How to achieve growth with your GTM strategy
All businesses want to achieve growth, and that's why a Go-To-Market (GTM) strategy is essential for any business.
A GTM strategy is a detailed action plan that outlines the steps necessary to grow your business by focusing on your target markets and customers. It helps you identify how you will get your product or service to market, the channels you will use, and who you will target.
Putting time and thought into creating a solid GTM strategy should enable you to achieve meaningful growth for your company. It might seem like extra work upfront, but creating a carefully planned GTM strategy, will help you win the race against your competitors.
An effective GTM strategy should reduce your time to market, increase conversions, produce a successful launch and drive sales growth.
Many founders have developed a fantastic product, but it is not going to sell itself, and this is one reason so many start-ups fail. No thought has been put into how this amazing product will reach the target customers, or worse still; no one is clear on who the target customers are.
Here are some best practice examples to consider when researching and developing your GTM strategy:
Consider your competitive advantage.
What sets you apart from other competitors? By keeping in mind what your competitive advantage is can help you develop and plan a GTM strategy that delivers actual and actionable answers to the following questions:
Are we able to reach other markets that our competitors can't?
Can we solve a problem that still exists?
How do we provide value to our customers?
How can we connect to our clients better?
Work through your core components.
Achieving growth doesn't mean you must be in a constant battle. Instead of non-stop hustle, prioritise balance. That means working through all the core components of your business - target market, pricing strategy, value proposition, product messaging and distribution. Balancing these areas will help you achieve alignment within these areas of the business – more importantly, it will ensure you get early sales and revenue into your organisation. Nothing can beat that first sale you make of your new product. The first of many - if you have the right GTM strategy.
Use metrics to improve your sales process.
To improve your team performance, choose a system to measure your sales progress when creating your GTM strategy. Use key performance indicators (KPIs) to make sure you're hitting your goals and assess where your sales team needs to improve. You can also use metrics to analyse ways to lower your customer acquisition cost and shorten your sales cycle.
Outline a plan for customer retention.
Always consider your customers. Remember that it costs more money to acquire a new customer than for repeat business with a current customer. Consider including strategies that you can implement to retain them. The customer is the key in any GTM strategy as you can get a feel on what issues their market has that your product or service can solve.
Having an effective GTM strategy can help your business achieve a serious scale - it should be the foundation for your business and your long-term approach to building profitability, decreasing customer acquisition costs, and enhancing the customer experience.
As your business grows, your GTM strategy must be dynamic and adapt to the changing landscape.
Ready to go to market?
Are you ready to take your business to the next level? Perhaps you have a sensational market offer, a clear vision, and a go-to-market team prepared to take on the world.
But are you truly ready?
Do you and your GTM teams have the tools, expertise, and cohesive strategy to guarantee success for you and your investors?
Measure the maturity of your business operations and enablement capability across the frontline, sales, customer success, and marketing teams in one easy step: through our scale-up assessment tool.
Take a quick health check to assess your GTM strength across 12-core competencies needed to achieve hypergrowth in your business. Click here.
Of course, we don't want to keep you waiting. Receive an instant and detailed report right after you complete this 3-minute assessment and know the strategies, tools, and frameworks to help you make some immediate changes in your organisation.
We know what's required to transform your success into a serious scale. We understand what it takes to go next level. That's why at Ellivate, we make sure to help businesses and partner with them to realise their potential as a hypergrowth organisation.
Learn more about us at our website via www.ellivateconsulting.com
Ellivate is the expert partner helping organisations and their go-to-market team's scale.
Our powerhouse team of industry experts - with a combined 60 years of experience across the fintech, corporate and technology spaces - will work alongside your business to achieve your goals.
We have a shared passion for working with businesses to achieve rapid growth and apply an authentic, human layer of expertise that addresses the real challenges and concerns at the heart of your business.
We will work alongside you as a trusted and expert partner. We get in the trenches and ensure every solution is embedded within your business.