Building a GTM Strategy
Anyone who has done it is aware of the challenges that come with creating and executing a GTM Strategy. The earlier the stage company the more daunting the task can be. How do we build pipeline? How do we build awareness? How can this be successful?
The biggest challenge I have faced is what to do when you have a blank canvas of the possibilities. Now I am a big believer of data to drive decisions as well as strong collaboration amongst your colleagues. You want to be able to work with great people and you want to be able to drive the conversation from facts (and not emotion). So what is the first step?
Sales & Pipeline Strategy
Your goal here is how are you going to build pipeline? Do you go with a direct model? Inside sales? Partnerships? Each business is different but what I found the most successful is a healthy balance between the 3. You’ll want to analyze and cohort your pipeline to determine what your Ideal Customer Profile (ICP) is.
From there you can start to make some decisions… for example:
I have mostly velocity business. Low ACV and fast sale cycles… this would suggest to go with an inside sales model
Most of my closed ACV comes from larger deals. This would hint that I need to have a direct model
If my campaign sources are producing low pipeline overall then I need to look at partnerships to drive more
The real curveball here is should you use all these elements? For me the answer is YES. You want to have a healthy balance of where you see your pipeline coming from and being supported. The best pipelines have a mixture of all 3.
You’ll also want to consider your channel strategy. How can you activate selling on your behalf that doesn’t take away from your direct seller's time? More simply put… how can I drive a pipeline while I sleep. Identifying Value Added Resellers and System Integrators that can properly execute this on your behalf is paramount (maybe even hiring a resource to manage this).
Marketing Strategy
Once you’ve established your GTM motions on the sales side of the house you’ll need to define your marketing strategy. Is your business primarily driven from inbound pipeline? If so then defining a Content Marketing strategy is step 1. From there you can drive brand awareness through Search Engine Optimization (SEO), Webinars to drive awareness and whitepapers. You’ll want to make sure your website is setup to excite people to reach out to you.
To drive the enterprise portion of your business you’ll need to develop a “cold strategy.” Now this isn’t ALL cold calling… it’s aligning the Sales and Marketing teams for an effective Account Based Marketing (ABM) strategy. Identify the ICP that you are targeting, know the persona you are marketing to and build a list of companies. Each department will have to work together tightly to drive pipeline in this area. If successful then the rewards are great…if not then you’ll have spent a ton of time and money to get nothing in return. This is where the great GTM teams are able to execute.
Develop a social media strategy to create awareness not only amongst the enterprise section of your business but also influencers in the space. Have drip campaigns firing off as well for targeted messaging to clients you want to speak with. The idea here is to create a “compounding” interest effect on your pipeline creation. Get the buzz going and the pipe builds itself (see Zendesk years 2010-14).
Events, influencers and analyst relations are important for your brand. Can you be in front of the audience talking to people in person? Additionally, can you get the industry experts (analysts) to see your vision and give you their endorsements. Couple this with an effective ABM strategy and inbound conversion engine then you now have a VERY sound GTM plan.
Lastly, you will need a Public Relations (PR) firm BUT don’t do it too early. They are very expensive and are not a constitutional right…they are more of a luxury. Once you get to an inflection point, let’s call it $20m in ARR, then it’s time to consider your first foray in a PR firm.
Test & Launch
When launching your strategy you want to crawl, walk and then run. It leaves you time to pivot if something is not working the way you planned. Pick a cohort or control group to test out the strategy. Set a time frame and KPIs on how to measure. These should be LTV:CAC, lead & pipeline conversion rates, acquisition costs and performance against revenue goals.
Once you have successfully identified the right mixture of GTM strategy then you need to double down. Pour gasoline on the fire by investing in the proper channels, marketing campaigns and selling resources. Scale the team up to support the business and identify your investment strategy.
Defining GTM strategy is complex and incredibly challenging. Following a methodical approach allows you to organize all the ideas into a cohesive plan. Having great people to partner with helps as well as your ability to measure what true success is. The best companies do this over and over again.
