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

 

Taking In-House Product To Market

taking-in-house-product-to-market-golden-ratio

Exploring how to take a product that been built for internal use by a company to market. Starting with why it could / should be done, discussing the stages in which this can be done, specific tasks for a Product Manager and finally various tasks for various team.

1. Intro

1.1 Internal v/s External

taking-in-house-product-to-market-int-ext

2. Why

2.1 Why Take To Market

  1. Revenue Potential
  2. Employee Morale
  3. Leadership
    1. Thought
    2. Technology
    3. Product
    4. Design
    5. Domain
    6. Engineering
    7. Practices

2.2 Five Questions to Start With

  • Who else will buy this?Names of likely buyers and categories of buyers. The reason ‘else’ is emphasized is highlight that there is already one customer, your own org.
  • What all options will they reject to buy this?Similar products or option to custom-build
  • For what key benefit, you think, they will pay?The USP / Key Value Prop
  • How much and how do you think they will pay for this?First take on Pricing and pricing model
  • Why would your org support this effort?A powerful reason

3. How

3.1 The Golden Logarithmic Spiral

First thing to keep in mind:

taking-in-house-product-to-market-golden-ratio

The complexity in each stage of this process will increase logarithmically. Remember this spiral very well.

3.2 Six Stages of Business Rollout

External Product will be exponentially more complex compared to in-house version.

taking-in-house-product-to-market-cup

The left side of this cup implies is that a we climb down from what has been built/learnt till now, unlearn, the complexity will decrease.

However, as we reanalyze and then start the process, the complexity will grow exponentially.

The stages:

 3.2.1 Unlearn

taking-in-house-product-to-market-unlearn

 

Unlearning is very important. In any future crisis, resorting to what worked earlier can be disastrous. Doing experiments anew is important.

3.2.2 Re-Analyze

taking-in-house-product-to-market-re-analyze

Starting with 5 Questions mentioned earlier, re-analyze the product, its reason and benefits with whole market in view.

3.2.3 Early Access

taking-in-house-product-to-market-early-access

Good time to test many hypotheses.

3.2.4 Limited Access

taking-in-house-product-to-market-limited-access

Less Complexity compared to to where you are now.

3.2.5 Open Access

taking-in-house-product-to-market-open-access

Much more Complexity than you could ever face in-house. Plan for it, but no point guessing/estimating this and beyond. Thus, take lean approach.

3.2.6 Self Serve

taking-in-house-product-to-market-self-serve

Plan for it, but no point guessing/estimating this and beyond. Thus, continue to take lean approach.

3.2.7 In Detail

taking-in-house-product-to-market-stages

3.3 Seven Tasks for the ProMa

  1.  Get Design team to work on branding and reassess the user flow and experience
  2. Get Product team to redo the Product Management Canvas
  3. Get Quality team to ensure the product will work well them opened up
  4. Get Security team to analyse the risks as product is opened up
  5. Get Marketing team to deliver collaterals, articles, blogs, ads, etc
  6. Get Support team ready to help users as if their lives depended on it
  7. Get Sales team going and bringing on booking / revenues

 3.4 Twenty-Five Actions for the Teams

3.4.1 Design

1. Design an independent branding and design language

2. Rethink user flows and user experience based on user research as 100% of new users may not be directly accessible

3.4.2 Product

3. Rethink your MVP

4. Redefine product vision

5. Take control of Roadmap and break free from shackles of Product Sponsor and early advocates

6. Remove confidential analysis, techniques and flows

7. Re-assess product-market fit

8. Take competition more seriously and not just source of ideas

9. Revisit rejected partners and rebuild an ecosystem

10. Add Role Management to accommodate for Admins and Super-Admins

11. Re-access tech decisions on tools, stacks and methods

12. Start saying NO to requests from Product Sponsor or early users

13. Consider licensing

14. Consider threat of Piracy and security breaches

3.4.3 Feedback, Support, Marketing & Communication

15. Build searchable and easily navigable Knowledgebase to enable self-discovery

16. Add reporting of bugs, providing feedback, request support from within the product

17. Add reporting of bugs, providing feedback, request support using social media

18. Incentivise / reward communication from users and partners

19. Reach out and market using social media and do not hesitate to advertise

3.4.4 Business & Commercial

20. Add ‘buying’ of product, even if it is for $0

21. Establish a pricing/discounting/packaging policy

22. Retrain team to focus on revenues and setup efficient revenue tracking

23. Making ‘buying’ or e-commerce via your product simple

 3.4.5 Organisation

24. Get a dedicated team

25. Get branding, support, marketing and sales teams in place

 4. Best Practices

 4.1 For Open Sourcing

  1.  Technical Communication
  2. Version Control, Document Management, and Distribution
  3. Quality Assurance
  4. Build and Test Management
  5. Project Management
  6. Knowledge Management

 4.2 For Commercialising

  1.  Clear pricing policy
  2. Easy to understand licensing policy
  3. Easy to report bugs and provide feedback
  4. Continuous security analysis and piracy protection
  5. Easy to use e-commerce and buy
  6. Ability to define roles and grant permissions
  7. Self-discovery via knowledge management
  8. Support (free and paid variants)
  9. Enables 3rd parties to build products or provide service on top of your product
  10. Analytics

5. On SlideShare

SlideShare – Taking In-House Product to Market

6. On SpeakerDeck

SpeakerDeck – Taking In-House Product to Market