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 Thinking – UX Design + Product Management + Business Model

Before we start on Product Thinking, it will be good to understand what a Product is.

Product is something that is the result of a process.

Now, in software world, how does this apply. Let us see:

Product is something that is result of a software process.

This is better. However, is Design (Experience Design, etc) a software process? Not really. However, it is a process in itself. So, an updated definition then:

Product is something that is result of a design & software process.

Better. However, I am of the opinion that a product without a business model is neither sustainable nor a solution.

So, let us add that to the mix.

Product is something that is result of a design & software process and has a business model.

OK, there! Now we proceed to Product Thinking.

Product Thinking

Here is it in one diagram:

Product Thinking

Product Thinking is not the process of product creation itself. It is thinking of the product along with the whole ecosystem. The ecosystem is often a combination of:

  • Target Audience
  • Problem
  • Strategy
  • Objective / Vision / Goal
  • Features
  • User Experience
  • User Environment
  • Process of Making
  • Revenues

Based on Product Management Canvas, we can defined Product Thinking as:

Building on the value your customers will need to achieve business goals measured using related success and failure metrics with providing well designed experience using a well-defined go-to-market strategy and support.

Note: Need v/s Will Need

You will notice, I said ‘will need’ rather than ‘need’. Lot of innovations anticipate a need to create a new one. So, to acknowledge that, a ‘will’ has been added.

Note: Platforms v/s Channels

Platforms (backend, APIs, multi-tenancy, etc) benefit from System Centric design (eg: System Thinking) while Channels (apps, websites, devices, kiosks, etc) which humans interact with benefit from User Centric design (eg: Design Thinking).

Reference

https://designyourthinking.com/product-thinking-an-introduction/
https://medium.com/@jaf_designer/why-product-thinking-is-the-next-big-thing-in-ux-design-ee7de959f3fe
http://www.ddiinnxx.com/shuhari-learn-digress-transcend/
https://www.interaction-design.org/literature/article/product-thinking-is-problem-solving
https://www.devbridge.com/articles/product-thinking-build-what-your-customer-needs/