The GTM strategy for any organization, and similarly for a start-up is the comprehensive plan that outlines the most efficient and effective path a product or service will take from development to reaching the customer. The planning has to be such that it takes care of the competition, to be profitable.
So, lets acclimatise ourselves with the essentials of a GTM –
- Start-ups and Market Research
Start-ups need to invest in market research. This will detail the need, want, market landscape – SWOT, customer base of the product/service.
- Identification of the Target Market
The start-up will first have to identify, where it wants to sell, the age group it wants to target, the economic strata, their buying patterns and the need for the product/service etc. Start-ups need to be customer possessive.
- Who is my competition?
A start-up must thoroughly analyse its market competitors to gain even the slightest edge. Understanding the strengths, weaknesses, and strategies of competitors is crucial for positioning the business effectively and identifying opportunities for differentiation.
- Plan your Marketing and Sales strategies very smartly
It is well understood that the Marketing and GTM strategies are much different, but there are overlaps. The start-up needs to decide its marketing policies and the methods to reach your target market. Whether the start-up wants to use Influencer marketing, paid advt. in newspapers and channels along with internet marketing etc.
The sales policies also needs to be drawn up along with the sales team. Here it’s very important to take the advice of the grass root sales employees.
- The Pricing
A start-up which is boot strapped needs to very strategically price its products/services. Pricing might be Subscription/ Usage based or their Hybrid version or even a Freemium Model to attract customers. Whatever method is chosen, needs to be backed by authentic data.
- The start-up needs to have a clear distribution policy
The start-up must understand that reaching the customer with the least cost is the best. Either, they go through Amazon, Flipkart etc. or have stand-alone retail or a hybrid mechanism.
- Proper Communication
The start-up needs to properly communicate it’s message to the would be customer base. It has to properly enumerate the benefits, the consumer will gain, be it B2B, B2C or even B2G etc.
- Emergence of AI
With the advent of AI and used in both the back and front end of the business., start-ups are scaling up much faster. Be it customer acquisition, sales chat bots, apart from value adding their products/services. The GTM strategy has to leverage AI to be relevant, be it KPIs, marketing, sales etc.
- Mechanism to check, correct and adapt
The start-up must, on a regular basis keep on evolving itself by removing its weakness, being lean, correcting its strategies via Metrics and KPIs and adapting to changes in the ever changing market situation.
BUT THEN WHY DO GTM STRATEGIES FAIL…
- Continuous updating of the GTM Strategies
The markets are ever evolving and more so with the advent of AI. The start-up needs to continuously update its GTM strategies, as any slip ups will lead to competitors winning the edge.
- Customer is KING
Customer feedback on a regular basis serves the start-up in good stead for it to stay relevant and better it’s products/services. Anything in the contrary will lead to severe negative implications for the start-up.
- Lack of proper line of communication within the team
Clear, proper and relevant communication within the team is paramount. Lack of authentic communication by the management to its various teams, stakeholders, customers etc creates unnecessary turmoil within the business ultimately effecting it’s bottom line.
Hope you have a good GTM.