07 Go To Market Strategies
Tactical components for a great GTM plan
In this video workshop (2 hours and 9 minutes), we dive into different strategies to get your product or service to market. It is critical for this lecture to be reviewed in conjunction with your business model. For example, it’s vital to work through the ultimate Customer Acquisition and Retention Cost (CARC) and Life Cycle Value (LCV) to develop a strategy for going to market that is consistent and profitable.
In the second video (1 hour and 53 minutes) of this session, you’ll learn the tactical components for a great GTM plan. In particular, we’ll cover the critical elements of a marketing and sales cycle. Learn the basics of inbound marketing, outbound marketing, sales funnel design, and optimization, and lastly, the importance of customer engagement and validation. Included in the session are case examples from two companies that detail how they have built their tactical go-to-market plans: Hubspot and Unidesk.
Video Workshop: Go-to-Market Strategies
On the go? Listen to this workshop on SoundCloud:
Case Study: Unidesk and Guerilla Marketing
Startups invariably have very few resources for early marketing, and it takes creative “guerilla-style” marketing to be effective, as highlighted by this case example from Tom Rose, VP Marketing of Unidesk, and featuring the founder Chris Midgley.
Case Study: Apperian
Written by Mark Lorion
There’s lots of attention on inbound marketing these days, and rightly so, because it’s a powerful approach that can find engaged people when/where/how they want to engage you. It’s genuine and much more representative of how most of us want to be “sold” now. Unfortunately, the increasing emphasis on inbound marketing has many people thinking that outbound marketing is, and should be, completely dead. While I agree that the relative mix of tactics is swaying significantly toward inbound, I do believe there is a role for some outbound marketing in companies – even startups.
Inbound marketing involves creating content-rich websites, blogs and social media content that helps customer prospects find your company and product when they are actively involved in searching and seeking information. In order for inbound marketing to be effective, there must be keyword-rich content and links so that search engines find and rank your website. This obviously requires content as well as time so that the search engines may find the content and rank it in their search results.
In contrast, outbound marketing tactics may include any number of methods when the company initiates the conversation and sends out a message. For B2B marketers this may mean sending emails, making cold calls, using appointment setting agencies, buying contact lists, attending tradeshows, sending “clutter buster” direct mail, advertising, or “retargeting” programs. These tactics are initiated on your schedule.
One reason that I like some mix of outbound marketing in startups is that it can be a fast way to test, learn and jumpstart programs in a way that is tough for inbound marketing while its tactics wait for SEO rankings to kick in. Just pick up the phone and make some calls, walk a tradeshow floor and talk to people, send some targeted emails, and you’ll get some feedback. Outbound tactics can be powerful and quick for testing messages (think A/B testing) against your target segments and provide valuable feedback that can drive some pipeline while also guiding where inbound marketing investments should be made. Outbound messages can also help by increasing awareness and leading prospects to search, thereby driving them into Inbound-ready content.
Aside from testing segments and messages, outbound marketing may have a ongoing role in your GTM mix – particularly if you are selling into a complex internal buying landscape, have high enough prices to offset higher cost/lead, or if you have a field sales organization that needs help working their way into or through specific accounts. Even highly effective outbound programs will still have generally lower response rates than well-run inbound programs. Given the generally higher costs of outbound tactics, startups must carefully watch the lead-to-pipeline “waterfall” to ensure the economics of an ongoing program make sense.
With outbound marketing, one cannot segment too much. The narrower the segmentation, the more likely your program and value-based messaging will resonate with the target market and therefore increase engagement rates. The alignment of the target segment and messages of how your product/service delivers value is a critical success factor.
I believe another critical success factor is to have a rockstar telequalifier, or “business development” person, on the phone contacting customers who respond to emails, register for your webcasts, or simply placing outbound calls to try to set up appointments for your salespeople. This person will command your core messaging, be skilled in qualification, and have a personality fit with your target audience. For example, if you are selling into deep technical areas it will help to have someone comfortable and conversant with the technology. Many people will entirely outsource this function to an agency, which I believe is a mistake. Hire someone or get a contractor in-house and sit near him or her. Listen to what’s working or not working. Ensure they are executing the messages you want and make adjustments to improve their effectiveness.
Outbound marketing certainly won’t address all the challenges a startup faces, although neither will inbound marketing. In all likelihood, there will be a mix of both. As the company, its products, and the market evolve, so will the mix of marketing programs to drive through growth. Diligent measurement and benchmarking will help guide the team on when to switch gears.
Case Study: Unidesk and Distribution Channels
In this section we cover one of the key multipliers in a GTM strategy – distribution channels – brought to life by Brian McDonough of Unidesk.
Case Study: SplashScore
Lyle Stevens, Founder & CEO of Splashcore (now known as Mavrck), discusses how his team focused in on and picked their target segment and what challenges they encountered along the way.
Case Study: PatientPing
Jay Desai, Founder and CEO of PatientPing, describes their value proposition and how they are targeting their market.
Case Study: BrightCove
Personas are an incredibly powerful aspect of any go-to-market strategy. The following presentation describes how they rely on personas at Brightcove to drive the campaign-planning process. You’ll see several concrete examples of personas in action and learn some advanced methods and key considerations to keep in mind as you start using personas.
This presentation answers many crucial questions about personas, including:
- What are the core elements of a persona?
- What’s the difference between a decision-maker and a user?
- How do personas affect message and content development?
- What is the right number of personas to have?
- How can you put personas into practice at the top of the funnel and middle of the funnel?
Case Study: HubSpot
The Marketing industry is evolving – based on a radical transition of how humans live, shop and learn. No longer can marketers focus solely on the tactics of “outbound” marketing. In fact, in many instances, outbound marketing can be viewed as loud and impersonal. This new reality requires a different way of thinking about marketing: Inbound Marketing.
During this presentation, Brian Halligan, co-founder of HubSpot, discusses ways companies can benefit from Inbound Marketing, leveraging important marketing assets such as Twitter, Facebook and LinkedIn communities, as well as the power of website linking – all in a way that attracts people to a brand. Brian also discusses how Inbound Marketing is a particularly appealing solution for small businesses seeking creative ways to build brand loyalty, while keeping marketing costs at a minimum.