How to Build a High-Powered Go-to-Market Engine
In the modern business arena, having a stellar product is just the beginning. The key to success lies in meticulously crafting the journey from inception to delivery into the hands of your customers. Essentially, your go-to-market strategy holds the reins.
However, a common burden many businesses encounter is a lack of team alignment, which ultimately leaves immense potential untapped. Have you ever wondered why that is?
Carlos Nouche and Lisa Schnare have delved deep to unveil the answers from Tom George, the brainpower behind GoMo Consulting. As a principal consultant with a wealth of experience in market dynamics, Tom is here to brighten the path to building robust and efficient go-to-market machinery.
Step-by-Step Guide to a Strong Go-to-Market Strategy
1. Break Down Team Silos
The first step to building a strong go-to-market strategy is to ensure a tight-knit collaboration among all teams, including product marketing, content, growth marketing, and sales.
However, persistent silos, especially between sales and marketing, block this. Here are the three core reasons for these silos you have to recognize and address:
- Focus on immediate control;
- Metrics disparity;
- Poor management siloing.
“It's about getting the pieces of go-to-market, the different teams working together in sync, and really cranking to improve performance in the market."
2. Boost Go-to-Market Performance
Two key areas will determine your organizational success: inter-team communication and relevant metrics.
"One is the communication across the teams, and the other is the metrics. You want to create a cross-functional team of decision-makers and have a balanced scorecard that tells a comprehensive story about go-to-market."
For this, you can adopt the following two-fold approach:
- Establish a cross-functional PMO: Form a project management office with decision-makers from various go-to-market functions. They'll be responsible for capturing, prioritizing, and scheduling tasks;
- Implement a balanced scorecard: Instead of fixating on a single metric, use a balanced scorecard, which should cover market metrics, lead generation sources, pipeline progress, and crucial sales performance indicators, such as quota attainment and conversion rates.
3. Tailor Strategies for Startups
Successfully building a go-to-market engine requires a well-thought-out strategy. Startups typically progress as follows:
- Series A: Focus on product-market fit;
- Series B: Validate a solid GTM or segment strategy;
- Series C: Enhance sales team efficiency and scale.
Some tips for adapting to growth include:
- Classify all projects;
- Design a system to evaluate project costs versus benefits;
- Monitor project status using a traffic light system;
- Use a calendar to plan and prioritize;
- Create a platform for decision-making to ensure team alignment.
4. Continue Improving Your Go-to-Market Engine
The business environment is constantly evolving. So, refining your go-to-market strategy is crucial. This involves:
- Tackling internal silos;
- Strengthening team communication;
- Leveraging comprehensive metrics;
- Forming a cross-functional PMO;
- Utilizing a balanced scorecard;
- Adapting your approach as your business grows.
With these steps, not only can you build an effective go-to-market engine, but you can also enhance alignment and boost performance.