Go-to-market Strategy Example Mckinsey – A go-to-market strategy (GTM) is a plan that helps you prepare a new product or service for launch, define your ideal customer, and coordinate its delivery. The GTM process also aligns key business units on the same plan. This enables you to meet market demands and have an effective impact on your products. Who needs a go-to-market strategy? Anyone in these three situations needs a GTM process: Introducing a new product in an existing market Introducing an existing product in a new market Testing the development of a new product Why is this important for companies in the personal and B2B space? Because the GTM process provides the information companies need to effectively position themselves against competitors, create measurable inbound and outbound models, and use appropriate strategies to achieve their goals. Launches often fail when businesses assume the market wants a product and invest in its development without gathering this information. What are the different go-to-market strategies? The two main types of go-to-market strategies are sales-led and market-led. A sales-driven GTM process uses marketing to generate interest in a product, attracting content and presentation formats. A product-driven GTM process, on the other hand, uses the product itself to acquire and retain users. In the sales coaching method, salespeople approach potential customers with the goal of converting them into customers. This is the GTM process used by countless other B2B SaaS companies. In the sales leadership process, selecting the right B2B data provider is critical to your success. Accurate and consistent B2B messaging ensures your team targets key audiences in your product market. is the world’s leading B2B data provider. Book a Demo to Learn More 👇 With a market-driven approach, the product acts as a marketer by providing so much value that users can’t help but upgrade their plans. Calendly and Slack are great examples of actual product development. In this blog, Chief Marketing Officer Alice de Courcy explains everything you need to know about the sales-driven GTM process, providing examples and answers to frequently asked questions. 6 Steps to Building a Listing Process Watch the video below detailing Alice’s 6 GTM process steps 👇 1. Define your ICP Your ideal customer profile or ICP is a complete description of your ideal customer. This type of customer can see a huge benefit from your product or service while still being able to provide you with enough value in return to make your business profitable. In most cases this will be the ability to use your product to increase their bottom line, but there may be other benefits such as: Reduced costs Increased efficiency Increased employee productivity/benefits In return, your ICP gains value in return access form. They can also send testimonials, customer insights and testimonials. To develop your ICP, you need to know: who they are where they work and what day-to-day challenges they face Poor up-to-date B2B data Poor data can lead your team to target the wrong people. Quality data ensures your team can develop data-driven marketing and sales plans that target the right people, driving your organization faster. 💡 and Zoominfo are popular B2B contact databases. 2. Research Your Competitors Understanding where your product or service fits within the existing environment is key to any GTM process. This is because knowing what your competitors offer and recognizing the value they add helps your own market position. Start by browsing their G2 Reviews page, then filter by relevant business sector. For example, SMB, mid-market, or enterprise. This will allow you to discover what they like most and least about your competitor’s platform, and what your ICP really looks like. It’s also worth considering how macro and micro trends might affect your releases now and in the near future. Doing so helps you stand out in the market. For example, while other B2B data providers must comply with the GDPR introduced in 2018, you build compliance into your platform. So it’s one of our key value backs, followed by everything and collateral. 3. Develop your messaging Effective product messaging boils down to: communicating the value of your product or service to your ICPs in a way that resonates with their pain points. To do this, you need to speak their language. Start by listening to either a tape of Gong’s sales presentation with a prospect, or a live broadcast from a shadow sales rep. Be aware of the language they use in relation to their pain points and aspirations. In Gong, you can also search for specific candidate names and see how they are perceived by potential clients. You can back this up by taking words and phrases from case studies and G2 reviews and building your message around them. Next, you need to find out what all your competitors are currently posting on their sites and check how they are placing their products. This means you can understand what your USP is and how to win back offers from competitors. Once you have this, you need to write a brief for the executives, including the key takeaways of how you compare to your competitor’s position. Here, you need to plan who to talk to and how to talk to them. Finally, to get your send off the ground, you’ll need to schedule a call with an important part of your company and come to an agreement. It’s worth noting here that there can be a lot of changes before you get to the finish line, especially with your CEO’s input on messaging and product names. 4. Set Outgoing Goals All good GTM processes have clear models. You can build these models according to the capabilities/budget at hand. Example: Let’s say you have two outbound Sales Development Representatives (SDRs) responsible for your releases. If you examine the number of cold calls, emails, and LinkedIn messages they send each day, you can calculate their average productivity and response rate. This means you can count how many sessions each agent will write. Next, you should use documented meetings/rates to inform your reps of your goals. From here, you can consider the average chance of lowering your interest rate. For this, you use 25%. This will allow you to build a complete pipeline and formulate data-driven goals and sales targets that your reps will strive to achieve each month. Note: If you find that you are nowhere near these goals, you may need to tune parts of your GTM process to improve performance. Specify the ICP you choose or send. Marketing Now is used to track your inbound efforts. Aiming for a 50/50 split between inbound and outbound at the start of your GTM process will allow you to: Land possible milestones Measure the two against each other from a performance/success perspective. It all starts with cost-per-lead (CPL) pricing. In , we take $30 as the worst case for content cues. Meanwhile, inbound demo inquiries directly through paid ads cost $250. Next, you’ll need to overcome some predictable variations throughout the stages of the sales floor, which vary by content and direct demo requests. You can also figure out how much budget you need to get the same opportunity as the one you are leaving. In this plan, you want to get these benefits from a combination of content and paid advertising. The idea behind it is that you want to differentiate and test different strategies as part of GTM. In the table below, you can see how this can be achieved and set goals for B2B marketing. 5. Choose your strategy In order to achieve your ICP, you need to use several strategies at the same time. These include: Data As mentioned in Defining your ICP, you need high-quality data to target the right people. And there are many high-quality B2B data providers that can help you do just that. Plus, companies like ZoomInfo, Lusha, and LeadIQ will give you targeted leads. Armed with today’s lead data, your sales team can optimize sales based on their analysis and target the individuals most likely to buy your product or service. For example, Joe Mackay, Marketing Operations Manager at QA, said a key result of using fresh and accurate data was the creation of $81,000 in opportunity in just two weeks. 💡 Read the QA case study to learn more about the benefits of using high-quality B2B data to determine your outbound marketing strategy. Marketing Strategy When planning your GTM strategy, you need room to experiment, try, and improve. This will be your mantra. Start with a quote. Then tailor that offer to the prospects you think are most likely to convert your ICP. You need to provide different offers for the top (TOFU), middle (MOFU) and bottom (BOFU) of the B2B sales funnel. you will need it too
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