Signed Go to Market Strategy Made Easy

Sign go to market strategy

the best way to build a go to market strategy is to copy someone else unless you want to make money or grow consistently and then it's not such a great idea funnel vision is brought to you by mass marketing creators of the funnel plane left marketing is the source of the 1 2 3 b2b today I'm going to give you 3 go to market strategy examples each of them very different one from the other and yet each of them is precisely correct how can they be different and yet correct it all depends on one thing which I'll share with you in today's show I'll also show you a great tool tip a tool that will help you to build your strategy around what the markets ready for for my first example let's take a company that wants to enter the desktop computing market so firstly come up with something that's truly amazing and different clever unique take that to as broad a market as you possibly can and this is what the company I'm about to talk about did take it to his broader market as you possibly can find out from that early market experience what group of buyers are likely to be a good market for you to focus on in the future but start very broadly selling very widely find the pattern and then find the niche that you think might be worth dominating and then completely change the strategy and focus just on that let's pick say the design market now why design well the kind of cool so if you're going to use them as an example for others it's a good reference point secondly they're a very insular group they certainly they move between design companies but they only move between design companies they tend not to move out of the industry they stay within their own group they talk to each other a lot so they're self referencing very mobile which is great for contagion because you're trying to spread a virus if you like it's great for contagion so let's pick the design industry dominate that market and how do we dominate it firstly work out what do they need and make sure that our solution completely meets their needs not part of it but all of it fully meet their needs once we've dominated that market then we can move on to another market let's say education why education we'll again it's a very good sort of trumpeting it's a good market to to create users early on and for them to want to stick with a product later on so we pick a second each workout what it needs to completely meet its needs provide that dominate that market and then move on to a third mark and the fourth or the fifth at some point we've got so many niches that we don't really need niches anymore everybody's buying a product like this by the way your name's Apple and your product is the Mac and that's exactly what they did for my second go-to-market strategy example I'm going to pick an established player in an established market very different story and this established player in the established market had done such a good job of writing the enterprise applications market that they were near dominant in that space now that's good news but it's also bad news the bad news is that pretty much all of the market the enterprise market had already bought either from this company or from one of their competitors and whilst they enjoyed the lion's share of the market the market was pretty much drying up everybody had bought a product like theirs from either them or from their competitor but the investors still wanted growth in fact they wanted 20% plus annual growth how do you do that in mature market do you just allow the market to decline gracefully don't over invest and just enjoy the ride down no because the investors again we're after growth so what do they do because they own so much of the market if they can slow the decline of the market down sure it benefits their competitors but it benefits them even more because they've got the lion's share of the market so what do they do they find new uses and new users one of those new users was sales and marketing not previously using the enterprise applications that's a great new user and a new use and small businesses have tended not to buy enterprise grade applications by definition so how can you make your enterprise applications right-sized for smaller businesses and take it to them in a way that they're willing to digest it doing that 20 percent annual growth year-on-year heading towards 20 billion and your name is SAT for my third go-to-market strategy example again I'll stick to a mature market but this time the company is not the gorilla and in fact they're probably fourth on a good day maybe less maybe fifth or six in the market it's a big market and they've done well they've profited and they've used those profits to continue invest in sales and marketing as well as R&D the problem is that as the market started to decline their fortunes declined they'll continue to invest but they're investing in order to grow their share in a market that was pretty much consolidating they were losing money hand over fist what's the right strategy then like the second example for go-to-market strategy example I gave it's a declining market it's maxed out its declining but in this case they don't have the market power to slow the decline to arrest the decline by extending it so what does that company do they get bought out and buried in somebody else's technology they go from being lost making to profitable in 24 hours how by sacking the entire sales and marketing team and stopping the R&D certainly maintain the support but stop the future enhancements of the products recognize that this product has reached its peak in a declining market it's not going to get any better than this don't try and get your customers serve those you have at the moment profitably and that's exactly what CA did when they bought ingress so we've got three very different strategy or three very different go to market strategy examples each of them different one from the other each of them precisely correct according to what the market needed at that time so we need a way of forming our go-to-market strategy respectful of what the market needs not what your the seller wants to do and that's what we'll look at shortly it all comes down to thinking about your buyer not your product what is the by onedah turns out that that changes as the market matures I'm referring here of course the Jeffrey Moore's chasm theory of which I'm an ardent fan in the early market that buyers want to gain strategic advantage so you should take an incomplete product so that you can co innovate with them that's what they want as the market matures a little bit the market the next part of market wants proof best way to give them proof is if they find others just like them are buying it too so you want to micronesia instead of being broad in our selling very narrowly and it'll better be a complete solution then after you've earned the first and in the second and then the third seven days 9/10 niche there's no need to have a new strategy because there's enough of the market that's bought one of the markets what does the market need at this point it no longer needs the confidence that this category is worth buying what they need now is the best product so you need a cracking product market price or better and broad distribution that's what the market needs when the market Peaks starts to max out they basically want to prescribe the rule if they're a third or fourth time buyer at this stage and they know what they want and then what you comply with their expectations they want to buy from the well branded supplier to be a safe bet and they want that world branded supplier to meet their needs as they perceive them so now you're into customizing around there well shaped needs as the market declines you either need to slow the decline with new uses or get out of the market as gracefully as you can long story short you're shaping your strategy according to what the buyer needs not want to set what year the seller wants to do work out where your market is work out what strategy is needed therefore do it don't just talk about it build and execute on a strategy precisely met with market needs at that time and plan for the next phase in the market so when the buyers start to indicate that you've kind of run out of one group of buyers and you're ready to move on to the next then you've got strategy ready to execute for that next group of buyers I hope that helps well this week's tool tip is funnel plan we really need a tool to take advantage of what we're just taking a look at and that is recognize where the markets up to and make sure that your strategy is is dimensioned and shaped according to what the market is ready for and that's one of the things that funnel plan does I'll show you that on the other side of the break if you enjoyed this vlog then lunch where you will enjoy this if you haven't already you can subscribe to receive this vlog by visiting Matt Buckley or Tom or such blog or by visiting a youtube channel if you have a colleague who may be interested will be so grateful if you're inviting them to subscribe why don't you do that now and when you come back we'll show you how we do that in funnel plan as you know funnel plan is a great way for sales and marketing together to make decisions and then articulate their decisions about the objectives the strategy the velocity and the tactics that they're going to use together to earn the right to serve in your customers now we're talking today about strategy and in particular the strategy that's determined by the maturity of each of the segment's we've targeted let's zoom in and take a look before we take a look at the software so in the funnel plan we've identified an ideal client profile the ICP and the ideal client profile describes what's true for every segment that we're serving and we've identified three segments note that there's both a role and a business type and that we've decided how much effort to give each of those markets now you can't see it on the screen here but in the funnel plan software that I'll show you in a second we also ask the question how mature are each of these buyers in this general category and you can see that as a result of those answers we've got 20% of our market is an early market 80% in bowling alley and none is in tornado so by looking at these figures you can guess that the CEO of a small business is the one who's behaving like an early adopter now there's so wat from this got to go right down to the tactics section to have take a look you can see down here that we've allocated 20% of our budget to what we call environmental marketing you might call it branding and positioning 45% to demand generation and 35% to channel readiness or if you like sales enablement that allocation comes from two important things that we've just taken a look at one is how mature the market is and the other one is how much focus we're giving each of those segments let me show you that a federal plan will go into strategy and target there's our ideal client profile and here each of the three segments now for those three segments we've identified how mature we believe each of the markets is and here's the split in the early market you give no focus to branding but you give as much focus as you can to channel readiness living a little bit for demand generation so of our 20% we've got 5% allocated to demand gen and 15% allocated to channel readiness whereas in the bowling alley the splits a bit more weighted towards demand generation because the pragmatists in the bowling alley need confidence so you've got to generate that demand you can't assume it's already there so we give half of our budget for each of the segment's over to demand gym we had 40% for the segment half of that's going to demand gen and the other half spent evenly split between environmental marketing and channel radius the same holds true for the other market because it too is in bowling alley therefore once we choose our tactics we need to make sure that we're allocating tactics that reflect that we've got only tempis excuse me 20% of our total budget allocated to environmental marketing so don't have too many positioning tactics so I then go in and my positioning tactics probably best actually I do it in the funnel plan itself I show my point down here is that as I look at those tactics I can see that I've got a lot of positioning tactics which is pretty normal but maybe in this particular business given that I've only got 20% that I can allocate to environmental marketing of which positioning is a part then I probably should back off on some of those tactics and that's how you make your tactics deliver on your strategy using those three go to market strategy examples that I gave you earlier today I hope that helps if you're getting value from these video blogs then there's a way that you can help me so that I can help you again and I can help others when it's your help with some of the research specifically what I'm looking for this week for a future show are some great b2b email examples so either collect emails that you've received or emails that you've sent or are thinking of sending and you want critiqued or go find some go and poke a few marketers and get them to send you their emails collect those and send them on to me send them to funnel vision at mathmarketing.com/blog comm send them there because I'll collect them in a group and that will give me a chance to analyze the emails together to categorize and do it or else I feel I need to do once I've got a few emails please help me out because then I can continue to help you thanks very much for help until then may your funnel be full and always flowing you