We usually read or see GTM strategy mentioned very often while discussing on #marketing issues, and we often consider this a sort of launch event wherein marketers go to market in order to sell or to Promote a New Brand in market. This is one of the highly misunderstood, misquoted concepts of Marketing. There are lots of myths associated with GTM in the #WorldOfMarketing; given below are some of these myths:
- It’s just a Launch Event.
- It’s a fancy word for connecting retailers. Sometimes it sounds like Market Storming activity in B2C and retail industry, where each and every member of dedicated vertical, go to the market to promote or to create more retailers.
- It’s only an awareness activity for some special offers wherein marketing team educates trade partners and consumers.
- It is mainly planned by BTL and Trade Marketing team.
- Go To Market is the last stage of any strategy and planning.
However above myths are not true. In fact, I consider #GTM is the most important marketing strategy and it’s not just a part of BTL, but one of the components of marketing along with #ATL, #Designing, #Product, #Pricing, #Commercial, #Legal and sales.
GTM is not a generic strategy, it can never be in generic in nature, it has to be tactical. A total comprehensive and detailed plan has to be chalked out, integrated with each department. There may be so many different definitions of GTM, as per google – A go-to-market strategy is an action plan that specifies how a company will reach target customers and achieve competitive advantage.
A Particular project should have its own GTM strategy which may separate it from other projects. This must address the different ways of customer acquisition, onboarding, retaining and upgrading with time. Management should take it into consideration how each department will expand to infiltrate more customers along with creating more value to customer experience.
Let’s have a quick overview of the main characteristics of a good GTM strategy.
It is very important to conduct an assessment of company position before implementing its GTM strategy. Be sure to ask the right questions and use a quantitative framework to analyse the current status and future goals and targets.
- Identification of target touch-points such as markets, customer, value proposition, brand positioning, channels and financial model.
- A good GTM strategy is useless until it meets the desired target of each product/offering, therefore management must assign the roles and responsibility synced with targets.
- Optimisation: The basic rule of management – More productivity in minimum resources has to be followed and cost must be optimised to get the desired outcome.
- A well-defined Go to market strategy provides a Blueprint to reach the market and acquire the users and engage them further for up-selling. This compels the management to think through sales, marketing, service, commercial, product and R&D teams.
- There are seven basic questions should be asked and discussed in detail:-
- What are the current status of overall business and role of each product and its status in PLC? Define the product USPs and value proposition clearly.
- Where we are heading towards and what would be the desired state of product penetration strategy in coming days. ?
- Identification of Target Audience and segmentation and craft a Clear, Concise and Honest message. Please understand that we can’t afford to keep the customer in dilemma. This is not the time to sell a bad soap with a beautiful actress. Customers are wiser than product managers, for Example in last summer – Dishtv has introduced a special offer for few rural markets in Maharashtra, India, but that offer was extremely dubious in nature and complicated, therefore entire project did not meet the expectations.
- Choose the Preferred Channels of Communication and Promotion Plan.
- What has to be done, Sequence of inter-related action?
- Who are the Important Players of this exercise and Time Frame of the entire implementation of the project?
- How much will it cost? Is it Incremental or Brand New Storey to be written?
- After so many brainstorming session there should be a specific go to market strategy come in force and it Provides a Framework to Implement few market tactics.
- Different Vertical of Sales and its in-charge – Chief Revenue Officers (CROs), VP of Direct Sales, VP of Channel Sales, Account Executives, Sales Managers should be a part of whole strategy planning.
- At the last stage of this strategy – Tactics according to B2B and B2C types should be framed and daily, weekly, monthly and quarterly activities followed by regular feedback analysis required to achieve the strategic objective.
- GTM strategy is actually the set of a series of small actions or tactics which is connected to each other and in order to implement the whole strategy and reach a specific target.
- As I said, at the last stage for B2B marketing tactics are – Participating in Industry Events, Seminars and Award Functions, PR propaganda.
- For B2C types of business – There are so many engagement tactics for trade and users such as Roadshows, Lead Generation Activity, Display Contest, Loyalty Programme, Trade schemes and outdoors.
- BTL that includes Digital too has a very crucial role to play other than B2B/B2C activities such as – Posting and responding content on Facebook/Instagram, Twitter even all new social media platforms as per target audience. Sending Emails, PPC, SEO, SMO.
Even while planning and brainstorming session BTL team must participate because they know the nerve of the market..!
Along with Marketing Automation, some other tools – google analytics, Hootsuite and Salesforce should be used to maintaining a social media presence and schedule posts on various social media channels like Facebook, LinkedIn, and Twitter, and also track mentions across channels. It becomes extremely simple and free with the help of such tools.
Some of the direct and long term benefits that a GTM strategy brings for a particular product or offerings.
- It reduces time and resources for the product to spread across the market.
- Its increase the ability of a product to adapt any market change. All recent examples of failed products and brands are also the example of lack of effective BTL strategy.
- It brings amazing customer experience and makes the process interactive from designing the product to getting customer feedback and ensure to keep improving and producing better products.
- As before I mentioned, optimisation and cost-effectiveness are a few major benefits of an integrated GTM strategy.
Product lead strategy is different from service-based strategy hence all different product has its own customised preposition. It can not be created on a pre-defined format and requires a careful analysis of all these factors before formulating the final Go To Market Strategy.
My Next Topic of Thoughts –
- Why BTL is the most important yet most underestimated and misunderstood vertical of marketing.
- Digital – New age of BTL.
- GTM tactics for B2C industry and Examples from last decade.
- What happens when sales head starts behaving like Army Generals.
- Benefits of open door policy.
Please feel free to suggest anything related to above-mentioned topics.
# powermarketing #ashish91