Recently, my colleague Andreas Schenck wrote about the importance of having a Go-To-Market (GtM) plan. It should come as no surprise that I couldn’t agree more! In his blog post, Andreas provided several tools that are helpful to establish the direction and strategies for your company. I’m going to elaborate on these strategies and provide some steps to help document and capture your GtM plans to articulate and communicate the strategy across your team.
Ultimately, you will want a GtM document that can be circulated to your senior managers. This will ensure that everyone is working off of the same plan and goals while driving toward the results you have outlined for the company.
First, start with your company Vision and Mission. There are many different approaches to crafting these. Simply, you want to capture what your long-term vision for the company is and your mission for being in business and bringing your product or services to market. Answer the questions, “Why do you do what you do?” and “What are you doing it for?”. For example, “We want to have the best revenue widget on the planet” and “Providing revenue generation solutions that allow companies to reach record setting sales volumes.”
Think of your GtM document as a brief. You want it to be simple and easy to follow with clearly defined objectives and simple guidelines for your team to execute. Your GtM plan should cover these 8 key areas:
1) Business Summary – A high-level overview of your business
- Business Drivers:
- Include industry dynamics, consumer or market demand, and key drivers, such as technology needs, gaps in services or the need to support other products or services.
- Key measurements
- How will you monitor and measure your impact on the market? Is it market share penetration? Creating a new product niche?
- What do you want your sales to be for the next 3 years? This should include a yearly breakdown as well as the growth you expect to see in both market share and revenue.
- What are you selling?
- Key products/services:
- Include USPs and product differentiators in each description.
- Upsell and cross sell strategies for both new and existing customers.
- Key products/services:
- Prioritized target segments/channels including any specific resource needs, sales support, or unique requirements vs other channels.
- A summary of marketing tactics to drive awareness and generate leads.
- Include strategies for new and existing customers.
- How will you “touch” customers as they progress from purchase to activation to support?
- How will you reach your target markets?
- What are the most effective ways to market your products and services?
- How will you acquire leads?
- How will you nurture and qualify your leads to move your prospects through your conversion funnel?
- Document the overall customer experience, beginning with how customers first learn of your products/services and how they move through the consideration process, buying process, onboarding, day-to-day management and upsell/cross sell with your company.
- How do you want your customers to feel about doing business with you? What do you want them to share with their networks?
- What is needed to support your products and services from creation to delivery to customers?
- This is a very significant part of your business plan and should consider the needs of your company, both internally for business users and externally for customers.
- A key component of your GtM plan. The measurements you define to track and monitor your progress and success will be the key performance metrics you use to ensure you are on track to meet your goals. These should include areas from your entire revenue funnel, such as leads, conversion rates, sales volumes, customer retention and customer satisfaction measurements. These measurements should be across product categories and sales channels.
- Define key milestones for your business. For example, when do you want to have a new product in market? What milestones will you track to monitor your success in meeting your plans?
- Key review timelines. These plans are meant to be fluid. You should set review schedules to monitor your success and execution against your goals and timelines. These reviews should include your senior team responsible for delivering the results you have set forth in your plan.
These components of your Go to Market plan will build the foundation of your organization. The key is to keep the plan fluid, keep it simple, and assign ownership of deliverables. This not only instills accountability across your team, but also helps your team work collaboratively to understand where you’re going and how you will get there by working together. We love this stuff. We believe in this process. If you know where you want to go but are not sure how to get there, we can help!