B2b Go To Market Strategy – In our globalized and hyper-connected world, tapping into new geographic markets is more important than ever. But achieving that expansion is a challenge Competition is fierce in B2B The procurement process varies from country to country and in most cases competitors already have a foothold in the area In this article, we share how you can turn your go-to-market (GTM) strategy into a successful GTM with market research.
A B2B go-to-market strategy is a company’s plan to market and win new business reliably and consistently. This is essential for companies looking to scale internationally It consists of six main components:
B2b Go To Market Strategy
Customer Journey – How often do customers find out about the products and services you sell? What journeys will you commit the customer to? What are the key touch points?
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Competitive Landscape – What is the competitive landscape in the region, and what are your strengths and weaknesses compared to your competitors? What are your main sources of competitive advantage?
Sales and Channels – Where and How Do You Find Potential Customers? Will you sell directly to end customers or work through partners? If using a partner, how will the sales revenue be divided?
Price – How much are customers willing to pay for your products and services? Will it be a one-time purchase or a recurring payment?
Local Adaptation – Do you need to add features to your product or service to make it more relevant to new markets and convince potential customers to buy? Does your brand and packaging appeal to that culture? For example, different colors have different meanings for different cultures
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Market Launch – How do you launch nationally? What type of launch marketing is likely to be most effective?
It’s easy for B2B teams to spend too much time and resources on sales and marketing activities that ultimately fail These can range from reaching potential customers to trying to reach customers using the wrong channels There is also the risk of entering the market without understanding culturally specific business practices: for example, the way people do business in China is very different to what we do in the UK.
Conducting quality market research before launching into a region gives B2B businesses the ability to create a competitive advantage by helping them better understand a particular region or country. It helps companies understand what customers are using, where the gaps are, and what price they are willing to pay for a product or service that best meets their needs. By identifying country-specific factors through market research, companies can develop marketing strategies, increase revenue, and reduce costs.
There are many ways to collect data and test hypotheses when targeting B2B markets Usually, companies start by doing secondary research (on the desk), but it is helpful to communicate directly with customers and potential partners through primary research.
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In this, we have helped many B2B businesses incorporate primary market research into their international outreach programs. Here are some ways we can help you on your expansion journey:
Conducting in-depth interviews helps you and your team understand specific challenges within the organization Senior B2B respondents can give you insight into regional buying trends, the competitive landscape and current weaknesses that you can address. This can help you plan your product roadmap and help you build your messaging around the needs of your target customers and internal leads. In a one-on-one environment, business decision makers will often talk more candidly than in a group discussion, so IDI is especially useful in the early stages of a launch when you’re focused on getting things done. Collect data
Conversely, you’re more likely to use B2B focus groups in the later stages of your launch to check whether your proposed feature set meets the key needs of most customers, prospects, and whether your marketing message is relevant to your target audience.
A B2B online bulletin board can be thought of as something of a mix between an IDI and a focus group because it involves a group of B2B profiles participating at the same time, but typically each participant engages in live dialogue with the board moderator newsletter. A big advantage of using bulletin boards in a B2B context is that busy participants can log in to complete the latest tasks rather than needing to attend at a specific time. Since online bulletin boards typically last several days, they’re also great for repeating your approach.
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Going blindly into a new market can be very risky You may not immediately understand the competitive landscape, your product or service may not match the needs of the market as you see fit, and the marketing and sales manuals you previously relied on may not function properly.
Doing GTM research will definitely increase your chances of success and give your team the confidence to know what competitive advantage you have over the competition. More importantly, however, it helps empower product teams to create experiences tailored to the specific needs of the country or region in which you manufacture.
An agile, knowledgeable market field research agency offering high-quality focus group engagement as a complementary part of our qualitative and quantitative field research services. The ultimate goal of any business is to grow and scale Winning a market or customer segment is never enough Companies need innovation to expand, and many innovations involve operational risk Will the $X investment in this new feature pay off? What should we suggest to customer group X to sell them effectively? These are just some of the questions that go-to-market strategies are designed to answer
A go-to-market strategy (GTM strategy) is a tactical framework that breaks down all the steps needed to succeed in a new market or audience segment. You can create a GTM plan for almost any business endeavor – launch a new product/service, launch a startup or relaunch a brand, or plan to expand into an entire market. All new
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To some extent, a go-to-market strategy is a more granular marketing plan, but it is broader in scope and more focused on just one product or service. Generally, it involves implementing a specific growth strategy to grow your business
Regardless of their size and industry, most businesses tend to adopt the following four marketing strategies to scale They all assume careful market planning, but not all require you to create a detailed market strategy:
Your business wants to sell more existing products/services in your primary market You know your customer/market base better, so the risk is less At this point, you need to develop a new marketing strategy and marketing plan to reach more customers.
You want to introduce a new product/service in a new market through a go-to-market strategy To minimize the risk of success and failure, you need to research new markets carefully Therefore, it is worth creating a comprehensive marketing strategy, market strategy and a marketing plan.
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Are you planning to launch a new product/service in your current market? You need to carefully weigh the weaknesses, benefits and costs of this new offering you are creating Develop GTM, marketing strategy and marketing plan
Are you entering a new market with a new product/service? An aggressive growth strategy assumes high risk and high potential reward for the business To win, you need to research new markets, find the best products, develop a strategic marketing plan and go-to-market strategy.
Use the Ansoph Growth Matrix to analyze your go-to-market strategy and identify the various risks involved in pursuing a go-to-market plan.
Why are you launching this product or planning to enter a particular market? What do you hope to achieve? Studying your business case through these questions will help you understand the rationale for your go-to-market strategy. You will discover new insights that will open the door to new ways to market your product
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Where will your new offering be and how do you plan to attract customers to new markets?
How will your pricing strategy work? Are you planning to use discounts/promotions to stand out in new markets? A pricing strategy allows you to conduct market research and understand your customers’ willingness to pay for your product or service. This way, you will find the balance between market supply and demand and apply it effectively in your go-to-market strategy.
Pricing is both a financial and brand decision Ideally, your pricing tiers should correspond to your business model, but they should also reflect the type of value you’re bringing to those numbers. What kind of message will your value convey? Are you offering premium quality at a premium price? Or you try to beat your competition by offering a cheaper alternative –