When introducing a new product, service, or feature, it’s critical to have a well-thought-out go-to-market strategy.
Your goal now is to make sure that this strategy is adaptive and can pivot at any time.
However, even if you devote a lot of time and effort to creating a great Go-To-Market (GTM) strategy, your initiative might fail if your GTM strategy is implemented poorly.
But don’t be concerned. In this article, you’ll learn how to implement your GTM strategy that ensures your product or service’s success in the appropriate market at the right time.
Here’s how you can effectively implement your GTM strategy to increase your revenue:
1. Clearly define success
Implementing a GTM plan is always interesting for any company, regardless of size.
However, investing in implementation without developing a rollout strategy can be disastrous.
Though there is no perfect answer because each company’s business objectives, timetables, and budget are unique, there are some general factors that can assist you in achieving success.
First and foremost, it is critical to have documented goals and outcomes that you are looking to achieve. This will enable you to clearly articulate across the organisation what success looks like and allow all your GTM teams to have clear objectives and pull in the same direction, which can lead to an increase in your revenue.
2. Prepare for the launch with a solid governance plan
A product launch requires time and consideration. Rushing to the market without ensuring that everyone is on board can give you a headache.
Enablement is a crucial part of the GTM team’s success.
Whether it’s your GTM team, marketing, sales, or customer service, the entire company should be aligned across all channels. Long-term success hinges on ensuring your customers have the greatest possible experience with your organisation and its product or solution.
You’ll need to make a few core investments to accomplish Enablement properly, such as LMS, Knowledge Management, messaging, and Cross-GTM alignment.
3. Implement practical change management techniques
Change management has become one of the most important success criteria for every company.
Companies that cannot adapt and seize growth opportunities will be outcompeted by more nimble competitors and may even go out of business. As a result, one of your main goals should be to prepare for change.
You need to adopt concrete change management methods to encourage long-term transformation and ensure proximity to the market and people.
Change management doesn’t mean that you’re providing your team with new tools or communication methods. It’s about training your team on how to plan, choose and utilise a suitable internal communication strategy, and assess the GTM strategy’s performance.
4. Ensure that your GTM roadshow is a success
As a leader in your company, you should ensure that your GTM strategy is a success because it’s your roadmap that assesses your product’s success and forecasts its performance based on market research, competitor and performance data.
Many companies have great GTM strategies, but they fail to execute them correctly.
And here are some of the most common problems:
- Lack of quality training of Salespeople to be able to convey the product or service value proposition
- There are no plans to test the market or conduct a soft launch.
- Inadequate market research
- Qualitative research and true customer insight into demands and requirements are lacking
- No real differentiation plan or the placement is poor
- Unrealistic volume projections
To fix these issues, you must first validate your core GTM solutions, including defining your target audience, detailing your marketing activities, laying out your sales strategy, placing your product in the market, and performing a competitive assessment. This ensures that your story has depth and is true to your reality. Data is king!!
5. Examine and evaluate the effectiveness of your GTM strategy
It’s difficult to assess the performance of a Go-to-Market (GTM) strategy and the people behind it.
So, how can you tell whether your GTM strategy is working?
Through your revenue.
You can only win if you’re able to monitor the progress of your GTM strategy and one way to do it is to see the KPIs that focus on revenue-driven growth. This might include lead volume, conversion rate, and the time spent during the process. Don’t just focus on revenue itself but all the leading indicators that will help you drive revenue growth.
Take your time and keep iterating.
Rework the parts of your plan that aren’t functioning. Make a list of what’s working and think about how you might improve on it.
Ready to apply these tips so you can efficiently implement your GTM strategy?
It costs a lot of money to bring a product to market, and you may not have all the time to prepare once you’re in the middle of implementing your GTM strategy since deadline demands will force you to be more reactive.
However, with a robust GTM strategy execution framework, you can ensure that your next launch is successful.
Aside from my tips above, there are still many strategies you can apply to implement a successful GTM approach so you can increase your revenue. Have a FREE 30-minute session with me to talk more about how we can take your business to the next level.
