As we discussed in our previous posts (What is Go-to-Market? and The data behind a Go-to-Market strategy), in order to build an actionable, comprehensive Go-to-Market (GTM) strategy, you must first conduct the appropriate research to ensure its success.
Now that you have the details from your internal and external research (The data behind a Go-to-Market strategy), reviewed and evaluated the data results, and determined your most effective direction, you can build your GTM strategy.
This is where you clarify your plan and direction and establish your path for growth. From your research, you should clearly understand your value proposition (your internal research reveals what you have to offer and what’s most attractive to your customers), your key differentiators (as compared to your competitors and the needs of customers), your resources (staff/employees, partners, vendors, SMEs, etc.) and how that defines your target market, and the tools to attract and engage the customer.
The benefits of an actionable GTM strategy are numerous—from reducing time to market, to reducing costs of failed product launches and attempts to attract the wrong customer, to managing innovation, regulatory compliance, and ensuring a rewarding customer experience.
Your GTM strategy must include details on the following:
- Markets—Tier I and Tier II markets that you should pursue.
- Customers—who within the markets are your target customers, e.g., buyers, program managers, acquisition/contracting officials, etc.
- Channels—where to promote your products/services that will most effectively reach your target customers.
- Offering—products/services you will be selling and the unique value that pertains to each specific target customer.
- Price—how much you will charge (your price should be based on the cost of goods or the salary of the employee, applicable taxes or fees or weight of the compensation package, and any discounts you will apply).
- Positioning—your key differentiators and solution that meet the target customer’s needs.
Be patient! An actionable, thorough GTM strategy that includes the detailed analysis of your target markets, budgets/financial projections, customer sectors, product/service offerings, and overall positioning can take several weeks to months to develop.
It’s important to keep in mind that a GTM strategy is more than a short-term plan to obtain a contract or immediate sales objective—it’s a long-term approach to building and sustaining profitability, decreasing customer acquisition and retention costs, and enhancing your company’s brand awareness.
A successful GTM strategy implementation can take up to 36 months to achieve desired results. Therefore, implementation also requires buy-in and commitment across your company—your executive management, sales and marketing teams, product and manufacturing groups, and even human resources—to ensure the best possible results throughout the lifecycle of the GTM strategy. This continued support will be easier to maintain by measuring and tracking performance metrics monthly, thereby providing the foundation for adjustments to the strategy when and where needed.
If you’d like to take the next steps, please contact me directly at firstname.lastname@example.org.
Thank you! Look for part 4 of our Show me the money series—Effective messaging and communications to attract and engage customers coming soon.
Karen C. Gauthier—As Lead Consultant for Lohfeld Consulting Group’s Go-to-Market Strategy and Execution Practice, Karen has +20 years’ experience and expertise in marketing and business development strategy and execution directly to U.S. Federal Government (e.g., FEMA, HHS, USPS, VA), directly to prime federal contractors (e.g., BAE Systems, Boeing, CGI, Northrop Grumman, Serco), and via General Services Administration (GSA) Schedules (e.g., PSS, IT 70, 65IIA, 84, etc.) for companies of all sizes. She understands how to break down the details and determine the needs and requirements of organizations for growth. Contact Karen at KGauthier@LohfeldConsulting.com.