At Sales for Startups, we work with a host of businesses who have had challenges when it comes to deciding what their GTM strategy should be and how they go about executing it.
First, let us define what a GTM (Go-To-Market) strategy is. It is a critical exercise and can often be the reason businesses succeed or fail in their respective markets. A GTM strategy is the strategy by which you bring your product to market. It has 3 fundamental components: your Target Audience, your Marketing plan and your Sales Strategy.
- You need to understand who you are trying to sell to, and it should start with the problem that you feel exists in the market. This should have market research to back it up so you substantiate it. Furthermore, your GTM strategy should highlight why this is such a problem and that you have the solution.
- For your Marketing plan, right now, you have to be omnichannel with your content marketing strategy. What this means is that we are blessed with multiple channels for which to communicate our message so all should be utilised whether it be email marketing, social, paid advertising, traditional advertising, outbound techniques etc. This content marketing will generate more inbound interest, as content drives traffic to your site.
- Then your Sales strategy can use a number of different options, including self-service, inside sales, field sales etc. really trying to understand what the best medium is for your business. For those companies that have a low-cost, high volume model, the self-service model may be best but those businesses that have a high cost, low volume model, field sales might be better.
Finally, saying that you want to make £1m ARR (Annual Recurring Revenue) this year is not a strategy. This is a goal. In order to bring this to fruition, you need to map out the objectives required to hit this goal and in turn what the underlying activities are that if completed all day every day will complete these objectives and therefore see an uplift in revenue. An AOR framework for short!
Having a well thought out GTM strategy is critical; however you need to be flexible and play what is in front of you. Roll with the punches and if there is a good reason to pivot or massage the plan a bit, then if you’re a startup you can do this. If you found Tyson, he who dodges the punch and is still standing is far cleverer than he who takes the knock out because the plan said so. Be creative, considered and confident. And avoid those knockouts wherever possible!