Primer on Go-to-Market Planning
Introduction to Go-to-Market Planning
Go-To-Market (GTM) planning is fundamental. The best product or service in the world, whether B2B or B2C will flounder without a well-considered, constructed and executed GTM plan. You will probably be familiar with GTM planning already, but it’s always useful to refresh on some of the basics. This article will provide you with a comprehensive primer on GTM planning, its significance, and how to create a winning GTM plan for your B2B technology company or professional services firm.
What is Go-to-Market Planning?
Go-to-Market planning encompasses your strategic approach to bringing your business’s services to market. It involves defining the target market, outlining key marketing and sales strategies, and determining the necessary resources and tactics to achieve business goals. Essentially, GTM planning is about answering critical questions: How will we position our offering? Who is our ideal customer? How will we reach them? What will be our competitive advantage?
A good GTM plan will bring all the necessary information into one place and map out the route to market. It will give you the structure necessary to manage all the disparate phases and stakeholders to ensure you get to where you want to go, in the right way, in the right timeframe and at the right budget.
Why is Go-to-Market Planning Important?
GTM planning is essential. First, it helps align the business and all your stakeholders around a clear strategy, ensuring that everyone is working towards the same objectives. A well-defined GTM plan enables you to identify market opportunities, evaluate competitive challenges, and make informed decisions regarding resource allocation.
Almost as importantly, good GTM planning ensures that your launch is aligned with your clients’ wants and needs. By deeply understanding your target audience's needs, pain points, and preferences, you can tailor your marketing and sales efforts to resonate with them effectively. This customer-focused approach enhances customer acquisition, satisfaction, and retention, ultimately driving revenue growth.
How Do You Make a Go-to-Market Plan for a B2B technology Company or professional services firm?
Creating a successful GTM plan requires careful consideration and a structured approach. There are multiple ways to arrive at a good GTM plan, however, the following are the core phases that most marketers use:
Define your target market: Clearly identify your ideal client profile(s) and segment the market based on industry, company size, geography, or other relevant factors.
Understand client needs: Conduct thorough market research, surveys, and client interviews to gain insights into your target audience's pain points, motivations, and purchasing behaviour.
Develop a compelling value proposition: Craft a clear, differentiated value proposition highlighting the unique benefits your product or service offers clients. Be clear on how it solves their specific challenges.
Determine your distribution channels: Assess the most effective channels to reach your target market. Don’t just consider existing business development channels, but also any potential partner and intermediary channels as well.
Set marketing and sales strategies: Outline marketing campaigns, pricing strategies, sales tactics, and channel enablement programs to effectively promote and sell your offering.
Allocate resources: Determine the budget, personnel, and technology required to execute your GTM plan successfully. Consider factors such training, marketing collateral, process and techology, and client support.
Establish metrics and milestones: Define key performance indicators (KPIs) to measure the success of your GTM plan. Establish milestones and regularly monitor and evaluate your progress.
What are the common Pitfalls to Avoid When Making a Go-to-Market Plan as a B2B Company or professional services firm?
When developing your GTM plan, be mindful of potential pitfalls that can hinder your success. The following are common mistakes to avoid:
Inadequate market research: Insufficient understanding of your target market can lead to misalignment between your offering and customer needs.
Lack of client-centricity: Failing to tailor your messaging, positioning, and sales approach to your clients' pain points and preferences can result in poor engagement and low conversion rates. A common mistake is to become too focused on talking about your offer, and too little about what this means to your clients.
Ineffective communication: Incomplete or inconsistent communication with internal teams, partners, and customers can hamper your GTM execution and customer experience.
Conclusion
GTM planning is essential, and good GTM planning sets you up for success. Different marketers approach GTM planning in different ways, but the core phases mentioned above are all necessary for ultimate success.
As with many things, time and effort spend planning pays vast dividends in ensuring effective execution. Considered investment upfront is rarely wasted.
If you need support on GTM planning or want to bounce around any ideas related to it, please feel free to get in touch via the form below.