Bringing any new product or service to the market is risky. A company can never be truly sure about how its customer base will react to the new launch, and any mistakes or oversights in the plan can result in a poorly executed campaign and disappointing outcomes. This means care must be taken at every stage of the process to ensure everything goes off without a hitch.
To help you transform your company’s go-to-market (GTM) strategy for success, 13 members of Forbes Communications Council discuss the top advice they would recommend to business leaders looking to level up their GTM strategy and ensure their capabilities and functions create both short-term growth in revenue and long-term profits.
1. Think With The End In Mind
Think with the end in mind—not the end of the campaign, but where your company needs to be three years from now. For example, will your buyer be part of Gen Z? If so, you will need to transition the media channels you use. When you plan backward, you define the steps you need to put in place to reach the ultimate goal. At this point, you inherently define both short- and long-term actions that drive results. – Jeanniey Walden, Liftoff Enterprises
2. Take A Flexible Approach Guided By Data
Companies can revamp their go-to-market strategy by blending AI and data insights with an eye toward market dynamics. This breeds more focused, effective marketing and sales efforts. Adopting a flexible approach, guided by real-time data, drives immediate revenue boosts and paves the way for sustainable profitability. Change management is crucial to align teams and adapt smoothly to market shifts. – Leslie Poston, Austin Data Labs
3. Establish A Robust SOP For A Core Team
To effectively transform your go-to-market strategy, assemble a team for the core functions. Then, establish a robust standard operating procedure (SOP) to ensure accountability and guide both short-term and long-term strategies with said team. This SOP will be crucial in maintaining continuity in the event of staff turnover to ensure those long-term strategies actually come to fruition. – Erin Nourijanian, UBS Arena
4. Consider The Two Types Of Buyers
In any industry, there are two segments of people looking to buy: those buying now and those looking to buy later. You will meet your short- and long-term goals by integrating demand generation, brand and the “95-5 rule.” Lead generation captures the 5% of in-market buyers, and brand advertising creates demand among the 95% of out-market buyers—your future buyers creating long-term profits. – Kristin Russel, symplr
5. Build A Strong Bridge Between Product, Marketing And Sales
There has to be a tight and in-sync bridge between Product, Marketing and Sales. Without it, you experience a steep decline in communication and visibility that affects what Product creates, Marketing’s messages and what and how Sales pitches. And, when Sales receives feedback, there must be a way to get that back to Product for iteration and road map consideration. – Sherri Schwartz, OvationCXM
6. Balance Agility And Foresight
To attain short-term gains and long-term profitability, it is imperative to adopt a customer-focused strategy that leverages digital capabilities, fosters talent development and builds strategic partnerships. By striking a balance between agility and foresight, we can ensure sustained success in a dynamic market. Adopt this approach and unlock the full potential in driving growth and innovation. – Antony Robinson, Novalnet AG
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7. Move Customer Success Under The CMO
I’ve repeatedly found success by moving Customer Success under the CMO. This integration offers a comprehensive view of client perceptions from initial introduction through years of renewal. It enables a quicker iteration of the brand and content within the GTM strategy, emphasizing the creation of meaningful content and experiences beyond closing short-term sales to instead nurture long-term client value. – Kurt Uhlir, Ethereal Innovations, Inc.
8. Take A Multipronged Approach
By focusing on customer needs, utilizing data-driven strategies, embracing digital and omnichannel approaches, innovating products, forming strong partnerships, investing in skilled teams, adopting flexible pricing models and adapting based on market feedback, a company can transform its GTM strategy to not only boost short-term revenue, but to also build a foundation for sustained profitability. – Heather Stickler, Tidal Basin Group
9. Invest In Customer Research And Feedback Mechanisms
Understanding and addressing customer needs forms the cornerstone of a successful go-to-market strategy. To achieve this, investing in comprehensive customer research and feedback mechanisms like surveys and focus groups becomes imperative. This insight allows for the tailoring of products or services to precisely meet customer pain points, driving immediate sales and fostering long-term loyalty. – Victoria Zelefsky, The Menkiti Group
10. Leverage The Power Of AI
AI will realign the go-to-market strategy for short-term revenue growth and long-term profits by continuously analyzing historical GTM data, uncovering hidden opportunities for improvement and identifying sales velocity bottlenecks. Instead of solely creating static dashboards, the combined power of GTM data and AI will optimize the demand engine for maximum growth. – Daniel Raskin, Mperativ
11. Ensure Your Sales And Marketing Teams Are Aligned
It’s as simple as Sales and Marketing alignment. Even to this day, misalignment between Sales and Marketing can cost organizations trillions of dollars. Ensuring your marketing and sales teams are aligned on priorities and short-, medium- and long-term initiatives is essential. Marketing tends to focus on the long term, and Sales on the short term, so finding the balance in the tension between each team’s tendency wins out. – Patrick Ward, Formula.Monks
12. Leave Room For Longer-Term Strategies
Many companies focus on strategies that deliver shorter-term ROI, such as pay-per-click marketing, events or brokered meetings with prospects. But, they ignore longer-term strategies such as content development, public relations, analyst relations and building up social media followings. Make sure your overall GTM strategy doesn’t neglect longer-term strategies, and leave room for tests and experiments as well. – Tom Treanor, Snipp Interactive
13. Set And Monitor The Right KPIs
One of the most effective ways to operationalize a strategy is to ensure that the right key performance indicators (KPIs) are set and monitored on a regular basis. Identify a mix of metrics that will align GTM teams around efficient growth. Bookings and pipeline goals for the quarter are important. Equally important are marketing and sales spend as a percentage of revenue and customer acquisition cost. – Rekha Thomas, Path Forward Marketing LLC