Go-To-Market (GTM) Strategy in 4 Steps

Go-To-Market (GTM)

To develop a Go-To-Market (GTM) Strategy, I suggest following four steps:

1 Know Your Product Well

Quick Guide GTM Strategy Dilbert New Product Knowledge

It is OK for Sales superstars in Dilbert world to know little about the product. But you have to know it very well to devise a successful Go-to-market strategy. Not only that, you should be able to describe it in sufficient detail to other departments in your company.

Product Management Canvas is one such tool. It captures the product in one canvas and gives a good 360-degree view.

2 Ask Yourself Three Fundamental Questions

2.1 What to sell?

What exactly are you selling? This has to be articulated for each customer segment and each value prop.

Many times a solution could be combinations of your products. In that case, above needs to be done for all product combinations.

2.2 Whom to sell?

Depending on if you are a new product or a mature product, your userbase and customers would differ.

If you are a new product, identify key influencers, usual suspects among early adopters and focus on reaching an early majority.

If you are a matured product, identify key late majority and laggards. Decision makers in large enterprises (like the CTO’s office, the Procurement division) can help you situate yourself stronger while the product team keeps innovating to keep your product relevant to your client.

The key is to identify right recommenders and decision influencers for long-term success.

2.3 How to sell?

Pricing is complex. Sometimes, it is easy to start with tiered prices that allow you to serve small-scale, small-budget customers to allow for revenue while you hunt for large ones. You must have seen ones like this:

Go To Market GTM Strategy Pricing Sample

Your Pricing strategy should have such Pricing models and option to use channels to accelerate sales.

3 The Sales Funnel

We know the typical sales funnel. It is the journey of your customer from when they become aware of your product to when they actually buy it to when they choose to rebuy it.

The journey in short:

Awareness -> Consideration -> Research -> Selection -> Purchase -> Delivery -> Support -> Repeat Purchase -> Recommendation to Buy

Understand it is very important and a plan to how to egg them on to the next stage.

4 Work on These Nineteen Tasks

  1. Time of Launch
  2. Launch Strategy and Collaterals
  3. Sales and Delivery Channels
  4. Positioning and Promotion Strategy
  5. Decision Makers and Influencers
  6. Recommenders
  7. Sales Collateral
  8. Content Strategy
  9. Marketing Collateral
  10. User Support Docs
  11. Training Collaterals
  12. Change Management
  13. Social Media Assets
  14. Digital Marketing Assets
  15. Brand Playbook
  16. Pricing Model Experiments
  17. Market Positioning
  18. Competitive Positioning
  19. Ecosystem Map

 

Product Development – A Primer for CxOs

Product Development Primer CxOs Cover

Product development thrives in an organization geared for Product Thinking. Else, the product development becomes a project governed by schedules & resource management, rather than being governed by MVPs, Product Backlog and Value delivered. Steven Sinofsky talks about impact of organization structures on Product in this blog. This Product Thinking must be adopted at all levels, including CxO. This is different than being hands-on with Product Development (which in itself is a topic of discussion). Role of a Product Manager (different than a Product Owner) becomes important and this article by Josh Elman is the right starting point for anyone wanting to understand Product Management.

Effective Product Development

Product Managers (ProMa) are the keepers of the vision and are expected to keep the developers, support, operations, marketing, sales, people champions and recruitment true to vision. This is a large responsibility and often leads to personal time management crunch & lots of meetings. Brandon Chu blogs about applying right leverage as ProMa is an inspirational piece on what to focus on.

Product Thinking

As organisations move from being IT to a Product Organization, one this they need to bring in is the Product Mindset, they need to manage the change very well. Seeing Products as way to deliver value to customers rather than a item of sale can help management with product thinking. Thinking of a Product as a whole entity like psychologist may do with a human and not as sub-systems and codes like a surgeon may see a human, does help developers and project managers start on path of Product Thinking.

Product Development How-To

Product Development is a well researched flow with some well documented methodologies. And of course, there is always room for dissatisfaction that precedes any innovation. While on methodologies, Marek Kirejczyk talks aboutHype Driven Development (everyone loves that latest hyped up tech/tools) and how to move away from it. There are many articles geared towards CxO on latest tech hype. Like this Insights article by Jim Highsmith and Neal Ford onMicroservices. by This 4-part Illustrated Guide to Product Development by Ben Einstein is a must see!

Thanks

With inputs from fellow ThoughtWorkers, Kartik Kannan, Kartik Rajan, Ramani Siva Prakash and Sachin Sapre.