3 key elements of a B2B GTM strategy
Posted: Thu Dec 26, 2024 8:13 am
In the highly competitive SaaS and subscription economy, it is very tempting for marketers and revenue managers to focus on demand generation and marketing strategies when planning the launch of their new products and services. After all, marketing and demand generation are critical to driving revenue.
But a good Go-to-Market (GTM) strategy cannot be overlooked when planning the launch of your product or service. An effective GTM can be fairly simple, but it should always provide the strategic foundation on which future marketing efforts rest.
While the level of complexity and detail can vary, along with the format of the documentation, below are the key components you should include in your GTM documentation:
01. Market intelligence
To know how to introduce a product to a market, you need to understand the market you are entering. The best way to understand this is to conduct market research.
There are many resources available to help you understand your market, from publishers like Foundry to research firms like Forrester and Gartner . Additionally, tools like the list of telegram users in canada Ansoff Matrix can be effective frameworks for reviewing research. The Ansoff Matrix was developed by a mathematician and breaks down product introduction to the market into four pathways:
Market penetration , where an existing product is sold to an existing market
Market development , in which an existing product is sold to a new market
Product development , in which a new product is sold to an existing market.
Diversification , in which a new product is sold to a new market.
Understanding not only the market itself, but also your product’s relationship to it, is essential to developing your GTM and guiding the research you conduct and your subsequent messaging.
In addition, it is essential that the GTM documentation contains a comprehensive description of the competition, including points of differentiation. These can range from differentiated features to pricing or functionality.
The challenge of creating a simple answer to the question, “What problems does my product solve?” will pay significant dividends for your long-term sales and marketing strategy .
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The second element of a successful GTM is market segmentation . The results of the market research conducted in the market intelligence phase determine who is most likely to purchase your product, solution, or service.
The market segmentation phase takes your market research a step further to help you understand who the decision makers are within that market. Instead of defining your target market as the CMOs at mid-sized SaaS companies, use your market research to create buyer personas .
If you’re going the product development path, research your current customers so you can better speak to their pain points. If you’re going the market development or penetration path, survey your current customers about their experience with your product to inform how to frame your value proposition .
Developing buyer personas will allow you to segment your market to target customers who best fit the challenges your offering addresses, so instead of simply targeting CMOs at mid-sized SaaS companies, you’re targeting CMOs at mid-sized SaaS companies who are struggling to establish a reporting structure to prove the ROI of their marketing efforts.
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The final component of your GTM is how to convey your key value proposition. You already know what market you are going to enter and who your customers are. Develop your product positioning and messaging strategy to distinguish yourself from your competitors and resonate with buyers.
But a good Go-to-Market (GTM) strategy cannot be overlooked when planning the launch of your product or service. An effective GTM can be fairly simple, but it should always provide the strategic foundation on which future marketing efforts rest.
While the level of complexity and detail can vary, along with the format of the documentation, below are the key components you should include in your GTM documentation:
01. Market intelligence
To know how to introduce a product to a market, you need to understand the market you are entering. The best way to understand this is to conduct market research.
There are many resources available to help you understand your market, from publishers like Foundry to research firms like Forrester and Gartner . Additionally, tools like the list of telegram users in canada Ansoff Matrix can be effective frameworks for reviewing research. The Ansoff Matrix was developed by a mathematician and breaks down product introduction to the market into four pathways:
Market penetration , where an existing product is sold to an existing market
Market development , in which an existing product is sold to a new market
Product development , in which a new product is sold to an existing market.
Diversification , in which a new product is sold to a new market.
Understanding not only the market itself, but also your product’s relationship to it, is essential to developing your GTM and guiding the research you conduct and your subsequent messaging.
In addition, it is essential that the GTM documentation contains a comprehensive description of the competition, including points of differentiation. These can range from differentiated features to pricing or functionality.
The challenge of creating a simple answer to the question, “What problems does my product solve?” will pay significant dividends for your long-term sales and marketing strategy .
n
The second element of a successful GTM is market segmentation . The results of the market research conducted in the market intelligence phase determine who is most likely to purchase your product, solution, or service.
The market segmentation phase takes your market research a step further to help you understand who the decision makers are within that market. Instead of defining your target market as the CMOs at mid-sized SaaS companies, use your market research to create buyer personas .
If you’re going the product development path, research your current customers so you can better speak to their pain points. If you’re going the market development or penetration path, survey your current customers about their experience with your product to inform how to frame your value proposition .
Developing buyer personas will allow you to segment your market to target customers who best fit the challenges your offering addresses, so instead of simply targeting CMOs at mid-sized SaaS companies, you’re targeting CMOs at mid-sized SaaS companies who are struggling to establish a reporting structure to prove the ROI of their marketing efforts.
g
The final component of your GTM is how to convey your key value proposition. You already know what market you are going to enter and who your customers are. Develop your product positioning and messaging strategy to distinguish yourself from your competitors and resonate with buyers.