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

 

Five Buckets Model for Product Management

5-buckets-of-product-management

Inspired by The Five Competencies of User Experience Design by Steve Psomas,  ‘Five Buckets’ – Explained by Jonny Schneider and 5 Buckets of Business Analysis by Jiangmei Kang, I created a version for Product Management.

The 5 Buckets Model for Product Management

The Five Buckets is a model to describe the various capabilities of a Product Manager. This model list out important capabilities and suggests them to be competent in a subset of capabilities based on what their focus / interest is.

The 5 Capabilities of Product Managers (ProMa) identified are:

Five Buckets of Product Management

Influencing

  • Rallying opinions around the Product value
  • Active listening
  • Evangelism
  • Articulation of value
  • Connect Business, Users, Techies and be their advocate in Product decisions
  • Establish common language
  • Fill the communication gap
  • Stakeholder engagement
  • Problem solving
  • Decision making
  • Conflicts resolution
  • Jedi Mind Tricks
  • Elevator pitches
  • Quips, anecdotes, story telling
  • Personal leadership
  • CxO level conversations

Synthesis

  • Take inputs from various sources and synthesize them into coherent vision
  • Build Product Strategy
  • Product Design, Innovation, User Research keeping inputs and behaviors in mind
  • Work with Business Analysts, Experience Designers, Developers, stakeholders, contributors, builders, consumers, etc.

Prioritization

  • Roadmapping
  • Track and Manage the Delivery Progress
  • Manage and Prioritize the Product Backlog

Business Acumen

  • Sustainability of the business based on the product
  • Business case for ideas/product/innovations/incremental innovations
  • Pricing
  • Market scoping
  • Market research
  • Market size
  • Market opportunity
  • Product – Organization fit
  • Product – Market fit

Domain Knowledge

  • Ramp up at needed pace to get sufficient Domain Knowledge
  • SME or strong Design background or strong Development background

Some Key Thoughts

  • As with other versions, everyone has the combination of two or more capabilities. Nobody can be expert in all five areas.
  • Influencing is a basic and key competency for ProMa to be effective.
  • Prioritization (roadmapping, tracking, etc) and Synthesis (gather inputs and make sense of conflicting demands) are key day to day activities of a ProMa guided by right Business Acumen (business value of anything that crosses them).
  • For situations where Domain Knowledge is important, being an SME helps. Else, as a Generalist, ramping up to have sufficient knowledge of domain works.

Speaker Deck

Thanks to fellow ThoughtWorkers Sachin Sapre, Nagarjun Kandukuru, Kartik Narayanan, Vijayalakshmi K R, Kshama Tikmani and Manish Kumar for the feedbacks at various stages.