Discovering, Building, and Owning Your Go-to-Market Strategy

Countless company leaders boast outstanding products and are acutely aware of a hungry customer base eagerly awaiting their offerings. Yet, many of these visionaries grapple with bridging the chasm between their product and its intended audience. The Go-to-Market Strategy isn't just a bridge—it's the lifeline that ensures your product lands firmly in the hands of those who crave it. Dive into this blog post as we guide you through crafting, mastering, and taking command of your GTM strategy.

What is a Go-to-Market Strategy and why do you need one?

A GTM strategy is your tactical action plan that determines how you will reach your target customers and establish a competitive edge. It acts as your roadmap for delivering a product or service to the final customer, encompassing your sales, marketing, customer service, product, and R&D strategies.

GTM strategies vary in focus. While some companies might gravitate towards an Inbound-Led GTM strategy, using value-driven content and interactions to attract customers, others might choose an Outbound-Led approach that emphasizes direct communication and conventional sales techniques.

Product-Led strategies use the product's inherent strengths to attract customers. In contrast, Distribution-Led strategies harness distribution networks for sales. Ecosystem-Led strategies bank on partnerships, Community-Led strategies build a robust user community, and Event-Led strategies exploit industry events for customer acquisition.

There are also numerous opportunities to amalgamate these strategies to create a diverse GTM approach. However, it's essential to grasp the basics of any strategy (or strategies) you adopt, ensuring your customers know how to engage with you.

Who Owns the GTM Strategy?

A GTM strategy's ownership should remain internal since it's pivotal for your company's success. The ideal owner should be a holistic thinker, discerning how decisions in one domain influence other sectors of the business. A Chief Customer Officer or Chief Revenue Officer could potentially fill this role, wielding influence across the organization and ensuring the strategy remains current and pertinent.

While delegating the ownership isn't advisable, collaborating with an agency to hone your GTM strategy is. However, be wary of partners promising instant solutions or bypassing the discovery phase. A credible partner will begin by seeking to understand your business and subsequently spotlight strategic enhancements.

Identifying your GTM Strategy

Identifying your primary GTM strategy is foundational for effective marketing and sales. Start by inquiring:

• Why have we chosen this method?
• Is this how our customers prefer to connect with us?
• How do competitors approach the market?

Grasping your business's current position will illuminate potential shortcomings or opportunities.

When contemplating alternate GTM strategies, weigh your business objectives, customer behaviors, and fiscal capabilities. Strategies such as Inbound-Led, Product-Led, or Community-Led might be ideal for enterprises aiming for rapid scale on a tight budget. Conversely, Outbound-Led and Event-Led strategies could suit businesses ready to invest more for swift growth. Distribution, Community, and Ecosystem-Led strategies can be optimal for companies eyeing steady growth without significant capital outlay.

Building your GTM Strategy

Creating a comprehensive GTM strategy document is the final step. This document should cover your business goals, target customers, unique selling proposition, marketing strategy, sales strategy, customer service strategy, product strategy, and key performance indicators. Remember: get specific and tailor the document to your product or service. In some cases, it may even be necessary to create more than one GTM strategy document if you have multiple products that serve different customers. 

This journey doesn't have to be solitary. Collaborating with an external partner can ensure that no critical components are missed and devote concentrated energy to your GTM strategy (something that can be difficult for businesses to do on their own). Above all, make sure your GTM strategy is a living document, reflecting changes in your business environment, strategy, and customer journey. This dynamic approach will ensure you stay relevant and competitive in your market.