How GTM Consulting Can Help Businesses Overcome These 5 Common Challenges
The path to launching a new product or service can be fraught with challenges for any business, and there are a lot of factors to take into account while formulating a Go-to-Market strategy. From the size of the market and barriers to entrance, to the buying behavior of customers and sales solutions, a lot of forethought and planning goes into the creation of an effective GTM strategy, and many small or new businesses struggle at this stage.
That’s where GTM consulting comes in. A GTM consultant with extensive startup experience works with businesses to help them launch their product or service in a way that will garner the best results, in the least amount of time, all while working towards the business’s revenue goals.
Below are the main factors GTM strategy challenges revolve around:
● Customers
It’s impossible to formulate any GTM strategy without first considering who your Ideal Customer Profile is. Who your initial customers will be, must be determined, by the creation of effective tactics to provide them with the very best customer experience. It’s critical that the product you are building actually solves your customer’s problems.
Once you’ve determined who your target customers are, you’ll be able to start looking for the best way to engage with them, get them interested in what you’re offering, and accelerate their buying of your products or services.
● Channels
Your entire team must collaborate across a wide range of channels to ensure that the GTM strategy you’ve formulated, is aligned and enforced collectively.
● Competitors
Detailed analysis must be carried out to get a better understanding of who your competitors are, and how they are performing in your area of the market. This will help you identify any gaps in the market and hone in on any weaknesses your competitors may be exhibiting.
Now, let’s look at 5 of the most commonly experienced GTM challenges faced by businesses today:
1. Staying synchronized with the market
Arguably one of the biggest challenges businesses face when formulating a GTM strategy, is staying in sync with the target market. To do so, a wide and diverse range of factors must be carefully considered before a new product is launched or the market is entered. What are the trends in the market? Will my product address these market trends?
2. Delivering value propositions across every channel
Properly articulating how you want customers and prospects to perceive your brand, is another big challenge faced when offering up something new, or entering a market for the first time. It’s critical to ensure your branding resonates with your target audience.
3. Measuring up to the front line
The predominant struggle with this particular challenge is to ensure that your frontline employees are totally aligned with your brand, company views and goals, and know the GTM strategy inside and out so that they can perform in accordance with key customer metrics.
4. Covering the right area
A solid GTM strategy must cover a certain, targeted area in which there are potential customers, but achieving this is typically challenging.
5. Keeping up with digital marketing best practices
With market trends continually evolving, and the buying behavior of customers changing rapidly, keeping up with the latest techniques and best practices of digital marketing, remains a challenge to overcome for anyone formulating a GTM strategy.
Even if you know you’ve got a product customers are going to love, and have every confidence in your ability to produce it as a business, you’re still going to face a huge number of challenges when taking it to market. But with the expert guidance of go to market consulting, you can remove a lot of the guesswork, replace it with tried and tested tactics, and overcome even the most insurmountable of challenges. And let’s face it, the sooner you can hit the market running with your amazing new offerings, the sooner you can start celebrating as the bucks roll in!
