“What is the right go-to-market (GTM) strategy(ies) for our business?”
This is a common question being debated and discussed across the C-suite today (note: not just in sales and marketing meetings). In B2B, GTM strategies have been a part of company planning forever. So why is GTM confounding sales, marketing and product leaders and rising to the top of the CXO agenda? At a macro level, let’s break down what’s happening:
- The B2B buying-selling process is now predominantly digital and remote, with buyers conducting up to three-quarters of their research before engaging a B2B sales pro. Buyers are in control, throwing chaos into the traditional sales, marketing, customer success and product roles and strategies.
- As a result, B2B sales pros do not have the same level of access to prospects putting the burden on marketing and increasingly on product data and tools to play a much larger role in identifying, engaging and supporting accounts and buyers through their purchase journey.
- At the same time, economic and customer consumption models are shifting. Software-as-a-Service, Annual Recurring Revenue and cloud delivery and infrastructure are models CEOs crave and investors expect to maximize revenue and profits. No longer are we selling a product and moving on. Renewal and lifetime value are critical metrics.
Other than these accelerated changes, it’s business as usual!
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Defining the role of B2B GTM strategies
GTM strategy scope and definitions vary based on your company size and solution sophistication, the state of the markets you compete in, and how you develop, deliver and bring your products and services to market. To gain perspective on GTM strategy development, here are a few different definitions.
Gartner, respected market research and advisory firm, defines GTM this way:
- A GTM strategy is a plan that details how an organization can engage with customers to convince them to buy their product or service and to gain a competitive advantage. A GTM strategy includes tactics related to pricing, sales and channels, the buying journey, new product or service launches, product rebranding or product introduction to a new market.
To put a fine point on the need for GTM strategy evolution in a buyer-driven world, here is an added view that I have adopted:
- A GTM strategy is a well-crafted plan that is embraced by an organization, detailing how the company should engage with its market, its customers and prospects, its partners and key go-to influencers to win their hearts, minds, and business. The result of an effective GTM is witnessing buyer adoption, signing on and expanding customers and creating authentic market advocacy for the ‘new way.’
What is consistent in GTM definition is having an orchestrated, integrated, and comprehensive GTM strategy across your company to better identify, win and create lasting customer relationships and grow revenue. This is different than the last few years when companies have spent countless resources and time focused on trying to align sales and marketing.
Read next: 4 ways to build a successful ABM strategy
How to diagnose and identify the right GTM strategy
GTM strategies most often miss the mark because of their misalignment with markets and customers. In their new book “MOVE: The 4-Question Go-to-Market Framework,” authors Sangram Vajre and Bryan Brown accurately state that GTM is radically broken for today’s B2B revenue models, markets and customers. The “MOVE” authors also identify signs your business is stuck and in need of a GTM makeover providing a simple way to diagnose your challenge.
- “Problem-market fit” – the company is creating products but can’t market or sell effectively (I hear this frequently from CXOs and revenue leaders, “we just need pipeline”).
- “Product-market fit” – the team is selling your solution to organizations but can’t renew customers predictably.
- “Platform-market fit” – the company is renewing customers on their current product offering but can’t expand or upsell new solutions.
These are important diagnostic tools on where and how to get started on creating and/or re-thinking your GTM strategy.
The essential ingredients in a GTM strategy
A GTM strategy is a breathing, living thing that must constantly be fed, managed and evolved. It’s comprised of many different components that have to be fused together to maximize its impact. Let’s break down the essential ingredients and walk through using a methodical approach to developing a GTM strategy.
- Understand the market landscape and drivers: The most important way to build an effective GTM is to have your teams and leaders relentlessly and consistently understand what markets and customers are doing and saying. Leaders should anticipate and look for opportunities to capitalize as markets and customer priorities and needs change. Shifts in markets and needs are the number one reason companies invest in new vendors and solutions.
- Define ideal customer profile (ICP) accounts/type of organizations: Through this intensive market pulsing process, this is where the team spends time identifying the right ICP as the best organizational fit for your current and future solutions. NOT who you dream of buying your product but the type of accounts in the geos and industry segments that are both able and ready to use your solution.
- Capture and embed ICP personas, mindset, priorities and needs: Accounts don’t buy anything, people do. So, the next step is to understand the makeup of the buying committee. This means understanding who are the decision-makers, the influencers, the potential deal blockers and the specific job titles and roles to partner with to win and grow business. Once the ICP roles are identified, understand the individual roles’ and collective buying groups’ priorities and needs and how decisions are made.
- Company positioning — role and value: Using intel collected and analyzed in your market research phase, now you must articulate your company’s role and value vis-à-vis other players and alternative solutions in the market(s) you serve. This well-captured positioning articulation, with consistent amplification, helps your buyers better understand where you fit and what your company’s unique value and purpose is.
- Solutions definition, messaging and packaging aligned with your target buyers’ needs and priorities: Your prospective buyers need to be able to quickly assess your offerings and grasp how your solution(s) can meet their priorities and needs. By focusing on your ICP’s predominant use cases and needs, amplifying how you uniquely solve their priorities, and packaging your products in an easy to buy and adopt manner, you increase your relevancy and likelihood of becoming/remaining a preferred solution.
- GTM point of views (POVs) and beliefs: To further increase your relevancy and raise your company and solutions viability, it has never been more important to consistently publish and share content with valued insights to your ICP audiences. Arming your markets and teams with valuable information that helps articulate the why, the what, when and how increases your markets’ and buyers’ confidence and belief in your value.
- Sales, company and customer enablement: All this GTM development work has little impact if you do not prepare your front-line and supporting teams on how to execute and add value to the strategy. Building these teams’ knowledge and confidence not only ensure consistent in-market delivery but also bolsters the inputs required to continue to evolve and align with market and customer needs and opportunity.
- Change management framework to ride shotgun with GTM: Last, first, and everything in between is infusing change management practices into GTM development and rollout. Not every team member will adapt nor adopt at the same pace with the same vigor. Like any important change initiative, a proper change management framework should be integrated into GTM development processes, ongoing communications, enablement, and even the recognition and reward systems.
Optimizing and advancing your GTM is an always-on team sport
It is critical that this is not a once every ad hoc or occasional effort. Your GTM strategy and the core ingredients must be constantly optimized and evaluated for impact by key stakeholders. The organizations who build their GTM strategy(ies) around the largest and best market opportunity and customer fit stand to win much bigger, especially in a buyer-driven world.
Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.
8 Effective Ways to Ensure Ecommerce Business Success
It is a known fact that the global consumers are favoring ecommerce, and the reasons for ecommerce business success are many.
According to a Statista forecast, the retail ecommerce revenue in the US is expected to cross 1.3 trillion dollars by the end of 2025.
Image via Statista
While brick-and-mortar stores are gradually losing their dominance, the digital marketplace is blazing. More and more ecommerce brands, big and small, are coming up and gaining a foothold in this ever-expanding landscape.
If you are one such ecommerce business striving to taste success, you know how demanding and competitive things can be. And you only beat the fierce competition with aggressive ecommerce marketing strategies like digital advertising, content marketing, social media marketing, etc.
In this post, I will be sharing 8 key factors you need to focus on to ensure your ecommerce business success and sustainable business growth.
Let’s get started.
8 Key Factors for Ecommerce Business Success in 2022
The future of ecommerce is bright and the small businesses that jump on the bandwagon early will reap great benefits. But what does it take to taste this success?
Here are the 8 key success factors for ecommerce businesses.
1. Target a Niche Audience
The secret to ecommerce business success lies in understanding your target audience and focusing all your efforts on engaging them. Instead of trying to attract a broad audience on the search engines, select a niche audience specific to your small business, understand their pain points and interests, and position your brand to meet their needs. An SEO tool like Semrush or Ahrefs can help you with your research to build a strong marketing strategy based on real insights.
The goal is to make your product unique and market it to a relevant audience that is more likely to make a purchase. This strategy can increase customer loyalty and win repeat customers for your small business. Therein lies the secret to your ecommerce business success.
2. Go Mobile-First
The pandemic has accelerated our shift to ecommerce and given rise to m-commerce. Insider Intelligence estimates that by 2025, m-commerce sales will account for 44.2% of total ecommerce sales in the US.
So it’s clear that the success of your ecommerce business relies on the mobile-friendliness of your site. Having a mobile-friendly online store can help you deliver a seamless online shopping experience to customers on the go.
You can begin by running Google’s Mobile-Friendly Test and building a progressive web application (PWA) for your online store. A responsive design for your website will help boost sales and pave the way for your ecommerce business success.
3. Choose the Right Distribution Channels
Your audiences are active on different channels and if want your products to be visible to them, you need to choose the right distribution channels.
If your business model focuses solely on your ecommerce website, you should broaden your perspective and consider other sales channels. There are several other options to sell your products like Amazon, eBay, social media, affiliate marketing, and so on. You can manage your sales process effectively with the help of sales CRM tools. These tools integrate your different sales channels and makes your sales process more efficient.
Conduct extensive research to figure out which of these channels are preferred by your target customers. Showcase your products in an attractive way to boost your ecommerce sales. This digital marketing strategy can contribute to your ecommerce business success.
4. Create Unique Content
You heard that right. To ensure that your ecommerce brand stands out in the crowd, you should invest in high-quality and diverse content.
Today internet users are flooded with content and to grab their attention you need to think out of the box and create content marketing strategies that truly grab their attention. Remember, video content is ruling the landscape delivering great results. You can use Premiere Pro Presets to create unique and impressive videos and stay ahead of the competition.
Gather insights from customer data analysis, see what your competitors are doing, and learn from your previous digital marketing campaigns to create a more targeted content marketing strategy for your small business.
5. Continually Update Your Email Marketing List
Marketers rely on email marketing to achieve diverse marketing goals. Emails can be used to generate leads, nurture them, build relationships with customers, ensure customer satisfaction and boost ecommerce sales.
But to leverage the power of email marketing, you need to be smart about your email lists and use the right email tools to manage them. There’s no point in sending a thousand emails when only a couple of hundreds of recipients are your target audience.
That’s why segmenting your email lists and keeping them updated is crucial to your ecommerce business success. An effective way to manage your email lists is to ask for the recipients’ feedback on your emails and the information they prefer to receive.
By analyzing the responses, you can make more strategic decisions and ensure the success of your ecommerce business.
6. Deliver a Great Shopping Experience
The expectation of customers in terms of customer experience has skyrocketed and that’s why you need to work towards improving customer satisfaction.
Personalized communication could be one of the biggest game-changers, be it in recommending products, reminding them of abandoned carts, or introducing them to your latest offerings. Creating user story maps can go a long way in making your personalization efforts more effective.
Right from the moment customers land on your page to when they make a purchase, you should strive to create a smooth customer experience. You can also consider incorporating an AI-powered chatbot into your website to take your customer service to the next level.
To make your customers happy, offer them special deals and discounts. Such moves will surely boost your ecommerce business success.
7. Invest in Social Media Marketing
Social media, can be immensely effective in creating brand awareness, extending customer service, and generating leads for your ecommerce business. Facebook, Instagram, Pinterest, and YouTube are all marketers’ favorites to reach out to niche audiences and drive traffic for their sites.
Having said that, it is a crowded market, and winning big on social media isn’t easy. As an ecommerce brand, you need to use social media analytics to create digital marketing campaigns that not only generate engagement but also fill your sales funnel with quality leads.
Ecommerce brands should also leverage social selling as it is growing into a prominent trend. This shoppable post by Macy’s allows its Facebook followers to buy what they like instantly.
Image via Facebook
If invested strategically, selling on social media can act as a profitable sales channel for your business.
8. Leverage Ecommerce Tools
Your team need not struggle to ensure the success of your ecommerce business. A variety of advanced ecommerce tools are at your disposal to optimize your efforts.
Some of the must-use tools for you are:
- Website tools – to design, set up, and manage your ecommerce site
- Ecommerce marketing tools – to help strategize and execute your campaigns with ease
- Competitor analysis tools – to understand the gaps in your planning and improve it
- Analytics tools – to help you gauge the performance of your digital marketing campaigns
- Business tools – to help you manage daily operations, finances, logistics, inventory, and customer service
Choose the ones that can boost the success of your ecommerce business.
There you have it, a list of 8 key factors you need to work on to ensure the success of your ecommerce business. Gaining this success is hard work but it is worth it.
If you want to fuel your business growth, I strongly recommend building your ecommerce marketing strategy to enhance customer experience and build your brand identity. Go ahead and give them a try to beat the competition and establish a successful ecommerce business.
8 Effective Ways to Ensure Ecommerce Business Success
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