Creating a GTM strategy (go-to-market) is like crafting a top song – the perfect combination of tools, skills, and vision is essential. In much the same way, this unique blend can set a brand apart when it comes to marketing.
Every business needs a GTM strategy fitting its unique profile so that its product impacts its audience like a catchy song does.
There are various types of GTM business strategies, but 4 of them stand out:
- Inbound;
- Sales enablement;
- Account-based marketing (ABM);
- Demand generation.
Keep reading to discover more about these go-to-market strategies.
Let’s get started!
What is a GTM Strategy?
A GTM strategy (a.k.a. go-to-market strategy) is a structured plan that outlines how a business will introduce its products or services to consumers.
This strategy acts as a guide that pinpoints the steps and resources needed for a product to succeed in the market.
These aspects are central to a GTM strategy:
- Identifying Target Audience: It is crucial to understand the target market for a product or service.
- Unique Selling Points: Part of the strategy is identifying why the product is superior to similar alternatives.
- Effective Marketing: One must choose effective sales and marketing strategies and channels.
GTM business strategies are generally set out by new businesses. With this in mind, it’s important to outline the challenges of sustaining a new business.
On average, 73% of businesses that started in any given year between March 2010 and March 2021 were still operating after one year.
This means that 27% faced challenges significant enough to close within their first year (Bureau of Labor Statistics, 2010-2022).
Moreover, the importance of a robust GTM strategy is underlined by recent findings from CoSchedule (2022). Organized marketers were 674% more likely to report success, and those who proactively planned their marketing were 331% more successful than their peers.
Ultimately, this type of strategy helps businesses identify the best methods to engage potential clients. This involves addressing key questions:
- Who are the target customers?
- What challenges do they face?
- How can the product solve these challenges?
- And where will they likely find and buy the product?
In short, whether it is a B2B go-to-market strategy or a B2C one, a well-devised GTM strategy bridges the gap between a company’s product efforts and its market success.
The Inbound GTM Strategy: For Modern Consumers
Inbound GTM strategies prioritize using relevant content to attract potential customers.
Unlike traditional outbound marketing, this GTM strategy centers on the modern consumer’s proactive nature, where consumers actively search for solutions.
Recognizing this, businesses use the inbound GTM strategy to position themselves as essential resources, organically drawing customers.
The 3 Main Elements of The Inbound GTM Strategy:
- Content Marketing: Crafts valuable content like blog posts, videos, and e-books, catering to the target audience’s preferences.
- Search Engine Optimization (SEO): Ensures that when potential buyers search for related topics, this content appears prominently.
- Social Media Engagement: Offers a venue for audience interaction, query resolution, and community-building.
The inbound strategy’s biggest advantage is that it generates trust.
The business is providing immediate feedback and addressing pain points, helping it foster lasting relationships with its client base. In fact, 97% of marketers said that their content marketing efforts were successful in 2022 (Semrush, 2023).
The Sales Enablement GTM Strategy: Empowering Sales Teams
Sales enablement, another GTM strategy, focuses on equipping sales teams with essential tools, resources, and knowledge.
Informed buyers expect detailed product knowledge and tailored solutions, which is why businesses must ensure that salespeople deliver value, not just product pitches.
The Key Aspects of the Sales Enablement Strategy
- Research and Creation: Marketing teams craft content, tools, and training that bolster the sales journey, providing detailed product insights, competitor analyses, and case studies.
- Training: The material prepared by marketing teams is used to arm sales teams with answers to customer queries and concerns. In fact, 29% of high sales performers received 1:1 coaching at least weekly in 2022, while only 20% of underperformers reported the same (Salesforce, 2022).
In summary, a sales enablement GTM strategy refines the sales approach, enhancing the prowess and productivity of sales teams. The result is boosted revenue and strengthened customer bonds.
Account-Based-Marketing (ABM) GTM Strategy: A Precision-Driven Approach
Account-Based Marketing (ABM) is a GTM strategy that adopts a precise approach. It views individual accounts as unique markets – meaning that campaigns are designed to resonate with and convert specific businesses.
An ABM strategy can only be carried out when the marketing and sales teams work together. These teams pinpoint crucial accounts, delve into their distinct needs, and develop tailored marketing messages.
Such a strategy ensures that the marketing campaigns deeply connect with each market, boosting conversion rates.
Key Facets of the ABM strategy:
- In-Depth Analyses: An examination of target accounts, understanding their operational landscape and challenges.
- Unique Approaches: Crafting content and campaigns tailored to each account’s distinct needs.
- Data-Driven Decisions: Employing sophisticated analytics to monitor engagement and tweak strategies using real-time data.
The standout benefit of an ABM strategy is its streamlined nature. By concentrating efforts on high-potential accounts, resources are being used optimally, which leads to improved ROI and nurtures lasting ties with such clients.
In short, ABM prioritizes depth over breadth, meaning that marketing endeavors are sharply targeted and, therefore, more effective.
Demand Generation GTM Strategy: Fueling Business Growth
Demand generation is a central GTM strategy that focuses on sparking interest in a company’s offerings.
More than just raising awareness, this strategy aims to create genuine demand, driving qualified leads to the sales funnel and nurturing them into loyal customers.
Key Components of Demand Generation:
- Content Creation: This approach requires the production of high-quality content. Such content addresses the unique challenges of potential customers. Offerings include webinars, whitepapers, e-books, and case studies, which inform and establish the company as an industry expert.
- Multi-Channel Marketing: This GTM strategy emphasizes using various platforms to reach potential customers. Channels include email, social media, and paid advertising. The goal is to engage potential customers at different stages of their purchase journey.
- Tailored Messaging: Tailored messaging is vital in this strategy, ensuring the audience finds the content relatable, which boosts engagement.
- Data Analysis: Data plays a pivotal role in refining the demand generation strategy. Continuous analysis of campaign outcomes allows businesses to tweak their approaches for better results.
In summary, the demand generation strategy fosters relationships with potential customers. It guides them from the first touchpoint to the final sale, laying the groundwork for consistent business expansion.
Market Research: The Essential Component of GTM Strategies
Before diving headfirst into these enticing strategies, it’s crucial to take a step back and learn how to do market research. Begin by posing foundational questions to yourself and pinpointing the following aspects of your business:
- Business Case: Understand the primary reason for your venture or project.
- Market Strategy: Determine how you plan to tackle the market and position yourself.
- Pricing Strategy: Identify the optimal pricing model for your products or services.
- Sales Strategy: Outline how you intend to drive sales and conversions.
- External Marketing Plan: Plan your outreach and promotional activities.
- Support System: Recognize the infrastructure required to support your customers.
- Product Alignment: Ensure your product complements your existing portfolio.
- Definition of Success: Define what success looks like for your venture.
Conclusion
In the business world, a GTM strategy acts like a harmonious tune – it has the potential to distinguish a brand.
A top song needs the right mix of rhythm, melody, and words, much in the same way that GTM strategies, such as inbound, sales enablement, ABM, and demand generation, play crucial roles.
These strategies equip businesses with essential tools, helping brands connect with their audience, similar to how a song captivates its listeners.