The Go-To-Market (G2M) strategy is gaining popularity among companies due to its client-oriented approach. It creates a detailed trajectory of products that companies develop from the planning stage through the delivery stage. At the launch strategy, the client is presented as the companies primary focus, as its actions and decisions please the clients and solve problem(s). This way, a unique strategy for each individual market is created based off of the needs and opinions of its potential clients.
The Go-To-Market is able to align business and commercial strategy along with the needs of its customers in the past, present and future, by way of analyzing trends and forecasts. This is a midway and long-term strategy, which seeks the highest profitability by reducing costs and increasing sales, improving the client’s experience.
Virtually all successful companies, which have moved quickly and adapted to new environments, have adopted distinctive Go-To-Market systems. They have worked on the adaptability and repeatability in network of their daily operations. These differential systems are based on instant and regular feedback, which allows the company to remain in sync with its market. The integration of a robust Go-To-Market system can mean the difference between success and error for a company, while growth and effort simply fall into place. In short, an integrated Go-To-Market system is the necessary link between a company's strategy and the experiences of its clients, who have the power to drive the company to success.
What does a Go-To-Market strategy aim to achieve?
As mentioned above, the Go-To-Market focuses on achieving the best results in two ways:
- Increase in sales: by focusing on the client and their needs, companies adapt accordingly and manage to develop an offer that generates value and satisfactory experience for the user of the product and company. Thus, clients become loyal, buy more products, stay longer with the company, cost less to serve, and recommend solutions to their network of contacts; achieving a virtuous cycle. You can read our sales plan post and learn the steps to follow to succeed with your forecasts and your client-oriented approach.
- Cost reduction: one of the main advantages of this strategy is the reduction of time it takes to market products as well as a greater capacity to respond to changes in consumer needs. The in-depth study and analysis of the product and the market makes it possible to improve decision making and avoid errors, optimizing the sales process.
What do I need to develop a successful Go-To-Market strategy?
For the G2M action plan to be truly effective, essential components must be employed that follow diverse steps to obtain quality results quickly while delivering the product or service to the market in an impacting manner.
First of all, the market must be clearly defined, meaning that an altered definition is the necessary basis for the plan. It's important to specify the prospects you want to target. Take verticals into account, such as company size and other factors that define your ideal buyer. In this way, you will be able to identify and classify your clients via these variables, focusing on those who make decisions. Take advantage of this information to create profiles on prospective clients, detailing their specific needs, purchasing habits, and other data to qualify them.
Next, determine your value proposition. Clarify the message you want to communicate by building this message through prospects. Map the best features or services of the offer and evaluate how well this covers the needs of your potential clients. However, keep in mind when evaluating results that each prospect will most likely respond in a slightly different way.
Thirdly, identify the objectives to be achieved and set a timetable to achieve them. Established deadlines for each action along with ample time set aside for adjustments to the objectives will allow for the best possible results. The best way to do this is by focusing on 3-5 actionable elements at a time.
Fourthly, involving all areas of the company to achieve the objectives is crucial. They must be aligned with one another and work towards the same agenda, following the same strategic plan of the Go-To-Market. The sales team must establish a strategy to tackle the territory, attacking direct and indirect channels. Pipeline or sales funnel management is key, specialization being the best way to boost the conversion rate of customers. To guarantee success, both continuous coaching and mentoring of the sales team are other recommended initiatives. The marketing area, on the other hand, has to shuffle the different channels to reach potential clients such as SEO, paid search, email, organic search based on content, social networks and, of course, traditional paid advertising. Then, you must choose the best one or ones to talk over with the prospective clients and communicate the value proposition when appropriate (according to the point at which the potential client is in the purchasing decision process, reflected in the sales funnel).
The fifth step, within the necessary components, requires a large investment in resources (and time), as companies are faced with new complex scenarios in which various factors and agents intervene. These factor and agents are customers, products, product prices and the different channels used, as well as the target markets to which each product will be directed. Part of the effort aims at making the offer of the company's product known to a target audience and ultimately attract customers from competitors or from other sectors in which a new product is introduced (capable of meeting needs that had been previously unmet) to fill a niche market. These resources are also used in brand image and strengthening brand positioning, in that companies must work to achieve dominance in the industry and protect themselves customers leaving to do business with other competitors.
Lastly, due to the lack of data surrounding potential customers and more interesting products ready to launch (one of the biggest difficulties in implementing strategy), it is important to collect and analyze pertinent and necessary data so that each department can work effectively on the the Go-To-Market strategy, without the drag of unreliable data. It is highly important that companies are clear about their philosophy and the strategy it wants to follow in order to be able to make the necessary business and product changes and adaptations to meet the needs of potential clients. Using a CRM system to store information and adjust the sales funnel is useful to convert leads into clients more quickly. Marketing automation not only structures conversations and creates the path to be followed by prospect profiles, but also evaluates the effectiveness of the actions undertaken by the organization. Marketing and sales departments must work together to achieve results, as the best communication depends on feedback from sales meetings and quality interactions based on lead response data collected in the marketing automation tool.
What are the expected results by establishing a Go-To-Market strategy?
You can expect identifying the most relevant clients and a better response to their needs, adapting the value proposition to clients and the strengths of the company itself. Also, an improvement on customer experience in relation to the product, which leads to optimization of the sales process. Likewise, as a result, this will enhance the innovative nature of the company, in search of new and better products that replace the existing ones, creating new sectors and market niches. Intra and interdepartmental organization will also see improvement by establishing actions, and procedures as well as specific objectives for each area involved in the process of launching solutions. Finally, the structure that the company adopts should be suitable for making quick decisions quickly, without encountering barriers. Therefore, preparation to launch a new product successfully and without problems should come naturally
To truly be successful in developing and implementing a Go-to-Market strategy, the company needs expertise and must put in a great amount to of effort. At IVC, we want to offer support for this tedious task by providing our expertise and experience in evaluating and redefining value propositions, establishing a message and market positioning, modeling the relationship between clients and channels, and developing sales plans and campaigns. Focus your attention what's important: your business!