A go-to-market (GTM) strategy is a plan that details how an organization can engage with customers to convince them to buy their product or service and to gain a competitive advantage. However, there are some rumors out there on what is a strong GTM which you need to rethink.
A go-to-market strategy is a plan for how to launch a new product or service in-market or launch an existing product in a new market. As such, go-to-market strategies tend to focus on the short-term, but effective ones will also consider how any immediate success can be sustained over a longer period.
It is very interesting to know that if you go out there and ask what is a GTM (go to market), you get so many different responses also, if you start to discuss what is a proper way to draft a GTM, again, you will see some very interesting answers.
At some point, maybe even surprising.
I have been involved in the strategy sessions for many founders and leaders to know that it is not that clear the "right way" to come up with a go-to-market strategy.
There are so many myths out there.
So, as always, I decided to take things into my hand again and explain some of the surprising stuff out there.
Let's dive in.
GTM Myth 1: It's all about sales.
Yes and no!
OK, at the end of the day, everything is about sales.
However, in this context, you need to think a bit more long-term and even outside of the box.
It is all about your niche.
If you know your customer well enough, more than anybody else on the planet, then you can come up with copy, marketing strategies, offers and content that resonates with your customers, and then they just do what you want them to do.
Buy your shit!
Do not start with sales.
Start with the customer.
GTM Myth 2: We have a unique product.
Stop thinking about yourself as a force of nature.
What you are offering, is not that unique.
I saw so many founders and leaders that think "they do not have any competition".
Everyone has competition.
Either direct or indirect.
Just be humble enough to understand that.
Also, you must be across what your competition is doing and how they acquire customers so you can go and steal them!
Nothing is wrong with that.
Business is a competition and inside a competition, we have winners and losers.
And most definitely, losing is not fun.
GTM Myth 3: Our company's best customer is our only customer.
The idea that companies must “delight” their customers has become so entrenched that managers rarely examine it.
But ask yourself this: How often does someone patronize a company specifically because of its over-the-top service? You can probably think of a few examples, such as the traveler who makes a point of returning to a hotel that has a particularly attentive staff. But you probably can’t come up with many.
You cannot make everyone happy.
But most certainly, you can keep most of them happy.
Focus on that.
Section: Myth 4: Customer segmentation is for wimps.
This is business 101.
Segment your customers.
In whatever way it makes sense for your business.
If you do not have different niches in your business and it is not super clear for your team, you do not have a business.
GTM Myth 5: The cheaper price is better.
Actually, it is quite the opposite.
I have lost so many deals because simply, I was the cheapest one.
It is actually the other way around.
Try to be a slightly higher price alternative.
The perceived value of what you offer will be much higher if you are not competing on price.
GTM planning takes time, planning, and investment to build a world-class go-to-market capability is a world-class skill that comes with training and experience.
Take a step back and ask yourself if you have the right GTM plan in place.
Ask yourself how you know this is the right GTM model--and how long it will work.
You need discipline, focus, and deep customer understanding to succeed in go-to-marketing strategy.
You also need to constantly experiment and learn based on data and user feedback, then iterate quickly on what works. The companies that do this best are successful across the board, achieving faster growth and higher valuations than their peers.
Takeaway: There are more opportunities than risks