A go-to-market strategy is your product sales, marketing, and revenue roadmap. It is your action plan detailing how your company will launch a product to market, drive customer awareness, and ultimately, generate sales. Although it seems simple, creating an effective GTM strategy is one of the most challenging tasks a company will face.
Committing to a path for your product(s) and sticking with it is not easy in the best of economies. Coming out of 2020 and the coronavirus pandemic, it is even more difficult for CEOs and VPs of Revenue, Sales & Marketing to implement a plan, ensure seamless execution across multiple departments, and stay aligned on the vision all while navigating unprecedented economic circumstances.
It is more critical than ever to ensure your GTM strategy is built on a solid foundation with a clear vision to ensure you target the right channels, market to the right customers, and emphasize holistic revenue generation.
Without a solid GTM strategy, you risk focusing on the wrong channels, targeting the wrong audience or customer, or, even worse, not creating a defined value proposition for your products while trying to penetrate a saturated or overly competitive market.
Getting to market isn’t simply selling your product — it is ensuring a seamless integration and collaboration between sales, marketing, and all other revenue-centric departments of your business. No matter how solid your product or plan may be, without this departmental alignment, you face diminishing returns, overspending on marketing, or missed revenue opportunities.
Understanding your target market is the most important component of your GTM strategy. Buyer personas are fictional profiles of people who represent your ideal customers and who your sales and marketing strategies should solely focus on. Buyer personas are used during your prospecting and lead-generation stages, and facilitate sales and marketing efficiency by ensuring you are getting your message in front of prospective customers that your product’s value proposition was created for.
Not every retailer is a fit for your product. It may seem that the more retail shelves your product is on the better, but that is not always the case. Defining what channels are a good fit for your product will save countless hours in sales meetings, minimize frustrated sales reps who are not closing deals, and, ultimately, save you substantial costs by not pursuing channels that were never the right alignment.
Using your ICPs and buyer personas are the perfect way to identify which channels resonate with your customer and where they predominantly shop. This not only creates a clear path for sales and revenue generation, but also allows your marketing team to create channel-specific (and retail-specific) activations that are curated for that ICP and buyer persona, ultimately proving to be extremely effective in terms of ROAS and winning deals.
This may seem obvious, but it is extremely common for a company’s sales and marketing teams to function in a silo. You can have a very comprehensive and defined sales plan, but if your marketing team is targeting a different audience or telling a contradicting message to the marketplace, you risk catastrophic consequences.
Marketing and sales must collaborate throughout the entire GTM process, ensuring messaging, channel strategy, timing, and correct targeting are in-line at all times. It is not out of the ordinary to have daily sales and marketing meetings. This provides an opportunity to bring together departments in a collaborative planning session to make sure marketing knows what avenues sales is pursuing, and sales understands what support tools they have in their arsenal from their marketing department.
2020 reshaped the retail landscape, and it is essential that all companies revisit their GTM strategy. With in-person retail meetings now done over Zoom, channels focusing on e-commerce sales plans, and in-store marketing budgets being traded for digital, there are dozens of factors to consider in refreshing your GTM and what the next 12, 24, and 36 months look like for your sales and marketing teams.
House of Revenue’s VPs of Revenue and Marketing are at the forefront of this change, using technology, automation, and cutting-edge sales training and methodologies to quickly pivot existing GTM strategies into ones poised for what the new retail landscape requires.
Revisiting and refreshing your GTM strategy does not have to be a daunting or scary task. By engaging user-friendly technologies, expert CPG consulting, and fractional leadership to help guide your teams, this can be done in parallel with your current sales and marketing plans to maximize efficiency and effectiveness.
There is no doubt the retail landscape is changing rapidly. Companies must continue focusing on sales now more than ever, and it is challenging to imagine a complete strategy refresh in these times of uncertainty. But this challenge does not have to be conquered alone.
Our team at House of Revenue is ready to get into the weeds to help you redefine what sales and marketing success looks like for your company. We will audit your current GTM, tech stack, and resources in order to create a comprehensive roadmap to holistically revamp your revenue engine.
With the infrastructure in place, we work alongside you and execute this plan in tandem with your team, ensuring we achieve the desired outcome at every step. Download our GTM audit checklist or contact us to discuss how we can help you recharge your revenue engine.