Creating a sound GTM strategy has never been more complicated – you need to address your organisation's needs while capturing value and driving revenue. Leaders often ask themselves: Is my organisation doing everything it can to capture value for our customers whilst realising revenue growth?
It may sound simple when creating a salient GTM strategy - but it is not enough to determine the direction that your business will take in the next few years or so.
Harvard Business Review conducted an assessment with over 1,000 employees from 50 different countries for their article ‘The secrets to successful strategy execution’ – to which they found that employees at three out of every five companies would rate their organisation weak at execution.
While it is true that some companies struggle with executing their GTM strategy, many leaders also believe that important decisions on strategy and operations do not quickly translate into action. Therefore, disruption occurs when you cannot execute your strategy and turn it into results.
Research from the Economist Intelligence Unit shows that 61% of leaders struggle to bridge the gap between strategic planning and execution.
But why does it happen?
They know it is a problem, but they avoid tackling it. It is one thing to plan a strategy in a board meeting and another to make it happen.
Finding the balance between strategy and execution
In working with many companies, we have observed that leaders might have the right product-market fit, strategy, and teams, but they are still not executing well within their organisations. They fail to realise that a great strategy and great execution must work hand in hand to drive results and performance.
There are many ways to narrow the strategy-to-performance gap by finding the right balance between how you plan your strategy and how you execute it.
One of these is keeping your strategy clear, concise, and executable. Many strategies fail because they are not actually strategies. Define a clear objective and set out specific tasks for each goal. Set yourself up for success by narrowing your focus and have a clear and defined direction of where you want your GTM strategy to go. As they say, the more you try to achieve, the less you will accomplish.
Another thing is giving your strategy an owner. A strategy is created within an organisation, but it takes specific individuals to drive and implement it. When you let your team own that strategy and know that they are accountable for it, they will make sure that every part of it happens.
Next, identify your business' strengths and weaknesses, and assess what affects your performance in the industry, and build your strategy around it. Assess yourself and your business, "Where does it stand against my competitors?" "What hinders me from achieving my goal?" "What do I need to do, and how do I do it?"
Lastly, remember that it is not strategy vs execution; it is strategy AND execution with the right balance of clear actions, owners, and timeframes.
Even great strategies fail without the proper execution.
Getting your strategy and execution right is the secret to becoming a market leader. You have to see strategy and execution as inextricably linked and raise the bar simultaneously to produce your desired results. After all, the essence of GTM strategy comes from having a clear definition of what will you do, how you will execute it, and what results are you expect to achieve.
By following these rules, you reduce the likelihood of performance shortfalls. And even if your strategy still stumbles, you quickly determine whether the fault lies with the strategy itself, your plan for pursuing it, or the execution process.
How can we help you?
Ellivate understands that the quest for scale isn't easy, and we know what's required to transform your success into a serious scale. That is why whether your organisation needs a new strategy or a partner in realising your team's potential, Ellivate has created solutions that fit your organisation's needs.
To helping businesses scale, we have created a scale-up assessment that takes into consideration the 12-core competencies to achieve hypergrowth for your GTM teams, processes, and strategy.
The assessment takes no longer than 3 minutes to complete, and at the end, you will receive a detailed report on the maturity of your GTM business with strategies, tools, and frameworks to help you make some immediate changes in your organisation.
To take the free assessment and measure your business' maturity, click here.
We know that there's no magic bullet to scale, so we challenge conventional thinking to get a more accurate understanding of the problem. It's a collaborative journey designed to help you achieve your revenue and business goals.
Visit our website to learn more about Ellivate.
Ellivate is the expert partner helping organisations and their go-to-market team 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.