Go To Market Strategy
What It Is
A Go To Market Strategy (GTMS) is a comprehensive plan to drive a company’s product or service into a dominant position within a well-defined, defensible market space.
It provides a detail and verifiable description of the target market, the key personas, a rigorous competitor analysis, complete and clear requirements for the Minimum Viable Product, three years of sales objectives, the positioning statement, pricing strategy, communication strategy, and sales strategy.
Without such detailed GTMS, companies will face significant challenges in consistently meeting their revenue objectives.
What Is It
According to a study by IDG, by 2014 there were up to 17 people influencing the typical enterprise purchase. As recently as 2011, there were an average of 10. This trend continues, with more and more people involved in the decision making process of especially large ticket items.
The traditional demand generation marketing efforts seem to be working less and less in getting sales reps into larger accounts. As a result, sales organizations are essentially doing their own “marketing” researching these accounts and finding the people they need to talk to.
It may appear that these sales reps are only doing their job. However, finding the right person to talk to in a prospect’s account is and has always been the responsibility of Marketing. However, with buying processes continuing to be more complex, and buyers themselves becoming more sophisticated, traditional marketing approaches no longer seem to deliver on their mandates.
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Go To Market Strategy Formulation and Testing
We define a Go To Market Strategy (GTMS) as a comprehensive plan to drive a company’s product or service into a dominant position within a well-defined, defensible market space.
This statement implies the following key points:
- A well-defined and defensible market space has been selected
- Holding a dominant position is what is required (the #1 or #2 position within that market space)
Therefore, a GTMS will include the following key items.
- A clear description of the defensible market space including the key personas: who the economic decision makers, the influencers, the end users, and the gate keepers are.
- A description of the compelling need or broken business process experienced by the target market. This needs to be quantifiable in order to show significant ROI
- Competitor analysis of direct, category, and generic competition the company will face
- The Minimum Viable Product that needs to be assembled, preferably within the next 90-120 days in order to win this market
- The sales objectives for the next three years
- The positioning statement that will anchor all marketing communication
- The pricing strategy and models
- The communication strategy and campaigns for reaching the various personas; the various communication channels to be used; the digital assets that will be required; and the funnel strategy.
- The sales strategy to be used including the use of resellers/partners; the financial incentives for each; the marketing support to be provided, and how each channel will be managed to increase total sales while minimizing channel conflicts.
SOMAmetrics typically prepares a Go-to-Market Strategy (GTMS) after conducting an internal workshop with senior leadership. This GTMS identifies the areas of assumptions and uncertainties that need to be vetted out.
SOMAmetrics then conducts a market research to validate assumptions and increase the degree of confidence with respect to the GTMS.
The final phase of the validation of the GTMS is to run a pilot campaign to fine tune messaging, assets, and execution flow.