Sales leaders of go to market (GTM) organizations are finding it tough to achieve their targets and are working hard to eliminate old practices and incorporate new ones. But, can sales leaders really make robust go to market strategies and compete in the market?
In this article, discover three steps to future proof your go to market strategy. Read on to understand why these steps are important to remain in business.
What is a Go-To-Market (GTM) Strategy?
Most businesses struggle to forecast their sales accurately and therefore miss targets. In fact, almost 80 percent of organizations miss their forecast numbers by 25 percent or more. In order to future proof your GTM strategy and hit your revenue targets, we recommend specific and immediate actions.
These changes in strategy often start right at the core of your organization, such as integrating your sales and marketing department, and may impact your employees, their roles, and core sales processes. Something to keep in mind throughout this process is that as buyer behavior continues to evolve rapidly, many sales functions have become redundant over time. In some cases, buyers have become much more accomplished at buying than the sales reps are at selling.
A GTM strategy is the way in which an organization brings its products or services to their target customers. It offers competitive advantage to businesses and takes into account different factors such as distribution and pricing. GTM strategy is mostly used when launching new products in an existing market, or existing products in a new market, or new products in a new market.
Benefits of a GTM Strategy
While a solid GTM strategy offers numerous benefits to help and grow your business, we’re highlighting the main ones below:
- Cuts down the time to market
- Ensures successful product launches
- Boosts ability to adapt to change
- Reduces costs linked to failed product launches
- Manages challenges related to product innovation
- Leads to better customer experiences
- Streamlines regulatory compliance
Main Components of a GTM Strategy
- Market: Map out the market you want to sell your products and services to.
- Customers: Identify your target customers across your defined market.
- Distribution: Plan out how you will deliver your products and services to your customers.
- Unique selling proposition (USP): Identify the features or the perceived benefit in your offerings that make it unique from your competitors.
- Pricing: Set up the different pricing bands for your products or services that you want to offer to your customers.
Businesses that will win in future will be those that use these components to future proof their GTM strategy now and make solid improvements in their sales processes. They must look at ways to differentiate themselves in the market, hire people with modern and smart skills, and lay the stone to be a market leader.
The challenge today is that sales reps are no longer the primary product informers and educators for the buyers. That era has now gone. Buyers can easily look for all the required information online that can help them make decisions. They are expecting more, but seeing only limited value during their interaction with reps.
That’s why it’s critical that sales teams must have more expertise and knowledge than what the internet is already offering to buyers. Sales reps must show how their product adds value to the client’s business or how it improves their daily lives. Reps need to apply business-wide thinking while selling their products.
How to Build Your GTM Strategy?
Businesses must adjust themselves and become future proof to remain competitive. Follow these three steps to future proof your GTM strategy.
Blend Your Sales, Marketing, and Operations:
The core of a future proof sales org must contain unmatched efficiency of individual sales reps. Sales reps need lean processes in place along with operational and strategic tools to quicken up efficiencies. This helps them enhance their conversion rates across all the pipeline stages. Also, all sales processes must be streamlined end-to-end from prospecting to closing.
To achieve this, the best performing sales orgs do not add more sales reps. They involve marketing and operations teams during the initial stages of the sales process, and use tools/technology to automate all their sales processes. This helps sales reps focus and spend more time on the actual consultation with clients.
Enhance Your Buyer Engagement:
Buyers continuously seek sales reps that are able to add value to the information that they already cannot source themselves. To future proof your go to market model and overall sales organization, your sales reps must utilize advisory selling and have the required knowledge that is of value to clients.
To support, your marketing teams can use analytics tools to enhance buyer engagement and understanding. The use of analytics is one of the most valuable ways when futureproofing your business. Sales organizations can use these tools to understand what messaging works for individual prospects and clients.
Marketing teams can use it for the initial decision making needs, such as identifying what messaging works best for prospects (e.g. A/B testing of subject lines, optimum number of emails for required conversion, etc.). Such tools also help sales orgs shortlist the ideal customer profiles (ICPs) with the right kind of messaging to enhance engagement. ICPs help sales reps better understand buyers’ interests and preferences.
Use the Power of AI and ML:
Never underestimate the power of artificial intelligence (AI) and machine learning (ML) in sales forecasting, as these allow you to make many smart decisions. The combination of data, analytics, AI, and ML helps you improve sales forecasts significantly. AI in sales allows you to build predictive models that analyze disparate data sets that are generated during a sales cycle, and reveal insights that can impact a deal. On the other hand, ML algorithms enable your software to learn your data and improve over time.
AI-powered tools can help you make sales forecasts by product offerings, regions, and market segments. They can also track your historical data and offer real-time updates. ML-based solutions can effectively gather relevant data (such as buyer behavior, preferences, and dislikes) from CRMs, emails, and social media. AI and ML based software can guide your sales reps with the next steps for closing deals.
Most of all, to future proof your go to market plan, you must position your business ahead of your competitors in a sustainable manner. Start now to future proof and achieve your sales goals.