In today’s uncertain business landscape, it can be challenging to boost sales, let alone engage customers. Now, more than ever, an effective go-to-market strategy (GTM) is essential to survive—even thrive—in the new normal.
A GTM strategy will set the tone of customer engagement and interaction. It acts as a guide on how to deliver your product to customers and prospects, ensuring that your product “goes to market” smoothly from the initial point of contact to the actual delivery of value. Your GTM strategy will help reduce time to market, increase product flexibility and adaptability to change, and manage costs related to product launch. The main objective is to lay the groundwork for the improvement of business outcomes and a product mature enough to offer a unique selling proposition.
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How COVID-19 Affects GTM Strategies
Amid closures and temporary shutdowns, companies are trying to “reset” their businesses by reopening strong and with consideration of industry-guided precautionary measures and safety protocols. Throughout history, the economy has only been affected by epidemics temporarily—and in short, quick bursts. In fact, 14% of companies across sectors in the US experience growth during recessions if they’re prudent enough to prepare for a rainy day.
The way we do business will never be the same as before; this is why it’s important for companies to realize that reopening is not enough. They must reinvent themselves and come up with creative strategies to help cope with change and discover opportunity in adversity. Companies in various industries around the globe are currently discovering ways to reinvent their sales channels from in-person to digital ones. The entire sales process is in turmoil, but there are three main concerns that must be addressed in the creation of an effective GTM strategy, namely, determining activities that are vital to the business, finding ways to handle these activities digitally for increased agility and efficiency, and whether or not existing solutions could help with the shift to digital.
The way people connect with each other and use the internet has also been affected by the pandemic. While the previous years have seen a rise in mobile use for common online activities like checking Facebook and streaming videos on YouTube and Netflix, being forced to stay at home has led to a resurgence of computer use for connecting with loved ones and using streaming sites for entertainment. Video chat software and other tools and services that will allow people to work from home have also seen a rise in demand. Put simply, most people have the time to go online on their computers for the most part of the day—further proof that the pandemic has declared the new normal an “online normal” for the most part.
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How to Do GTM After COVID-19
Every business around the world has been affected by the COVID-19 pandemic, and the working environment has changed and will continue to change, in the months to come. Companies are taking measures to ensure that the workforce returns safe and the business reopens strong. A recent survey, however, shows that 21% of companies still lack a definite pandemic plan and process. Additionally, 20% of companies fear the threat of mental health issues that can hinder productivity in the coming year.
To ensure that your business survives the post-pandemic phase, you should focus on adapting your GTM strategy accordingly. Below are a few tips you can start with.
- Focus on your content strategy.
In times of crisis, an omnichannel approach is often the best way to go, and if you’re considering multiple channels, you will need different types of content for each. Each piece of content must be designed suitably for each of your marketing channels, ensuring that they target the same prospects but communicate your message in different ways. - Focus on your customer.
With the continuous development of the sales process through the years and in light of the current circumstances, sales, as a marketing function, has shifted into a more customer-centric role. Account-based marketing helps in this regard because it interacts with a prospect according to where they are currently in the customer journey. It provides the right messaging at the right time, ensuring enhanced customer experience. - Focus on the community.
The difficult times’ everyone is facing currently has highlighted the importance of feeling connected, even if virtually. A business building a community provides a support system for its customers, who will be likely to support the business without necessarily expecting reciprocation. Making a commitment to provide a product or service isn’t enough; stakeholders and business leaders should inspire through their actions and lead by example. In return, this show of goodwill will garner support for an organization that was there for its customers even during tough times. - Focus on the value you provide customers.
In today’s business landscape, customers are looking to be more than just buyers. In this respect, it should also be your goal to be more than just a business trying to sell for profit; you should be a partner to your customers and prospects. You should ensure that every sales transaction and conversation provides as much value to your customer than what you get, if not more. Re-examine your sales process and set new sales goals, ensuring that you determine the gaps and address them accordingly.
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Nobody can be certain about how the next few weeks or months will go, but being prudent now and adapting your marketing and GTM strategy to the current situation will be a move that will have big returns in the future. Different regions will bounce back from this crisis in different ways and at different times, but being able to respond quickly to changing marketing trends and building momentum now through quick wins will help sustain the business until it is ready to run again at 100% peak performance. Necessity is the mother of invention; in these dire times, it’s necessary for businesses to reinvent themselves and come back with new strategies that will help them cope with the new reality post-COVID-19.