your product and how investing in your solution is the key to getting an enriched audio Centric life let's say your product is a cloud-based phone system in this case you're targeting the initiator the person who is likely to first show interest in buying your product their problem is that with their current system they can't accommodate remote workers so they're missing out on quality new recruits plus their existing teams are getting frustrated with an outdated system they have to use every day now you've identified the initiator's pain points it's time to show how your product can address them your system would allow their employees to work from anywhere in the world plus it would remove post call admin increasing the number of calls that could be made this is the value your product can offer to the initiator now you want to turn that value into clear and concise messaging that will appeal to the initiator attract and retain top talent all over the world with our state-of-the-art CL based phone system this process needs to be repeated for each of the profiles we looked at earlier step number three message testing once your messaging has been finalized it's time to take it for a test R think long and hard about where your audience is are they likely to visit LinkedIn or is Instagram more their speed do they look at trusted review sites to Aid their purchasing decisions look at where your conversions are low and take your money elsewhere try something new on X test out Facebook ads and if if you're not gaining traction move on and try something new Step number four understand your journey with your personas and now messaging set you'll need to explore your customers Journey from both perspectives the buyers and your companies to tailor your marketing efforts the journey looks a little like this awareness consideration conversion loyalty and the one we all dream of advocacy the awareness stage is at the very top of the funnel at this point your audience knows their problem and that they want it to be solved they start conducting research maybe they know a little about your product but are nowhere near ready to make a commitment the content you create at this stage of the funnel needs to grab their attention from the get-go it could be a clever blog post video or white paper the consideration stage is right in the middle of the funnel your prospect has maybe downloaded an ebook you offered for free through your website and maybe they've realized your product can solve their problem they're considering making a purchase but they're not quite there just yet the bot of the funnel is the decision stage the prospect is so close to a decision it's palpable they just need a gentle nudge over the Finish Line one to offer a product demo or a free sample or trial every company divides the buyer's Journey differently with marketing usually taking ownership of the top of the funnel however once a lead reaches the decision stage it's the sales team's time to shine step five strategize now you have all the pieces you need it's time to put them together and create your very own GTA M Masterpiece during this stage certain variables will shape your strategy including budget Market size and how your sales Cycle Works see how much money you have to play with revisit the points made so far have your product positioning as a reference point and answer the following key questions were some messages more impactful than others which channel was most effective during testing which channels didn't work did certain Target audiences gain more traction than others when in the cycle does a prospect qualify as a lead how do prospects prefer to be communicated with how can you help the sales team get more conversions what can you do to remove the gatekeeper's uncertainty and what assets do you need to produce to Target certain stages of the funnel provided you do everything right and answer honestly this will give you a clear-cut indication of your ideal channels to use for your marketing what messaging you'll use across each Channel which people you should be targeting the resources and contingencies you need to put in place for your sales team and the content you need to generate there's nothing worse than having multiple people pull in different directions so create a timeline keep a tight rain on things and prevent anything from slipping through the net step number six write your content irrespective of whether it's going to be sitting within the product marketing department itself or within marketing you need to create a bank of content to help you deliver your GTM master plan step seven measure your success so now your GTM strategy is in place but before you go flying out the traps you need to Define what success looks like after all what's the point in putting in all this hard work if you have no idea whether it's been worthwhile have a set of ambitious yet attainable goals in place to ensure you can track your performance more consistently if things aren't working don't be afraid to go back to the drawing board and re-evaluate look after the numbers and the numbers will look after you ignore them and they'll turn your dream product launch into a nightmare scenario so there you have it your complete guide to creating your very own GTM master plan we really hope you've enjoyed this video and if you have be sure to subscribe and give us a thumbs up see you next time [Music]

Channel: Product Marketing Alliance

Views: 1,225

Keywords:

Id: Z4PYu0hI4Q8

Length: 12min 59sec (779 seconds)

Published: Wed May 08 2024